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CPCU 500 - Chapter 1 Questions & Answers
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CPCU 500 - Chapter 1 Questions & Answers ERM (enterprise risk management) The comprehensive process of evaluating, measuring, and mitigating the many risks that pervade an organization. Big Data Capture, storage, and analysis of data Previous Play Next Rewind 10 seconds Move ...

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  • October 22, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • cpcu 500 chapter 1 questions answers
  • erm enterprise risk management the comprehensive
  • big data capture storage and analysis of data

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  • CPCU - Chartered Property Casualty Underwriter
  • CPCU - Chartered Property Casualty Underwriter

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CPCU 500 - Chapter 1 Questions &
Answers
ERM - answer (enterprise risk management) The comprehensive process of
evaluating, measuring, and mitigating the many risks that pervade an organization.

Big Data - answer Capture, storage, and analysis of data

Smart Products - answer Sense their environment, process data, and communicate
with other smart products and smart operations

Internet of Things (IoT) - answer A network of objects that transmit data to and from
each other without human interaction

Cloud Computing - answer Info, technology, and storage services contractually
provided from remote locations, through the internet or another network, without a direct
server connection

Blockchain - answer A distributed digital ledger that facilitates secure transactions
without the need for a third party
- aka. system of verification and confirmation
- maintains a continuously growing list of records (blocks) in chronological order; a new
block is created each time a transaction occurs

Mining - answer Consensus process that confirms and verifies
- removed intermediary validation and establishes trust without a centralized authority

4 examples of data-driven decision making - answer 1. Telematics
2. Discovering new relationships in data
3. Text mining
4. Developing new products

Telematics - answer The use of technological devices in vehicles with wireless
communication and GPS tracking that transmit data to businesses or government
agencies; some return information for the driver.

Text Mining - answer Obtaining info through language recognition

Insurtech - answer The use of emerging technologies in the insurance industry
- reduces the uncertainty associated with predicting future events

Sensor - answer A device that detects and measures stimuli in its environment
- an IoT object that collects and transmits data

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