Chartered Property Casualty Underwriter (CPCU)500 Bundle Set

In the context of risk, the chance of being injured while driving to and from work, loading a truck at work, moving furniture at home, or falling in an icy parking lot at the mall are all examples of A. Possibilities. B. Uncertainties. C. Probabilities. D. Losses. Answer A. Possibilities...

What are the two elements of risk? Answer -Uncertainty of outcome - Time of the outcome and type of outcome are uncertain -possibility of a negative outcome - at least 1 outcome is negative What is the difference between probability and possibility? Answer Possibility - an outcome or event may o...

Which one of the following statements about the use of drones is true? Answer Drones may be equipped with cameras that relay data in real-time Which one of the following uses infrared light to detect nearby objects? Answer Lidar AMRM Insurance Company sells insurance in Virginia, North Carolin...

Describe the 2 elements of risk Answer 1.) Uncertainty of outcomes: risk involves uncertainty about the type of outcome, timing o outcome, or both 2.) possibility of a negative outcome: at least of the potential outcomes is negative Whats the difference between possibility and probability? Ans...

For public entities such as cities, counties and public utilities, which one of the following is normally the most important post-loss risk management goal? Choose one answer. A. Growth B. Profitability C. Continuity of operations D. Earnings stability Answer C. Continuity of operation...

Autonomous Vehicle Applications (AVA) is a start-up company that develops safety technologies that can be sold to companies that are producing autonomous vehicles. One technology AVA is developing allows an autonomous vehicle to detect, extract, and analyze images; and then to respond to the images....

Risk monitoring and mitigation technology is known as __________ Answer risktech The use of emerging technologies in the insurance industry Answer Insurtech __________ goes one step beyond insurtech by expanding its focus on how to make risk financing more efficient to include how to prevent a...

A tool used by an organization to measure the uncertainty of meeting a strategic business objective Answer Key risk indicator (KRI) Risk managers can't always rely on __________ to know where risks lurk within an organization's operations. For example, a new warehouse operation would not have a...

CPCU 500 - Breaking Down Risk Modeling questions with correct answers

How insurance reduces risk Answer Understanding how insurance reduces risk through pooling helps risk management and insurance professionals evaluate the effectiveness of insurance relative to other risk management techniques. Pooling Answer Pooling is an arrangement that facilitates the grouping...

What was risk traditionally considered? How is it considered now? Answer -traditionally considered a hazard posed to an individual or organization -today, known for its potential positive consequences - taking risks is necessary for growth enterprise risk management (ERM) Answer -holistic risk m...

Holistic Approach to Risk Answer Much broader in scope, examine all areas of the business, not just hazard risks -All business decisions and operations carry some risk Strategic Risk Answer Uncertainties associated with the organization's long-term goals and management decisions -ex. a s...