2024 NEWEST|CPCU 500 Exam Study
Guide|2024-2025 UPDATE COMPLETE
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Terms in this set (357)
In the context of risk, the A. Possibilities.
chance of being injured
while driving to and from
work, loading a truck at
work, moving furniture at
home, or falling in an icy
parking lot at the mall are
all examples of
The statement, "There is a A. Quantifying risk.
five percent chance that
John will be injured in an
automobile accident
while driving to work
tomorrow," is an example
of
A. Quantifying risk.
B. Verifying risk.
C. Quantifying loss
exposures.
D. Identifying hazards.
Which one of the A. Probability
following is measurable
and quantifies risk?
One of the elements of C. Uncertainty as to the type and timing of an
risk is uncertainty. Which outcome
one of the following best
describes the uncertainty
that risk involves?
A. Uncertainty as to how
to manage potential
losses
B. Uncertainty as to
whether a negative
outcome is possible
C. Uncertainty as to the
type and timing of an
outcome
D. Uncertainty as to
whether insurance is
available
Hardware Store has been A. Strategic risk.
able to control its prices
and inventory since it has
no competitors. A new
highway currently being
constructed is going to
allow increased
competition for
Hardware Store.
According to the
quadrants of risk, this risk
of increased competition
falls into the category of
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