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CPCU 500 CHAPTER 3 QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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CPCU 500 CHAPTER 3 QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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CPCU 500 CHAPTER 3 QUESTIONS ANDANSWERS WITH SOLUTIONS 2024
risk control - ANSWER a conscious act or decision not to act that reduces the frequency and/or severity
of losses or makes losses more predictable
avoidance - ANSWER involves ceasing or never undertaking an activity so that the possibility of a future
loss occurring from that activity is eliminated
loss prevention - ANSWER a risk control technique that reduces the frequency of a particular loss
loss reduction - ANSWER reduces the severity of a particular loss
disaster recovery plan - ANSWER a plan for backup procedures, emergency response, and post-disaster
recovery to ensure that critical resources are available to facilitate the continuity of operations in an
emergency situation
separation - ANSWER isolates loss exposures from one another to minimize the adverse effect of a single
loss
duplication - ANSWER uses backups, spares, or copies of critical property, info, or capabilities and keeps
them in reserve
diversification - ANSWER spreads loss exposures over numerous projects, products, markets, or regions
proactive avoidance - ANSWER seeks to avoid a loss exposure before it exists
reactive avoidance - ANSWER seeks to eliminate a loss exposure that already exists
pre-loss measures - ANSWER reduce the amount or extent of property damaged and the number of
people injured or the extent of injury incurred from a single event
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