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Cpcu 500 Questions And Answers With Verified Solutions 100% Correct!!!
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Cpcu 500 Questions And Answers With Verified Solutions 100% Correct!!!
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Cpcu 500 Questions And Answers WithVerified Solutions 100% Correct!!!
probability - ANSWER✔✔ the likelihood that an outcome or event will occur
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 individuals
or organizations opinion
objective risk - ANSWER✔✔ the measurable variation in uncertain outcomes
based on facts and data
diversifiable risk - ANSWER✔✔ a risk that affects only some individuals,
businesses or small groups
systemic risk - ANSWER✔✔ the potential for major disruption in the function of
an entire market or financial system
market risk - ANSWER✔✔ uncertainty about an investments future value because
of potential changes in the market for that type of investment
,liquidity risk - ANSWER✔✔ the risk that an asset cannot be sold on short notice
without incurring loss
risk source (ISO3100) - ANSWER✔✔ element ehich alone or in combo has the
intrinsic potential to give rise to risk
risk management - ANSWER✔✔ the process of making and implementing
decisions that will minimize the adverse effects of accidental losses on an
organization...
loss exposure - ANSWER✔✔ any condition or situation that presents a possibility
of loss whether or not an actual loss occurs
hazard - ANSWER✔✔ a condition that increases the frequency or severity of a loss
moral hazard - ANSWER✔✔ a condition that increases the likelihood that a
person will intentionally cause or exaggerate a loss
morale hazard (attitudinal hazard) - ANSWER✔✔ a condition of carelessness or
indifference that increases the frequency or severity of a loss
physical hazard - ANSWER✔✔ a tangible characteristic of property. persons, or
operations that tends to increase the frequency or severity of a loss
, legal hazard - ANSWER✔✔ a condition of the legal environment that increases
loss frequency or severity
property loss exposure - ANSWER✔✔ a condition that presents the possibility
that a person or an organization will sustain a liss resulting from damage
(including destruction, taking, or loss of use) to property in which that person or
organization has a financial interest
tangible property - ANSWER✔✔ property that has physical form
real property (realty) - ANSWER✔✔ tangible property consiting of land, all
structures permanently attached to the land, and whatever is growing on the land
personal property - ANSWER✔✔ all tangible property that is not real property
intangible property - ANSWER✔✔ propery that has no physical form
liability loss exposure - ANSWER✔✔ any condition or situation that presents the
possibility of a claim alleging legal rsponsibility if a person or business for injury or
damage suffered by another party
personnel loss exposure - ANSWER✔✔ a condition that presents the possibility of
loss caused by a persons death, diability or retirement, or resignation that
deprives an organization of the persons special skill or knowledge that the
organization cannot readily replace
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