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2024 CISR ELEMENTS OF RISK MANAGEMENT ACTUAL EXAM WITH 300 QUESTIONS AND CORRECT ANSWERS PLUS A STUDY GUIDE/ 2024/2025 CISR ELEMENTS OF RISK MANAGEMENT TEST (NEW!)$25.99
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2024 CISR ELEMENTS OF RISK MANAGEMENT ACTUAL EXAM WITH 300 QUESTIONS AND CORRECT ANSWERS PLUS A STUDY GUIDE/ 2024/2025 CISR ELEMENTS OF RISK MANAGEMENT TEST (NEW!)
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CISR ELEMENTS OF RISK MANAGEMENT
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CISR ELEMENTS OF RISK MANAGEMENT
2024 CISR ELEMENTS OF RISK MANAGEMENT ACTUAL EXAM WITH 300 QUESTIONS AND CORRECT ANSWERS PLUS A STUDY GUIDE/ 2024/2025 CISR ELEMENTS OF RISK MANAGEMENT TEST (NEW!)
pg. 1 2024 CISR ELEMENTS OF RISK MANAGEMENT ACTUAL EXAM WITH 300 QUE STIONS AND CORRECT ANSWERS PLUS A STUDY GUIDE/ 2024/2025 CISR ELEMENTS OF RISK MANAGEMENT TEST (NEW!) The benefits of this risk identification method include standardization, easy data classification and tabulation, and because little training is required, utilization by non-risk ma nagement personnel. Which risk identification method does this describe? - ANSWER -checklists and surveys The definition of ___________ is any conscious action or inaction to minimize, at the optimal cost, the probability, frequency, severity, or unpredict ability of loss. - ANSWER -risk control By reviewing loss reports to uncover why losses happened, you are: - ANSWER -
conducting a qualitative analysis From the perspective of a ________ __, an insurable risk is one which generates enough premium paid by the many to pay for the losses of a few. - ANSWER -
underwriter Risk managers often use external service providers as part of their network. Which one of these is not a reason to use an external network member? - ANSWER -
internal expertise exists and is less expensive A situation, practice, or condition that may lead to an adverse financial consequence is a(n) __________. - ANSWER -exposure pg. 2 You want to use a risk identification method tha t helps you examine values subject to loss and fiscal impacts after a loss. Which method would you use? - ANSWER -
financial statement analysis The four logical classifications of exposures are used during the __________ step of the risk management process. - ANSWER -identification The losses incurred from a tree falling and blocking the entrance to a major retail store owned by your company would fall under which logical classification of risk? - ANSWER -net income Nicholas believes that the risk control program he ha s implemented will greatly reduce the frequency and severity of losses at his company. He now wants to choose an insurance plan that will be the most cost -effective, taking into consideration the lower frequency and severity of losses, while maintaining so me carrier services. Which plan would he choose? - ANSWER -deductible plan A company stores its finished inventory in regional locations. This illustrates which risk control technique? - ANSWER -separation From the perspective of a __________, an insurable risk is one which is not reasonably calculable. - ANSWER -risk manager A company outsources the shipping of its product so that it no longer has a transportation exposure. This illustrate s which risk control technique? - ANSWER -
transfer On the retention/transfer diagram the total amount per claim or per occurrence is represented by ______________________________________. - ANSWER -
vertical axis pg. 3 Which one of the following does NOT demonstrate a purpose of quantitative analysis? -using loss data to determine what caused the "back strain" losses -using loss data to determine which impr ovement projects to fund -you use loss data to decide which risks should be transferred to the insurance company -using loss data to assist in forecasting next year's slip and fall losses - ANSWER -
Using loss data to determine what caused the "back strain " losses Which of the following is not a governing document of a risk management program? -code of conduct -mission statement -policy statement -policy and procedure manual - ANSWER -code of conduct _________________________ is the total number of losses in a given time period divided by the total number of claims. - ANSWER -average severity Reinterpretation of a law causes your company to modify manu facturing procedures. Which one of the general classes of risk does the example illustrate? - ANSWER -legal Lindsay's company has an insurance plan in which they may see some returned premium based on their actual losses. Lindsay's company has a __________ _. - ANSWER -dividend plan pg. 4 Martha is building her risk management team. She is looking for a team member who can help her calculate development factors. This duty would be performed by which of the following team members? - ANSWER -actuary Risk is defined as a condition of either positive or negative ________________ arising from a given set of circumstances - ANSWER -uncertainty Perceptions of risk depend upon an individual's job function or area of expertise - ANSWER -True A risk manager may define risk a s the person or property exposed to a potential loss - ANSWER -True Pure risks include threats to property and people, as well as ____________________ - ANSWER -liability The result of pure risk is some _____________ - ANSWER -measure of loss Unlike pure risk, ______________ risk presents the opportunity for gain - ANSWER -speculative Speculative risk is associated with _______________ or ________________ risk - ANSWER -business; financial A ___________ is a cause of loss - ANSWER -peril A ___________ is a factor that increases the likelihood a peril will occur - ANSWER -hazard
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