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RMIN 4000 Exam 2 Practice Questions and Answers 100% Pass
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RMIN 4000 Exam 2 Practice Questions and Answers 100% Pass It is possible to buy insurance for each of the following risks. Which one would likely involve the smallest risk charge? a) Nuclear disaster b) A firm's loss of reputation following a lawsuit c) Cyber attacks against a firm d) Loss o...

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  • November 11, 2024
  • 9
  • 2024/2025
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RMIN 4000 Exam 2 Practice Questions

and Answers 100% Pass


It is possible to buy insurance for each of the following risks. Which one would likely involve the smallest

risk charge?


a) Nuclear disaster


b) A firm's loss of reputation following a lawsuit


c) Cyber attacks against a firm


d) Loss of or damage to an individual's smartphone


e) Theft of a priceless work of art - ANSWER✔✔-d) Loss of or damage to an individual's smartphone


Commercial insurance policies covering cyber risk have a number of "exclusions" - perils or losses that

are not covered under the policy. In many cases, this is because the peril or loss does not fulfill one of

the characteristics of an ideally insurable risk. Which of the following exclusion is most likely because

losses are not DETERMINABLE?


a) Damage to equipment as the result of a cyber attack


b) Business interruption due to a cyber attack


c) A lawsuit brought by customers alleging release of confidential information


d) Cyber extortion or ransom demanded


e) Destruction or theft of data - ANSWER✔✔-e) Destruction or theft of data

Copyright ©Stuvia International BV 2010-2024 Page 1/9

, Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


Standard homeowners policies exclude coverage for losses due to catastrophic nuclear war. Considering

the characteristics of an ideally insurable risk, what is the MOST LIKELY reason this peril is not covered?


a) Nuclear war is not fortuitous


b) Nuclear war may be catastrophic to the insurer


c) Nuclear war is not determinable


d) The premium to cover nuclear war would not be economically feasible


e) There are not a large number of homogeneous exposure units exposed to losses from nuclear war -

ANSWER✔✔-b) Nuclear war may be catastrophic to the insurer


A loss is __________ if it is easy to observe that a loss has occurred. - ANSWER✔✔-Determinable


Which of the following is (are) TRUE regarding homogeneous risks?


I. Homogeneous risks have the same or similar probability distributions.


II. Perfectly homogeneous risks have no adverse selection.


III. Homogeneous risks have the same or similar expected loss.


a) I only


b) I and II


c) I and III


d) II only


e) I, II, and III - ANSWER✔✔-e) I, II, and III




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