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UGA RMIN 4000 EDMUNDS EXAM 1 QUESTIONS AND ANSWERS 2024 $12.99   Add to cart

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UGA RMIN 4000 EDMUNDS EXAM 1 QUESTIONS AND ANSWERS 2024

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UGA RMIN 4000 EDMUNDS EXAM 1 QUESTIONS AND ANSWERS 2024

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  • November 9, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • UGA RMIN 4000 EDMUNDS
  • UGA RMIN 4000 EDMUNDS
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UGA RMIN 4000 EDMUNDS EXAM 1


what are advantages of commercial insurance? - ANSWERS-firm indemnified for
loss and continue operation, uncertainty is reduced, firm may receive valuable
RM services, and premiums are tax deductible



what are disadvantages of commercial insurance? - ANSWERS-premiums may be
more costly, negotiations of policies takes time and effort, most policies are
annual, and the RM might be lax in exercising loss control



underwriting cycles - ANSWERS-Hard market - insurer profitability is declining,
underwriting standards are tightened, premiums increase, and insurance is hard
to obtain.

Soft market - profitability is improving, standards are loosened, premiums decline,
and insurance become easier to obtain.



What are some benefits of risk management? - ANSWERS-enables a firm to attain
its pre/post loss objectives easier, society benefits because both direct and
indirect losses are reduced, and can reduce a firm's total cost of risk



Enterprise Risk Management (ERM) - ANSWERS-strategic business discipline that
supports the achievement of an organization's business objectives by addressing
the full spectrum of its risks and managing the combined impact of those risks as
an integrated risk portfolio (typically headed by CRO)

, what was the biggest category of insurance loss in 9/11? - ANSWERS-Business
interruption (33% with $15.6 B)



What are the types of risks within ERM? - ANSWERS-Hazard, operational,
financial, and strategic



Hazard risks (ERM) - ANSWERS-traditional "pure" risks from regular RM



operational risk - ANSWERS-results from the firm's day to day business operations
(ex: supply chain, cybersecurity, customer service)



financial risk - ANSWERS-arise from changing conditions in financial markets (ex:
interest rates, exchange rates, credit risk, commodity and liquidity availability)



strategic risk - ANSWERS-external risks that a firm has no control over; must be in
ready position to respond (ex: brick and mortar stores able to convert to online)



Some other ERM risks include: - ANSWERS-reputational, regulatory/compliance
(OSHA, taxes), terrorism, COVID, and climate change



risk register - ANSWERS-table with risk, category, responsible party, maximum
possible and probable loss, comments, and risk score if treated or left untreated

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