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ARM 401 - Practice Qs With Solutions Verified By Experts
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ARM 401 - Practice Qs With Solutions Verified By Experts Mike and Jack are research chemists at Wentworth Pharmaceutical. They are working on a topsecret project, a new arthritis drug. On the evening of the day that Mike and Jack made a major breakthrough on the drug, Jack saw this posting on...

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  • October 7, 2024
  • 28
  • 2024/2025
  • Exam (elaborations)
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  • ARM 401
  • ARM 401

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ARM 401 - Practice Qs With Solutions
Verified By Experts

Mike and Jack are research chemists at Wentworth Pharmaceutical. They are working on a top-

secret project, a new arthritis drug. On the evening of the day that Mike and Jack made a major

breakthrough on the drug, Jack saw this posting on a public bulletin board: "Buy Wentworth

Pharma stock...major good news coming soon on arthritis drug. You heard it here first." The post

was attributed to "DrugGuy201." Jack knew that Mike was the only other person who could have

made the post. He asked Wentworth's compliance department to review the posting. After the

investigation, Mike was formally reprimanded by the company and warned that further

infractions would result in dismissal. Mike's offense in this case was B. Revealing

intellectual property.




One of the characteristics of individuals and groups of individuals that affects susceptibility to

injury or death caused by a building fire is D. Age.




The descriptive approach is applied C. When an insurer or risk manager has a specific

problem.




Which one of the following statements is true regarding sources of risk affecting property

exposures? C. Risk control techniques can usually manage the likelihood and

consequences of human risk sources to some extent.

, ARM 401 - Practice Qs With Solutions
Verified By Experts

A predictive model was developed for Shelton Manufacturing to determine the likelihood of

current and future employees suffering from hearing loss. The predictive model was applied to

Shelton Manufacturing data of 200 employees, 10 of whom developed hearing loss in the past

year. Based on the numbers shown in the performance metric below, what is the accuracy of the

hearing loss predictive model?




Predicted No Predicted Yes. = Total (200 Employees)




Actual NO: 178 12 190


Actual Yes: 2 8 10 C. 0.93




Murray Supply Company has a commercial property policy with a $500,000 building limit and a

$50,000 deductible. A tornado passed through the area and damaged one of the company's

warehouses. The claims adjuster advised the risk manager that the amount of damage to the

warehouse was $20,000. Which one of the following represents Murray Supply Company's risk

threshold for a property loss? B. The $50,000 property policy deductible

, ARM 401 - Practice Qs With Solutions
Verified By Experts
One category of operational risk includes procedures and practices organizations use to conduct

their business activities. This category is D. Process risk.




Economic capital attempts to quantify the various risks faced by an organization. One such risk

includes such things as a flawed production process at a company or failed internal processes

because of data system problems. This type of risk is called B. Operational risk.




Which one of the following statements about the balance sheet is correct? A. Net worth is

positive whenever the value of assets exceeds the value of liabilities and negative if the value of

liabilities exceeds the value of assets.




Murray Trucking is interested in evaluating which risk factors are most likely to lead to the most

costly accidents. They are evaluating risk factors such as speed, weather conditions, driver

experience, distance traveled, and gross vehicle weight. Which one of the following statistical

measurements would be useful for the risk manager when calculating the probability of the

different risk factors causing severe accidents? B. Variance




Technological advancements have led to access to unprecedented volumes and types of data.

Social media posts are an example of which one of the following types of data? B.

External unstructured data

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