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AIDA 182 Latest Update Actual Exam with 200+ Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor
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AIDA 182 Latest Update Actual Exam with 200+ Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor

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  • September 15, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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AIDA 182 Latest Update 2024-2025 Actual Exam
with 200+ Questions and 100% Verified Correct
Answers Guaranteed A+ At First Attempt Verified
By Professor

"And" connecting events in rectangles C, D, and E to the event in rectangle A indicates
what? - CORRECT ANSWER: Preventing the event in rectangle C, D, or E from
occurring will prevent the event in rectangle A from occurring.


"And" gate event probabilities include what? - CORRECT ANSWER: Multiplying the
probability of each event occurring to get the probably of passing through the "and"
gate.


"means to limit the potential impact from a loss at a single location" is what control? -
CORRECT ANSWER: Separation.


A company's fleet of cars is worrying the managers liquidity of the company and fuel
prices having an adverse effect is which type of risk quadrant? - CORRECT ANSWER:
Financial risk.


A computer programmed to perform 100,000 times the probability distribution of
profitability of acquiring a new company is what? - CORRECT ANSWER: Simulation
analysis.


A diagram that graphically and sequentially depicts the activities of a particular
organization or process is what? - CORRECT ANSWER: A flowchart.


A failure mode with an effect on the same level that is being analyzed produces what? -
CORRECT ANSWER: A local effect.


A main characteristic of a key risk indicator is? - CORRECT ANSWER: They are based
on quantifiable information.

,A property-casualty insurer has what two operations? - CORRECT ANSWER: Insurance
operations and investment operations.


A rate should be what? - CORRECT ANSWER: Stable (not constant over the long term),
result in premiums that cover all losses and expenses and leave some left for profit and
contingencies, be reflective of the risk exposure, and be responsive.


Stable rates are desirable because changing rates is expensive.


A strong correlation exists between umbrella policy and replacement cost policy
purchases. It would be incorrect to conclude demand increases for umbrella policies
create demand increases for replacement policies, why? - CORRECT ANSWER:
Because correlation does not measure causality.


A systemic procedure that uses the results of other analysis techniques to identify the
predominant determinants of an accident is called? - CORRECT ANSWER: Root cause
analysis.


A training seminar in an effort to educate employees on safe practices is an example of
what loss control? - CORRECT ANSWER: Loss prevention.


A worker is killed because another worker removes a safety device from the machine
and another removes a warning sticker. What is the root cause of this? - CORRECT
ANSWER: Inadequate training.


An analysis that begins with causes and then gets to consequences is what? -
CORRECT ANSWER: Failure mode and effects analysis.


An earned exposure unit is what? - CORRECT ANSWER: An exposure unit that has
provided a full year of coverage, by the insurer.

, An employee embezzling funds from a company for not feeling adequately paid is what
risk? - CORRECT ANSWER: Both a hazard and an operational risk.


An enterprise risk management approach is categorizing risks into quadrants. What are
hazard risks? - CORRECT ANSWER: Normally managed by risk management
professionals.


An influence diagram does what? - CORRECT ANSWER: Presents an overview of the
decision making process.


As a key step in the process of developing insurance rates, actuaries adjust the
premium and loss data that they have collected from past years. Which one of the
following statements concerning this adjustment process is true? - CORRECT
ANSWER: Loss development factors reflect growth in incurred reported losses and in
IBNR.


Avoidance is what? - CORRECT ANSWER: The most effective way of managing any
loss exposure.


Business process management focuses on what? - CORRECT ANSWER: Customer
satisfaction.


Cat model component that includes building construction, occupancy, and building code
is what? - CORRECT ANSWER: Engineering component.


Covariance is different from correlation in that correlation represents how strongly
variables are related. Covariance is the measure of correlation. Therefore, covariance is
what? - CORRECT ANSWER: The measure of the extent to which variables move
together or independently.


Customer satisfaction is a strategic objective, what is a critical success factor to for this
objective? - CORRECT ANSWER: High customer retention.

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