Exam (elaborations)
CISR - ELEMENTS OF RISK MANAGEMENT STUDY GUIDE
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CISR - ELEMENTS OF RISK MANAGEMENT STUDY GUIDE
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Name: Score:131 Multiple choice questions
Term 1 of 131
A condition or characteristic that may create or increase the likelihood or severity of a loss
hazard
peril
loss
exposure
Term 2 of 131
Government regulation, new legislation, and compliance are examples of risks in which general
class of risk?
political
social
legal
physical
Term 3 of 131
The shift of function, exposure, or responsibility of certain liabilities to another party
Retention
Transfer
Duplication
Segregation
,Term 4 of 131
A transferor with a relationship with a transferee
the insured
the policyowner
accident
the beneficiary
Term 5 of 131
A loss has occurred but is unlikely to occur again in the future
high frequency
low amplitude
low frequency
high intensity
Term 6 of 131
Responsibility for certain liabilities moves to another party in a(n) ___ transfer
contractual
informal
verbal
physical
Term 7 of 131
A(n) risk manager who conducts a ____ analysis calculates the sum of all costs and expenses
associated with risks and risk management within an organization.
TCOR
BUDGET ANALYSIS
ROI CALCULATION
EXPENSE TRACKING
,Term 8 of 131
Monetary exchange rates, inflation rates, and import-export tariffs are examples of risks in
which general class of risk?
social
technological
political
economic
Term 9 of 131
___ property can be seen or touched and includes real property like buildings and personal
property, such as equipment.
Tangible
Abstract
Virtual
Hypothetical
Term 10 of 131
The insured reimburses the insurer a portion of each loss up to a stated amount.
Tax Plan
Budgeted Retention
Dividend Plan
Deductible Plan
, Term 11 of 131
Speculative risk is associated with _____ or _____ risk.
Business, Financial
Social, Cultural
Personal, Emotional
Physical, Environmental
Term 12 of 131
_______ is the implementation of a process intended to minimize the uncertainty of exposures that
can adversely affect an individual's or an organization's assets and financial well-being
Risk Identification
Risk Avoidance
Risk Management
Risk Analysis
Term 13 of 131
Checklists are efficient means of covering all areas of an operation.
hazard
False
insurance
insurer
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