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AIDA 182 FINAL EXAM NEWEST ACTUAL EXAM COMPLETE 200 QUESTIONS AND CORRECT DETAILED ANSWERS
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AIDA 182 FINAL EXAM NEWEST ACTUAL EXAM COMPLETE 200 QUESTIONS AND CORRECT DETAILED ANSWERS
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AIDA 182 FINAL EXAM NEWEST ACTUAL EXAMCOMPLETE 200 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A+
strategic risk - ANSWER Arise from trends in the economy and society, including
changes in the economic, political, and competitive environments, as well as from
demographic shifts
-risk of increased competition
failing to respond to the changing customers demand and preferences...
4 quadrants this exposure of loss is
Likelihood and Consequences - ANSWER the relationship between which two
basic measures is critical for risk management in assessing risk and deciding
whether or how to manage it
covariance - ANSWER Measures the extent to which variables move together or
independently
varies predictably with some other variable - ANSWER regression analysis
assumes that the variable being forecast
trend analysis - ANSWER better forecast loss frequency and severity
the source of risk and who has traditionally managed it - ANSWER classifications of
risk focus on some aspect of the risk itself, the four quadrants of risk focus on
operational risk - ANSWER adequacy of suppliers to meet an organizations needs
would be an example of...
arise from failure in processes, systems
hazard and operational risk - ANSWER embezzle funds
exposure - ANSWER measure of the maximum potential damage associated with
an occurrence
covariance measures the extent to which two variables move together or
independently - ANSWER covariance measures the extent to which two variables
move together or independently
probabilities deduced solely from historical data may change as new data are
discovered or the environment changes - ANSWER probabilities deduced solely
from historical data may change as new data are discovered or the environment
changes
, one way of presenting a continuous probability distribution is to divide the distribution
into a countable number of bins - ANSWER continuous probability distributions
represents probability estimates for a particular set of circumstances and the
probability of each possible outcome - ANSWER probability distribution
mode, density function - ANSWER for a continuous distribution, the ______ is the
value of the outcome directly beneath the peak of the probability ____
expected value - ANSWER term used for the weighted average of all the possible
outcomes in a theoretical probability distribution
50 percent - ANSWER a probability distribution's median has a cumulative
probability of
cumulative probabilities - ANSWER can be used to evaluate the effect of various
deductibles and policy limits on insured loss exposures
relative frequency with which it occurs - ANSWER the mean is calculated by
weighting each observed outcome by the
current year dollars using a price index - ANSWER in an array of historical and
adjusted auto physical damage losses the adjusted amount column is the historical
loss amount adjusted to
deductibles and policy limits on insured loss exposures - ANSWER understanding
the cumulative prob distribution will enable an insurance or risk management
professional to evaluate the effect of various
the measures of central tendency represent the best guess as to what the outcome
will be - ANSWER central tendency when comparing the characteristics of
probability distribution
when two or more distributions are plotted on a graph, the one with the most sharply
peaked curve has the smallest standard deviation - ANSWER use dispersion to
compare the characteristics of probability distributions
how widely dispersed the values in a distribution are
provides a of how sure Hank can be in his estimate of claims - ANSWER standard
deviation indicates.....
whether to offer insurance coverage to a potential insured - ANSWER insurance
professionals may be able to use measures of dispersion around estimated losses to
determine......
determining a maintenance schedule for equipment that could become dangerous if
it were to fail - ANSWER practical application
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