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CPCU 500 Managing Evolving Risks Exam Questions with answers
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CPCU 500 Managing Evolving Risks Exam Questionswith answers
Which |one |of |the |following |statements |about |the |use |of |drones |is |true? |- |correct |answer |-Drones |
may |be |equipped |with |cameras |that |relay |data |in |real-time
Which |one |of |the |following |uses |infrared |light |to |detect |nearby |objects? |- |correct |answer |-Lidar
AMRM |Insurance |Company |sells |insurance |in |Virginia, |North |Carolina, |South |Carolina, |and |Georgia. |
The |company |has |compiled |a |policyowner |data |base |that |can |be |used |to |send |text |messages |when |
hurricanes |approach. |The |company |provides |early |warnings, |storm |updates |from |the |National |
Weather |Service, |and |hurricane |safety |measures. |The |company |credits |the |system |with |reduced |
hurricane |claims. |The |use |of |the |texting |system |is |an |example |of |- |correct |answer |-Preventive |
analytics
Clear-Rite |Company |specializes |in |the |clean-up |of |hazardous |chemical |spills. |Workers |performing |
clean-up |operations |must |use |safety |suits |to |prevent |exposure |to |the |chemicals. |The |suits |include |
pulse |and |respiration |monitors, |body |temperature |sensors, |and |chemical |sensors. |The |monitors |and |
sensors |report |data |to |a |mobile |operations |center |which |is |deployed |to |each |clean-up |site. |The |pulse |
and |respiration |monitors |and |the |sensors |that |are |part |of |the |protective |gear |are |called |- |correct |
answer |-Wearable |technologies
The |traditional |definition |of |risk |management |reflects |the |traditional |concept |of |risk |as |- |correct |
answer |-Negative
WOTF |is |true |regarding |the |evolution |of |risk |and |risk |management? |- |correct |answer |-The |definition |
of |risk |has |evolved |to |included |+/- |attributes
Many |auto |manufacturers |have |automated |a |portion |of |their |assembly |lines |by |introducing |a |smart |
product. |The |smart |product |performs |repetitive |tasks, |such |as |making |the |same |weld |on |each |vehicle |
frame |as |it |passes |the |smart |product. |These |smart |products, |which |can |be |fixed |or |mobile, |reduce |
repetitive |motion |injuries |that |humans |might |suffer. |They |can |also |be |used |to |perform |dangerous |
tasks |and |in |heavy-lifting |jobs. |These |smart |products |are |called |- |correct |answer |-Robots
,Which |one |of |the |following |is |described |as |a |distributed |database |that |serves |as |a |collectively |shared |
ledger? |- |correct |answer |-Blockchain
Autonomous |Vehicle |Applications |(AVA) |is |a |start-up |company |that |develops |safety |technologies |that |
can |be |sold |to |companies |that |are |producing |autonomous |vehicles. |One |technology |AVA |is |
developing |allows |an |autonomous |vehicle |to |detect, |extract, |and |analyze |images; |and |then |to |
respond |to |the |images. |For |example, |the |technology |would |detect |a |presence |in |a |crosswalk, |extract |
the |image, |and |a |computer |would |analyze |the |image. |When |the |image |was |determined |to |be |a |
human |being, |the |vehicle |would |slow |down |or |stop |until |the |crosswalk |was |clear. |This |technology, |
which |is |designed |to |capture |and |analyze |images, |and |to |act |on |the |recognition |of |the |image; |is |
called |- |correct |answer |-Computer |vision
Catastrophes |such |as |recent |earthquakes |and |the |2011 |tsunami |in |Japan |pointed |out |a |need |for |
many |organizations |to |evaluate |and |manage |their |- |correct |answer |-Supply-chain |risk
Which |one |of |the |following |best |explains |how |most |smart |products |potentially |improve |risk |
management? |- |correct |answer |-They |generate |big |data |to |which |advanced |analytics |can |be |applied
Take |Your |Order |(TYO) |is |a |company |that |specializes |in |taking |product |orders |for |vendors. |The |
manufacturer |of |a |product |can |run |a |television |or |internet |ad |for |a |product |with |a |toll-free |number. |
Customer |calls |for |the |products |are |routed |to |TYO, |where |one |hundred |operators |are |available |to |
receive |the |calls. |Each |operator |is |assigned |a |cubicle |with |a |computer |terminal, |video |display |monitor,
|and |a |telephone. |TYO |experienced |high |workers |compensation |claims |from |its |operators, |claiming |
neck |strain, |eye |strain, |and |wrist |pain. |In |an |effort |to |reduce |such |injuries, |TYO |evaluated |each |
operator's |work |area. |The |height |of |chairs |and |video |monitors |were |adjusted, |curved |computer |
keyboards |and |wrist-rests |were |provided, |and |the |telephones |were |replaced |with |audio |headsets. |
Workers |compensation |costs |dropped |significantly. |The |science |of |designing |work |spaces |based |on |
interaction |between |people |and |the |equipment |in |the |work |s |- |correct |answer |-Ergonomics
Don |is |the |Risk |Manager |for |Rafferty |Corporation. |One |of |his |peers, |Sally, |asks |him |one |day, |"How |do
|you |define |risk?" |When |Don |replies, |which |one |of |the |following |statements |is |accurate? |- |correct |
answer |-Risk |has |different |meanings |within |the |risk |management |and |insurance |communities.
In |an |effort |to |reduce |expenses, |increase |profitability, |and |reduce |human |errors; |ABC |Insurance |
Company |decided |to |automate |most |of |its |personal |lines |underwriting |function. |The |company |now |
uses |standardized |application |forms |that |are |submitted |electronically |to |one |of |the |company's |
regional |offices. |At |each |regional |office, |a |computer |with |a |scanner |reads |the |applications. |The |
computer |has |been |programmed |with |acceptable |answers |to |the |questions. |If |the |answers |on |the |
,application |are |all |acceptable, |the |policy |is |automatically |issued. |Rejected |applications |are |
automatically |forwarded |to |a |human |underwriter |who |reviews |them. |The |use |of |this |technology |has |
reduced |the |company's |expense |ratio |by |two |and |a |half |percent, |and |reduced |the |time |it |takes |to |
issue |a |policy. |ABC |Insurance |Company's |use |of |computers |to |evaluate |applications |electronically |is |an
|application |of |- |correct |answer |-Artificial |intelligence
A |municipal |water |plant |installed |water |flow |sensors |and |water |pressure |sensors |on |the |water |pipes |
leaving |the |plant. |The |sensors |make |sure |water |is |flowing |properly |and |that |there |are |no |leaks |or |
clogs |which |could |produce |a |loss. |These |types |of |sensors |are |- |correct |answer |-Mechanical |sensors
Which |one |of |the |following |is |a |tool |that |can |be |used |by |fraud |investigators |to |compare |documents |
and |analyze |notes? |- |correct |answer |-Text |mining
Last |year, |three |Metro |City |firemen |died |responding |to |a |fire |at |a |chemical |plant, |when |they |were |
overcome |by |toxic |fumes. |In |response, |Metro |City |is |purchasing |advanced |first |responder |gear. |It |
includes |special |flame |retardant |suits |with |chemical |and |explosive |fume |sensors, |air |quality |sensors, |
and |heat |sensors. |Responders |will |also |wear |special |watches |that |will |track |a |responder's |pulse, |
respiration, |and |blood |pressure; |and |helmets |that |include |video |cameras. |All |of |these |sensors |will |
feed |data |to |a |computer |in |real-time. |The |computer |will |analyze |the |data |and |issue |threat |levels |and |
evacuation |orders, |if |necessary. |The |protective |gear |Metro |City |will |purchase |and |the |data |
transmission |and |analysis |capability |illustrate |the |use |of |- |correct |answer |-Smart |products
Precision |Electronic |Components |manufactures |circuit |boards, |microchips, |and |other |electronic |
products. |Given |the |precision |necessary |for |their |products, |the |manufacturing |environment |must |be |
controlled. |Temperature, |humidity, |static |electricity |and |other |factors |must |be |monitored. |After |losing
|several |batches |of |products |due |to |human |monitoring |failures |and |imprecise |adjustments, |the |
company |moved |to |a |system |of |sensors. |The |sensors |monitor |and |regulate |temperature, |humidity, |
static |electricity, |and |other |factors. |The |sensors |transmit |data |to |and |from |each |other, |and |the |
manufacturing |environment |is |continuously |adjusted |to |assure |production |is |successful. |The |network |
of |sensors |transmitting |data |and |the |autonomous |corrective |actions |without |human |interaction |is |
called |- |correct |answer |-The |Internet |of |Things
Mutual |Fund |Company |(MFC) |offers |a |wide |array |of |mutual |fund |options |to |investors. |Each |mutual |
fund |has |a |different |fund |objective |and |set |of |investment |guidelines |that |apply |to |the |fund. |While |
MFC |gives |considerable |freedom |to |its |fund |portfolio |managers, |they |are |required |to |abide |by |the |
fund's |investment |guidelines. |To |monitor |compliance, |MFC |developed |a |computer |algorithm. |The |
computer |algorithm |continuously |monitors |each |fund's |compliance |with |investment |guidelines. |If |a |
fund |manager |violates |the |investment |guidelines, |the |computer |immediately |notifies |MFC's |internal |
control |director, |and |corrective |action |is |taken. |MFC's |use |of |the |computer |algorithm |to |monitor |
, investment |compliance |and |to |provide |notification |when |corrective |action |is |necessary |illustrates |use |
of |- |correct |answer |-Artificial |intelligence
Data |Entry |Company |(DEC) |offers |customers |data |entry |services. |A |customer |can |hire |DEC |to |enter |
survey |data |to |be |analyzed. |Many |DEC |employees |spend |long |hours |entering |data |on |a |computer. |
DEC |has |experienced |neck |strain |and |wrist |pain |complaints |from |their |employees, |increasing |the |
company's |workers |compensation |costs. |DEC |investigated |the |complaints |of |its |data-entry |employees.
|DEC |adopted |curved |keyboards |for |data |entry, |wrist-rests |for |those |entering |data, |and |uniform |chair |
heights |and |display |monitor |heights |to |reduce |neck |strain |claims. |The |science |of |designing |work |
spaces |based |on |the |health |concerns |of |those |who |will |operate |in |the |work |space |is |called |- |correct |
answer |-Ergonomics
WOTF |is |an |ex |of |wearable? |- |correct |answer |-Helmets |that |monitor |fatigue
The |National |Ocianic |(NOA) |Monitors |tsunami |risk. |Using |the |tsunami |detection |buyous |(smart |prod) |
illustrates |- |correct |answer |-CAT |management
WOTF |data |capture |tools |has |led |to |an |explosion |of |risk |management |innovation |by |allowing |smart |
products |to |transmit |data? |- |correct |answer |-Internet |of |Things
The |diff |between |risk |tech |& |insuretech |is |- |correct |answer |-Risk |tech |goes |beyond |insuretech |by |
expanding |its |focus |to |making |risk |financing |more |efficient |& |preventing |& |mitigating |losses |in |a |
variety |of |indv.
Risk |managers |today |differ |from |traditional |risk |managers |in |WOTF |ways? |- |correct |answer |-They |
attempt |to |min |threats |& |optimize |opportunities
In |addition |to |metal |detectors, |many |airports |have |installed |a |2nd |type |of |scanning |tech |4 |checked |
baggage |& |cargo |to |detect |explosives |based |on |air |samples. |Which |sensor |used |for |risk |assemt |and |
control? |- |correct |answer |-Biochemical |sensors |(home |diagnosis |tests, |wearable |fitness |monitors, |
diabetes |tests)
William |is |a |risk |manager |for |Green |Mountain |Trucking. |He |has |always |analyzed |auto |loss |frequency |
and |severity |rates |for |the |fleet. |William |would |like |to |collect |data |on |vehicle |speeds, |braking |patterns,
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