ERM Ch 4 Test 2 Practice Questions & Answers 2024/2025
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ERM Ch 4 Test 2 Practice Questions & Answers 2024/2025
Hold-harmless agreements are
Select one:
A. Comprised of two parties—the indemnitor and the indemnitee.
B. Enforceable without legal consideration.
C. Highly regulated.
D. Standardized. - ANSWERSA. Comprised of two parties—the ind...
ERM Ch 4 Test 2 Practice Questions &
Answers 2024/2025
Hold-harmless agreements are
Select one:
A. Comprised of two parties—the indemnitor and the indemnitee.
B. Enforceable without legal consideration.
C. Highly regulated.
D. Standardized. - ANSWERSA. Comprised of two parties—the indemnitor and the indemnitee.
Internet of Things (IoT) devices, sensors, wearables, and telematics devices have had the greatest impact
on which one of the following risk treatment techniques?
Select one:
A. Risk transfer
B. Risk avoidance
C. Risk modification
D. Risk retention - ANSWERSC. Risk modification
Which one of the following is a risk control technique that reduces the frequency of a particular loss?
Select one:
A. Loss prevention
B. Duplication
C. Loss reduction
D. Separation - ANSWERSA. Loss prevention
Which one of the following statements is correct regarding characteristics of ideally insurable loss
exposures?
Select one:
, A. A common function that insurance provides is a spreading of risk across a large number of similar
exposure units within the same period.
B. Intertemporal risk transfer, the spreading of risk through time, requires a large number of similar
exposure units.
C. One requirement of the law of large numbers is that past events occur under different circumstances
in the future.
D. Loss exposures such as homes and automobiles generally will not meet the ideally insurable
requirement that the exposure be of a large number of similar exposure units. - ANSWERSA. A common
function that insurance provides is a spreading of risk across a large number of similar exposure units
within the same period.
Telematics devices allow organizations to accurately identify patterns of risk and predict risk for which
one of the following types of loss exposures?
Select one:
A. Workers compensation
B. Property
C. Automobile
D. Business income - ANSWERSC. Automobile
Statutory limitations on hold-harmless agreements vary in the
Select one:
A. Allowable complexity of the agreement.
B. Length of time that such transfers can be effective.
C. Types of noninsurance transfers to which the statutes apply.
D. Cost or compensation associated with the agreement. - ANSWERSC. Types of noninsurance transfers
to which the statutes apply.
A large deductible is similar to a self-insured retention (SIR) in that both
Select one:
A. Provide detailed reports to the insurer on all claims.
B. Give the insurer complete control over claim handling.
C. Require that the insured adjust and pay claims up to the deductible or SIR amount.
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