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ARM 401 Miscellaneous. with 100% correct answers | verified | latest update 2024
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ARM 401 MiscellaneousA. A root cause must produce effective recommendations for prevention of future accidents.
- correct answer-Which one of the following statements about root cause analysis (RCA) is
true?
A. A root cause must produce effective recommendations for prevention of future accidents.
B. Root cause analysis is aimed at reducing the harmful effects of a loss once the loss has
occurred.
C. The first step in root cause analysis is analyzing causal factors.
D. Weather conditions and earthquakes can be considered root causes for some losses.
A. A very limited amount of training data is available, and the model's developers think it
unwise to not use some of the data for training because of the need for holdout data. -
correct answer-When training a predictive model, which one of the following is a reason for
cross-validation to be used?
A. A very limited amount of training data is available, and the model's developers think it
unwise to not use some of the data for training because of the need for holdout data.
B. The model has performed well on the precision performance metric, which measures only
the positive results of the model.
C. The model's performance on the holdout data sufficiently reassured its developers that it
will perform well in the testing environment.
D. The model's performance on the holdout data shows that it can apply generalization,
which means it has too much complexity.
A. Business income - correct answer-An online retailer relies heavily on its website for sales.
Which one of the following types of cyber risk exposures would a denial-of-service attack
present?
A. Business income
B. Intellectual property
C. Tangible property
D. Contingent business income
A. Damage to intangible property. - correct answer-An email was sent to a company's
employees containing a harmful attachment. Several employees opened the attachment
which allowed hackers to obtain customer contact information. This cyber risk loss is
A. Damage to intangible property.
B. Damage to personal property.
C. Errors and omissions liability.
D. Damage to tangible property.
A. Discovering new relationships in data - correct answer-Which one of the following is a
way that insurers and risk managers can use data science to improve their results through
data-driven decision making?
A. Discovering new relationships in data
B. Using industry data in addition to the organization's own data
C. Providing human analysis of data
, D. Determining prior year losses at a particular location
A. One way of presenting a continuous probability distribution is to divide the distribution into
a countable number of bins. - correct answer-Which one of the following statements is
correct with respect to continuous probability distributions?
A. One way of presenting a continuous probability distribution is to divide the distribution into
a countable number of bins.
B. There are a finite number of possible outcomes in a continuous probability distribution.
C. They are typically used for loss frequency analysis rather than severity analysis.
D. They are most effectively illustrated using tables and pie charts.
A. Provides a measure of how sure Hank can be in his estimate of claims. - correct
answer-Hank has determined the expected number of workers compensations claims in a
given year. Hank next calculates the standard deviation of potential outcomes. Calculating
the standard deviation
A. Provides a measure of how sure Hank can be in his estimate of claims.
B. Enables the organization to make better use of its resources.
C. Allows Hank to accurately predict the mean of the distribution.
D. Allows Hank to estimate accurate claim reserves for future workers compensation claims.
A. Purpose. - correct answer-Decision tree analysis and event tree analysis are similar in a
number of ways, but differ in their
A. Purpose.
B. Process.
C. Appearance.
D. Approach.
A. System safety analysis. - correct answer-An approach to accident causation, which looks
at an organization as a whole to identify potential sources of losses is
A. System safety analysis.
B. Job safety analysis.
C. The energy transfer theory.
D. The technique of operations review (TOR) approach.
A. The Delphi technique. - correct answer-After a month in which three employees were
seriously injured at company paper mills, Ashley, the risk manager of Bright White Paper
Company, wanted some answers about the causes of employee injuries. Ashley
independently contacted the plant manager and foreman at each of the company's plants.
She asked each person to complete a confidential questionnaire regarding safety
procedures. After receiving the responses to the questionnaire, Ashley summarized the
results and asked the same questions again instructing each person to consider revising
their responses based on the initial questionnaire results. The analysis revealed that new
workers were not being properly trained and that a lax attitude toward safety was present at
the majority of the plants. The team approach to risk identification Ashley employed is called
A. The Delphi technique.
B. Scenario analysis.
C. SWOT analysis.
D. HAZOP analysis
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