CPCU 500 Questions and Answers
insurtech
the use of emerging technologies in the insurance industry
connected ecosystem
The emerging technologies applied to risk assessment and control link the physical domain to the virtual domain. Together, these domains linked by the emerging technolog...
CPCU 500 Questions and Answers
Insurtech - answer the use of emerging technologies in the insurance industry
connected ecosystem - answer 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 create a
radiant sensors - answer optical sensors, radar, radio frequency identification (RFID)
tags
transducer - answer A device that converts energy from one form to another
actuator - answer mechanical device that turns energy into motion or otherwise
effectuates a change in position or rotation using a signal and energy source
accelerometer - answer A device that measures acceleration, motion, and tilt
risk management framework focus - answer applying the RM process throughout the
organization
pure risk - answer a risk that presents the chance of loss but no opportunity for gain
speculative risk - answer a chance of loss, no loss, or gain
subjective risk - answer the perceived amount of risk based on an individual's or
organizations opinion
objective risk - answer the measurable variation in uncertain outcomes based on
facts and data
Quadrant: Hazard Risk - answer Which quadrant? Arise from property, liability, or
personnel loss exposures and are generally the subject of insurance. This is a pure risk.
, Quadrant: Operational Risk - answer Which quadrant? arise from people or a failure
in processes, systems, or controls, including those involving information technology.
This is a pure risk.
Quadrant: Financial Risk - answer Which quadrant? arise from the effect of market
forces on financial assets or liabilities and include market risk, credit risk, liquidity risk,
and price risk. This is speculative risk.
Quadrant: Strategic Risk - answer Which quadrant? arise from trends in the
economy and society, including changes in the economic, political, and competitive
environments, as well as from demographic shifts. This is speculative risk.
Value at risk (VaR) - answer a technique to quantify financial risk by measuring the
likelihood of losing more than a specific dollar amount over a specific period of time
facilitated workshops - answer neutral party administers discussion. brainstorming
with diverse groups in the organization to achieve goal
Delphi Technique - answer opinions of select group of experts to identify risks,
survey inquiry. repeated until consensus is reached
scenario analysis - answer identify risks and predict the potential consequences of
those risks. cross-functional team works through different possibilities
HAZOP - answer Comprehensive review of a process or system. A team of
appropriate experts and stakeholders identifies the risks associated with a given
process and recommends a solution. Primarily used to design complex, scientific
systems such as those used in engineering, chemical, mechanical, electronic, and
computer operations.
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.
Sequence of Events (Domino Theory) - answer chain of events that lead in
succession to the resulting accident or injury
Energy transfer theory - answer An approach to accident causation that views
accidents as energy that is released and that affects objects, including living things, in
amounts or at rates that the objects cannot tolerate.
Technique of operations review - answer views the cause of accidents to be a result
of management's shortcomings
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