CPCU 500 - Managing Evolving Risks Exam Study Guide.
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Course
CPCU 500
Institution
CPCU 500
CPCU 500 - Managing Evolving Risks Exam
Study Guide.
Big Data - answerSets of data that are too large to be gathered and
analyzed by traditional methods.
Smart product - answerAn innovative item that uses sensors; wireless sensor
networks; and data collection, transmission, and
analysis to fu...
CPCU 500 - Managing Evolving Risks Exam
Study Guide.
Big Data - answer✔Sets of data that are too large to be gathered and
analyzed by traditional methods.
Smart product - answer✔An innovative item that uses sensors; wireless sensor
networks; and data collection, transmission, and
analysis to further enable the item to be faster, more
useful, or otherwise improved.
Internet of Things (IoT) - answer✔A network of objects that transmit data to and from
each other without human interaction.
Cloud computing - answer✔Information, technology, and storage services
contractually provided from remote locations,
through the internet or another network, without a
direct server connection.
Blockchain - answer✔A distributed digital ledger that facilitates secure
transactions without the need for a third party.
Telematics - answer✔The use of technological devices in vehicles with
wireless communication and GPS tracking that
transmit data to businesses or government agencies;
some return information for the driver.
Text mining - answer✔Obtaining information through language recognition.
Insurtech - answer✔The use of emerging technologies in the insurance
industry.
Sensor - answer✔A device that detects and measures stimuli in its
environment.
Preventive analytics - answer✔Statistical and analytical techniques used to influence
or prevent future events or behaviors.
Transducer - answer✔A device that converts one form of energy into
another.
Actuator - answer✔A mechanical device that turns energy into motion or
otherwise effectuates a change in position or rotation
using a signal and an energy source.
Accelerometer - answer✔A device that measures acceleration, motion, and tilt.
Ergonomics - answer✔The science of designing work space and equipment
based on the needs of the people who use the work
space and equipment.
Risk management
framework - answer✔A foundation for applying the risk management
process throughout the organization.
Risk criteria - answer✔Information used as a basis for measuring the
significance of a risk.
Pure risk - answer✔A chance of loss or no loss, but no chance of gain.
Speculative risk - answer✔A chance of loss, no loss, or gain.
Credit risk - answer✔The risk that customers or other creditors will fail to
make promised payments as they come due.
Subjective risk - answer✔The perceived amount of risk based on an individual's
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