Cpcu 500 stuvia - Study guides, Class notes & Summaries

CPCU 500 Practice Exam - Assignment 2 questions and answers 2024

CHAPTER 1 - ANSWERS... What are the two elements of risk? - ANSWERS-Uncertainty of outcome - Time of the outcome and type of outcome are uncertain -possibility of a negative outcome - at least 1 outcome is negative What is the difference between probability and possibility? - ANSWERSPossibility - an outcome or event may or may not occur. It does not quantify the risk, only verifies the risk is there Probability - the likelihood than an outcome will occur, quantifies the risk. It is measu...

Risk involves the possibility of a negative outcome. Possibility means - ANSWERSThat an outcome may or may not occur. Risk can be classified as subjective or objective. Which one of the following statements is correct with respect to these risk classifications? - ANSWERSSubjective risk can exist even where objective risk does not. The concept of correlation, in the context of why enterprise risk management works, - ANSWERSIs the proposition that correlation increases risk while uncorrelate...

Which one of the following statements is correct regarding the challenges of delivering messages to internal and external stakeholders? Select one: A. When you suspect a person's comments are the result of a hidden agenda, it is best to leave them unaddressed. B. When addressing individuals of different status levels, it is best to ask for ideas from lower-level persons before turning to those of higher standing. C. When you need to persuade your audience, it is best to use reason r...

Autonomous Vehicle Applications (AVA) is a start-up company that develops safety technologies that can be sold to companies that are producing autonomous vehicles. One technology AVA is developing allows an autonomous vehicle to detect, extract, and analyze images; and then to respond to the images. For example, the technology would detect a presence in a crosswalk, extract the image, and a computer would analyze the image. When the image was determined to be a human being, the vehicle would slo...

Which one of the following technologies can provide the infrastructure upon which smart contracts are built and implemented? Select one: A. Wearables B. Telematics C. Blockchain D. Machine learning - ANSWERSC. Blockchain Leasing is a useful noninsurance risk control transfer because Select one: A. The lessor loses the ability to use the property for the remainder of the lease in the event of damage to the property. B. The lessee stands to lose the property's rental income in the ...

Risk - ANSWERSthe uncertainty about outcomes, with the possibility that some of the outcomes can be negative. Quantified by knowing the probability of the possible outcomes Probability - ANSWERSthe likelihood that an outcome or event will occur. Probabilities are stated as a decimal figure, a percentage, or a fraction. What are the 2 elements associated with risk? - ANSWERSuncertainty of out CPCU 500 Accurate Questions & Answers (Latest Update 2023/2024)

The risk of increased competetitio falls into the category of which quadrant of risk - ANSWERSStrategic Risk Failing to respond to changing customer demand and preferences in the design could drop the market share. Which quadrants of risk is this? - ANSWERSStrategic risk, arise from trends in the economy and society If car is stolen and the tracking device can be used to recover the car more quickly. Which RM technique is this? - ANSWERSLoss reduction How traditional RM works - ANSWERSS...

Which one of the following statements about the use of drones is true? - ANSWERDrones may be equipped with cameras that relay data in real-time Which one of the following uses infrared light to detect nearby objects? - ANSWERLidar AMRM Insurance Company sells insurance in Virginia, North Carolina, South Carolina, and Georgia. The company has compiled a policyowner data base that can be used to send text messages when hurricanes approach. The company provides early warnings, storm updates f...

In the context of risk, the 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 A. Possibilities. B. Uncertainties. C. Probabilities. D. Losses. - ANSWERA. Possibilities. The statement, "There is a 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....