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ARM Practice Exam Questions Questions With Correct Answers_.pdf
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8/23/24, 5:37 PMARM Practice Exam Questions
Jeremiah
Practice questions for this set
Terms in this set (160)
General Liability Insurance Covers the insured's legal defense costs when defending against a claim of liability.
Commercial package policies typically business property, liability, and business income
include these kind of coverages
Morale Hazard an insured person's attitude about his belongings.
Product Liability Most general liability insurance policies include coverage for this
Property Losses In the insurance industry the term "net income losses" is usually associated with
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, 8/23/24, 5:37 PM
Avoidance can be called abandonment A cause of loss
when the organization
Avoidance can be called abandonment Decides to eliminate an existing loss exposure
when the organization
Which risk control technique is being used Reduction
by a manufacturer that installs a wet-pipe
sprinkler system in its warehouse
The purpose of all workers compensation Medical and wage replacement benefits to injured employees.
laws is to provide this
Integration of the management principles Risk governance
governing the organization with the risk
management process is
Based on the ISO 31000 definition of risk Risk Analysis
assessment, what step includes determining
the level of risk and its potential effects on
the organization?
What is true regarding the International ISO 31000 applies regardless of whether the risk has positive and/or negative
Organization for Standardization's ISO 31000 consequences.
standard?
Solvency II includes standards for what that Risk Management
was not addressed in Solvency I?
Which one of the following statements ISO 31000 may be applied to risks that can have positive consequences.
regarding the scope of ISO 31000 is true?
Based on Basel III principles, what group Board of directors
should take the lead in establishing a strong
risk management culture?
What is true about risk management, C. Many risk management standards, such as ISO 31000, are voluntary.
Solvency II, and Basel II and III standards?
What is a key feature of the COSO standard Control Activites
but not other risk management standards?
The requirements of the Sarbanes-Oxley Act COSO Enterprise Risk Management—Integrated Framework
are a major reason for the development of
which one of the following?
Solvency II is a new regulatory standard in Insurance
the European Union (EU) to establish
principles for risk management and
consistency in regulation for what industry?
In 1999, the Basel Committee issued a Supervisory
proposal for a revised Capital Adequacy
Framework which consisted of three pillars.
One pillar is a review of an institution's
internal assessment process and capital
adequacy. This pillar is...
MVS = Fair Value of Assets - Fair Value of Liabilities
Risk managers can have a hard time valuing Unimproved Land
this kind of property due to the unique
features of each tract
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