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Cpcu 500 Questions And Answers With Verified Solutions 100% Correct!!!(GRADED A+)
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Cpcu 500 Questions And Answers With Verified Solutions 100% Correct!!!(GRADED A+)
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Cpcu 500 Questions And Answers WithVerified Solutions 100%
Correct!!!(GRADED A+)
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 - ANSWER✔✔ Smart products.
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? - ANSWER✔✔ Risk has different meanings within the risk
management and insurance communities.
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 - ANSWER✔✔ Artificial intelligence.
,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 - ANSWER✔✔
Robots.
In addition to metal detectors, many airports have installed a second type of
scanning technology for checked baggage and cargo. The checked bags and cargo
pass through a portal with scanners programmed to detect and test for explosive
trace fumes. These scanners, which detect explosives based on air samples, are an
example of what type of sensor used for risk assessment and control? -
ANSWER✔✔ Biochemical sensors.
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 - ANSWER✔✔
Computer vision.
Which one of the following statements is true with regard to preventive analytics?
- ANSWER✔✔ Preventive analytics uses smart products and data analytics to
identify root loss causes and their implications.
,The traditional definition of risk management reflects the traditional concept of
risk as - ANSWER✔✔ Negative.
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 - ANSWER✔✔ Ergonomics.
The difference between risk tech and insurtech is - ANSWER✔✔ Risk tech goes
beyond insurtech by expanding its focus to making risk financing more efficient
and preventing and mitigating losses in a variety of industries.
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 - ANSWER✔✔
Preventative 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 - ANSWER✔✔ Wearable technologies.
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 -
ANSWER✔✔ Ergonomics.
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, and distance traveled and compare that
with the loss history. Which one of the following would help William capture and
analyze this data? - ANSWER✔✔ Vehicle telematics
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
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