CPCU 500 Bundled Exams with Complete Solution | Verified Answers | 2024

CHAPTER 1 What are the two elements of risk? - -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? - Possibility - an outcome or event may ...

Describe the 2 elements of risk - 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? - Possibi...

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

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

Risk involves the possibility of a negative outcome. Possibility means - That an outcome may or may not occur. Risk can be classified as subjective or objective. Which one of the following statements is correct with respect to these risk classifications? - Subjective risk can exist even where obj...

The risk of increased competition falls into the category of which quadrant of risk - Strategic Risk Failing to respond to changing customer demand and preferences in the design could drop the market share. Which quadrants of risk is this? - Strategic risk, arise from trends in the economy and soc...

In order to achieve collaboration, group leaders must A. Remain focused on achieving the goals of their individual groups. B. Focus on the worker's personality rather than results. C. Remain focused on preventing stakeholders from straying from the common goal. D. Promote competition among memb...