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CPCU 500 Final exam with 100% correct answers
CPCU 500 Final exam with 100% correct answers
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CPCU 500 Final exam with 100% correct answers
ERM |- |correct |answer |-(enterprise |risk |management) |The |comprehensive |process |of |evaluating, |
measuring, |and |mitigating |the |many |risks |that |pervade |an |organization.
Big |Data |- |correct |answer |-Capture, |storage, |and |analysis |of |data
Smart |Products |- |correct |answer |-Sense |their |environment, |process |data, |and |communicate |with |
other |smart |products |and |smart |operations
Internet |of |Things |(IoT) |- |correct |answer |-A |network |of |objects |that |transmit |data |to |and |from |each |
other |without |human |interaction
Cloud |Computing |- |correct |answer |-Info, |technology, |and |storage |services |contractually |provided |from
|remote |locations, |through |the |internet |or |another |network, |without |a |direct |server |connection
Blockchain |- |correct |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 |- |correct |answer |-Consensus |process |that |confirms |and |verifies
- |removed |intermediary |validation |and |establishes |trust |without |a |centralized |authority
4 |examples |of |data-driven |decision |making |- |correct |answer |-1. |Telematics
2. |Discovering |new |relationships |in |data
3. |Text |mining
4. |Developing |new |products
,Telematics |- |correct |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 |- |correct |answer |-Obtaining |info |through |language |recognition
Insurtech |- |correct |answer |-The |use |of |emerging |technologies |in |the |insurance |industry
- |reduces |the |uncertainty |associated |with |predicting |future |events
Sensor |- |correct |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 |- |correct |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? |- |correct |answer |-1. |Emerging |tech
2. |Smart |products
3. |Smart |operations
4. |Big |data |analytics
Deep |Learning |- |correct |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 |- |correct |answer |-A |device |that |converts |one |form |of |energy |into |another
Actuator |- |correct |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 |- |correct |answer |-A |device |that |measures |acceleration, |motion, |and |tilt.
Computer |Vision |- |correct |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 |- |correct |answer |-1. |Wearables
2. |Drones
3. |Robots
Ergonomics |- |correct |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? |- |correct |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? |- |correct |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 |- |correct |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.
Abhinav |is |a |supply |chain |manager |for |an |automotive |manufacturer. |He |is |concerned |about |how |the |
forecasted |winter |will |affect |supply. |How |could |smart |products |address |his |concerns? |- |correct |
, answer |-Sensor |data |could |inform |Abhinav |when |weather |conditions |have |interrupted |the |production
|of |parts, |allowing |him |to |quickly |make |adjustments |in |shipments |and |deliveries.
How |do |sensors |assess |risk? |- |correct |answer |-Sensors |assess |risk |by |detecting |and |measuring |objects
|or |conditions |on |a |continuous |basis; |this |provides |early |warnings |of |impending |problems |or |
malfunctions |and |determines |whether |expected |results |have |occurred.
A |financial |institution |is |looking |to |implement |an |emerging |technology |that |can |identify |a |trader |who |
is |committing |the |institution |to |excessive |financial |risk |and |respond |with |built-in |financial |circuit |
breakers |to |limit |the |risk. |Which |emerging |technology |would |the |financial |institution |want |to |
implement? |- |correct |answer |-Artificial |intelligence |(AI) |would |be |the |emerging |technology |to |
implement |for |this |purpose. |AI |refers |to |the |ability |of |machines |to |simulate |human |intelligence, |and |
it |trains |machines |on |the |nuances |of |sources |and |the |causes |of |various |risks, |then |establishes |
automatic |responses |based |on |a |set |of |rules.
Name |the |types |of |information |that |smart |products |are |helping |risk |managers |obtain. |- |correct |
answer |-Smart |products |are |increasing |the |information |risk |managers |have |on |hand—information |
about |dangerous |chemicals |in |the |air, |shipping |malfunctions, |exhausted |workers, |and |almost |any |
other |facet |of |an |organization's |operations.
Juan |is |the |property |manager |of |multiple |shopping |centers. |He |wants |to |invest |in |smart |operations |to
|save |costs |and |labor |in |the |long |term. |What |are |some |smart |products |Juan |could |invest |in? |- |correct |
answer |-Juan |could |invest |in |drones |for |surveillance |and |monitoring |of |damage |and |security |risks |at |
his |different |locations. |He |could |also |automate |the |leasing |process |through |the |use |of |robots |to |
process |documents |and |payments |and |answer |property-related |questions.
5 |pieces |of |the |connected |ecosystem |- |correct |answer |-1. |Property |
2. |Supply |chain
3. |Transportation
4. |Catastrophe
5. |Workplace
Southwest |Interstate |Railroad |(SIR) |is |concerned |about |the |number |derailments |in |recent |years. |It's |
not |cost |effective |to |use |human |assets |to |inspect |tracks, |bridges, |and |trestles. |Instead, |SIR |has |started
|to |use |drones. |A |drone |can |fly |low |over |tracks |and |above/below |bridges |and |trestles. |The |drones |