Cpcu 500 stuvia - Study guides, Class notes & Summaries

For public entities such as cities, counties and public utilities, which one of the following is normally the most important post-loss risk management goal? Choose one answer. A. Growth B. Profitability C. Continuity of operations D. Earnings stability - ANSWERSC. Continuity of operations Which one of the following is the goal of enterprise-wide risk management (ERM)? Choose one answer. A. Coordinate loss reduction efforts B. Reduce risk management costs C. Decentrali...

In the context of risk, the chance of being injured while driving to and from work, loading a truck at work, moving furniture at home, or falling in an icy parking lot at the mall are all examples of A. Possibilities. B. Uncertainties. C. Probabilities. D. Losses. - ANSWERSA. Possibilities. The statement, "There is a five percent chance that John will be injured in an automobile accident while driving to work tomorrow," is an example of A. Quantifying risk. B. Verifying ri...

Which one of the following statements about the use of drones is true? - ANSWERSDrones may be equipped with cameras that relay data in real-time Which one of the following uses infrared light to detect nearby objects? - ANSWERSLidar 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...

CPCU 500 Practice Exam 1 Questions and Answers Correct 100%CPCU 500 Practice Exam 1 Questions and Answers Correct 100%CPCU 500 Practice Exam 1 Questions and Answers Correct 100%CPCU 500 Practice Exam 1 Questions and Answers Correct 100%CPCU 500 Practice Exam 1 Questions and Answers Correct 100% 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...

CPCU 500 3rd Edition Final Practice Exam 1 Questions and Answers 100% VerifiedCPCU 500 3rd Edition Final Practice Exam 1 Questions and Answers 100% VerifiedCPCU 500 3rd Edition Final Practice Exam 1 Questions and Answers 100% VerifiedCPCU 500 3rd Edition Final Practice Exam 1 Questions and Answers 100% Verified Risk involves the possibility of a negative outcome. Possibility means - ANSWERSThat an outcome may or may not occur. Risk can be classified as subjective or objective. Which one of t...

Risk involves The possibility of a negative outcome. Possibility means - ANSWERSThat an outcome may or may not occur. Probabilities are stated as decimal figure, a percentage, or a - ANSWERSFraction To understand risk, one needs to know the probability of an outcome or event occurring. Which one of the following statements is correct with respect to probability? - ANSWERSIt can be used to decide which activities to undertake. The statement, "There is a five percent chance that John wil...

Risk - Answer- the uncertainty about outcomes, with the possibility that some of the outcomes can be negative. Quantified by knowing the probability of the possible outcomes Probability - Answer- the likelihood that an outcome or event will occur. Probabilities are stated as a decimal figure, a percentage, or a fraction. What are the 2 elements associated with risk? - Answer- uncertainty of outcome + possibility of negative outcome Pure Risk - Answer- a chance of loss or no loss, but no chance o...

Describe the 2 elements of risk - ANSWERS1.) Uncertainty of outcomes: risk involves uncertainty about the type of outcome, timing o outcome, or both 2.) possibility of a negative outcome: at least of the potential outcomes is negative Whats the difference between possibility and probability? - ANSWERSPossibility: outcome may or may not occur Probability: likelihood that an outcome will occur Does Possibility or Probability measure risk? - ANSWERSProbability does, possibility DOES NOT...

Which one of the following statements is true regarding the nature of probability? A. Probabilities deduced solely from historical data may change as new data are discovered or the environment changes. B. The type of probability most commonly used by risk management professionals is theoretical probability. C. Empirical probability distributions are constant as long as the physical conditions that generate them remain unchanged. D. Theoretical probabilities are only estimates whose accurac...

CPCU 500 Assignment 8 - Big data analytics questions and answers