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CPCU 500 Final Set Questions And Answers With Verified Solutions 100% Correct!!!(GRADED A+)
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CPCU 500 Final Set Questions And Answers With Verified Solutions 100% Correct!!!(GRADED A+
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CPCU 500 Final Set Questions AndAnswers With Verified Solutions 100%
Correct!!!(GRADED A+)
ERM - ANSWER✔✔ (enterprise risk management) The comprehensive process of
evaluating, measuring, and mitigating the many risks that pervade an
organization.
Big Data - ANSWER✔✔ Capture, storage, and analysis of data
Smart Products - ANSWER✔✔ Sense their environment, process data, and
communicate with other smart products and smart operations
Internet of Things (IoT) - ANSWER✔✔ A network of objects that transmit data to
and from each other without human interaction
Cloud Computing - ANSWER✔✔ Info, 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
- aka. system of verification and confirmation
- maintains a continuously growing list of records (blocks) in chronological order;
a new block is created each time a transaction occurs
Mining - ANSWER✔✔ Consensus process that confirms and verifies
,- removed intermediary validation and establishes trust without a centralized
authority
4 examples of data-driven decision making - ANSWER✔✔ 1. Telematics
2. Discovering new relationships in data
3. Text mining
4. Developing new products
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 info through language recognition
Insurtech - ANSWER✔✔ The use of emerging technologies in the insurance
industry
- reduces the uncertainty associated with predicting future events
Sensor - ANSWER✔✔ A device that detects and measures stimuli in its
environment
- an IoT object that collects and transmits data
- they assess risk by detecting and measuring objects or conditions on a
continuous basis, which provides early warnings
,Preventive Analytics - ANSWER✔✔ Statistical and analytical techniques used to
influence or prevent future events or behaviors**Preventive analytics uses smart
products and data analytics to identify root loss causes and their implications.
The risktech ecosystem includes what 4 things? - ANSWER✔✔ 1. Emerging tech
2. Smart products
3. Smart operations
4. Big data analytics
Deep Learning - ANSWER✔✔ An extension of AI that attempts to understand and
mimic neural networks in the brain through software that simulates image and
speech recognition
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.
Computer Vision - ANSWER✔✔ Technology that simulates human vision
- it recognizes an object, gives the object context, and responds to it as a human
would
- used in automobiles
, - involves detecting, extracting, and analyzing images to better understand them
3 common smart products - ANSWER✔✔ 1. Wearables
2. Drones
3. Robots
Ergonomics - ANSWER✔✔ The science of designing the workplace as well as its
equipment and tools to make specific body movements more comfortable,
efficient, and safe
- wearables are designed with this
Businesses are making investments in their big data infrastructures. How are
these investments laying the groundwork for the continued evolution of the risk
management landscape? - ANSWER✔✔ Businesses' investments in big data
infrastructure are laying the groundwork for the continued evolution of the risk
management landscape in ways that include empowering organizations and their
risk management professionals to better access and analyze data and to more
efficiently and quickly conceive, develop, and distribute products.
How does data capture work? - ANSWER✔✔ Data capture is enabled primarily by
smart products that sense their environment, process data, and communicate
with other smart products and smart operations through the Internet of Things
(IoT).
Name some smart products being used in risk management today - ANSWER✔✔
A variety of smart products are being used in various industries to assess and
control risk. Some of the most common include wearables, drones, robots, and
smartphones.
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