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CPCU 500 exam with verified responses
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CPCU 500 exam with verified responses
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CPCU 500 exam with verified responsesLaw |of |Large |Numbers |- |correct |answer |-A |mathematical |principle |stating |that |as |the |number |of |
similar |but |independent |exposure |units |increases, |the |relative |accuracy |of |predictions |about |future |
outcomes |(losses) |also |increases.
Smart |product |- |correct |answer |-An |innovative |item |that |uses |sensors; |wireless |sensor |networks; |and |
data |collection, |transmission, |and |analysis |to |further |enable |the |item |to |be |faster, |more |useful, |or |
otherwise |improved.
Sensor |- |correct |answer |-A |device |that |detects |and |measures |stimuli |in |its |environment.
Wireless |sensor |network |(WSN) |- |correct |answer |-A |wireless |network |consisting |of |individual |sensors |
placed |at |various |locations |to |exchange |data.
Big |data |- |correct |answer |-Sets |of |data |that |are |too |large |to |be |gathered |and |analyzed |by |traditional |
methods.
Internet |of |Things |(IoT) |- |correct |answer |-A |network |of |objects |that |transmit |data |to |computers.
Predictive |analytics |- |correct |answer |-Statistical |and |analytical |techniques |used |to |develop |models |
that |predict |future |events |or |behaviors.
Data |science |- |correct |answer |-An |interdisciplinary |field |involving |the |design |and |use |of |techniques |to
|process |very |large |amounts |of |data |from |a |variety |of |sources |and |to |provide |knowledge |based |on |
the |data.
Pure |risk |- |correct |answer |-A |chance |of |loss |or |no |loss, |but |no |chance |of |gain.
Speculative |risk |- |correct |answer |-A |chance |of |loss, |no |loss, |or |gain.
, Credit |risk |- |correct |answer |-The |risk |that |customers |or |other |creditors |will |fail |to |make |promised |
payments |as |they |come |due.
Subjective |risk |- |correct |answer |-The |perceived |amount |of |risk |based |on |an |individual's |or |
organization's |opinion.
Objective |risk |- |correct |answer |-The |measurable |variation |in |uncertain |outcomes |based |on |facts |and |
data.
Diversifiable |risk |- |correct |answer |-A |risk |that |affects |only |some |individuals, |businesses, |or |small |
groups.
Systemic |risk |- |correct |answer |-The |potential |for |a |major |disruption |in |the |function |of |an |entire |
market |or |financial |system.
Market |risk |- |correct |answer |-Uncertainty |about |an |investment's |future |value |because |of |potential |
changes |in |the |market |for |that |type |of |investment.
Liquidity |risk |- |correct |answer |-The |risk |that |an |asset |cannot |be |sold |on |short |notice |without |incurring
|a |loss.
Risk |management |framework |- |correct |answer |-A |foundation |for |applying |the |risk |management |
process |throughout |the |organization.
Risk |criteria |- |correct |answer |-Information |used |as |a |basis |for |measuring |the |significance |of |a |risk.
Property |loss |exposure |- |correct |answer |-A |condition |that |presents |the |possibility |that |a |person |or |an |
organization |will |sustain |a |loss |resulting |from |damage |(including |destruction, |taking, |or |loss |of |use) |to
|property |in |which |that |person |or |organization |has |a |financial |interest.
Liability |loss |exposure |- |correct |answer |-Any |condition |or |situation |that |presents |the |possibility |of |a |
claim |alleging |legal |responsibility |of |a |person |or |business |for |injury |or |damage |suffered |by |another |
party.
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