CPCU 500 (100% Verified)

probability correct answers the likelihood that an outcome or event will occur pure risk correct answers a chance of loss or no loss, but no chance of gain speculative risk correct answers a chance of loss, no loss or gain credit risk correct answers the risk that customers or other credito...

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

insurtech correct answers the use of emerging technologies in the insurance industry connected ecosystem correct answers The emerging technologies applied to risk assessment and control link the physical domain to the virtual domain. Together, these domains linked by the emerging technologies cre...

Smart Products correct answers An innovative item that uses sensors and data collection, transmission, and analysis to further enable the item to be faster, more useful, or otherwise improved Internet of Things (IoT) correct answers A network of objects that transmit data to and from each other w...

Southwest Interstate Railroad (SIR) is concerned about the number derailments in recent years. It's not cost effective to use human assets to inspect tracks, bridges, and trestles. Instead, SIR has started to use drones. A drone can fly low over tracks and above/below bridges and trestles. The dron...

Two elements of risk correct answers -uncertainty of outcome -possibility of a negative outcome Uncertainty correct answers About the type of outcome, timing of outcome, or both Possibility correct answers An outcome or event may or may not occur *Does not quantify risk Probability corre...

Adjusts an insured's premiums for a policy period based on the insured's own losses during that period correct answers A Retrospective rating plan Uncertainty correct answers Not knowing what will happen Risk correct answers Possibility of Gain or Loss Loss correct answers Undesirable end...

Pure Risk correct answers a risk that presents the chance of loss but no opportunity for gain Speculative Risk correct answers Involves a chance of gain Ex: Tenant renting; financial investments Price Risk correct answers Uncertainty of cash flows due to change in raw materials and others (lu...

Risk involves The possibility of a negative outcome. Possibility means correct answers That an outcome may or may not occur. Probabilities are stated as decimal figure, a percentage, or a correct answers Fraction To understand risk, one needs to know the probability of an outcome or event occu...

Probabilities are stated as a decimal figure, a percentage, or a correct answers Fraction. Risk can be classified as diversifiable or nondiversifiable. Which one of the following statements is true with respect to this type of risk classification? correct answers Diversifiable risks tend not to b...

Risk Financing Goals correct answers 1. Pay for losses 2. Manage the cost of risk 3. Manage cash flow variability 4. Maintain an appropriate level of liquidity 5. Comply with legal requirements Pay for Losses correct answers funds must be available when losses occur for insure that normal act...