CPCU 500 - Foundations of Risk Management and Insurance bundled exams 2023 with 100% correct answers

Which one of the following statements about the use of drones is true? correct answersDrones may be equipped with cameras that relay data in real-time Which one of the following uses infrared light to detect nearby objects? correct answersLidar AMRM Insurance Company sells insurance in Virgini...

Describe the 2 elements of risk correct 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 probabil...

Risk correct answersthe uncertainty about outcomes, with the possibility that some of the outcomes can be negative. Quantified by knowing the probability of the possible outcomes Probability correct answersthe likelihood that an outcome or event will occur. Probabilities are stated as a decimal f...

The risk of increased competetitio falls into the category of which quadrant of risk correct answersStrategic Risk Failing to respond to changing customer demand and preferences in the design could drop the market share. Which quadrants of risk is this? correct answersStrategic risk, arise from t...

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 an autonomous vehicle to detect, extract, and analyze images; and then to respond to the images....

What are the two elements of risk? correct answers-Uncertainty of outcome - Time of the outcome and type of outcome are uncertain -possibility of a negative outcome - at least 1 outcome is negative What is the difference between probability and possibility? correct answersPossibility - an outcom...

Risk involves The possibility of a negative outcome. Possibility means correct answersThat an outcome may or may not occur. Probabilities are stated as decimal figure, a percentage, or a correct answersFraction To understand risk, one needs to know the probability of an outcome or event occurr...

Risk involves the possibility of a negative outcome. Possibility means correct answersThat an outcome may or may not occur. Risk can be classified as subjective or objective. Which one of the following statements is correct with respect to these risk classifications? correct answersSubjective ris...

Key questions in determining insurable interest correct answers1. What is insurable interest 2. When must insurable interest exist 3. Why require insurable interest 4. What is the legal basis of insurable interest 5. What happens when insurable interest overlap Problems associated with mainta...

Two elements of risk correct answers-uncertainty of outcome -possibility of a negative outcome Uncertainty correct answersAbout the type of outcome, timing of outcome, or both Possibility correct answersAn outcome or event may or may not occur *Does not quantify risk Probability correct ...

Which one of the following statements is true about an organization's balance sheet? Select one: A. Total liabilities minus owners' equity equals total assets on the balance sheet. B. The balance sheet shows the financial position of a business on a specific date. C. The balance sheet summar...

Big Data correct answersSets of data that are too large to be gathered and analyzed by traditional methods. Smart product correct answersAn innovative item that uses sensors; wireless sensor networks; and data collection, transmission, and analysis to further enable the item to be faster, more...

probability correct answersthe likelihood that an outcome or event will occur pure risk correct answersa chance of loss or no loss, but no chance of gain speculative risk correct answersa chance of loss, no loss or gain credit risk correct answersthe risk that customers or other creditors w...

In insurance terminology, trucks, trailers, buses, fire engines, and ambulances designed for road use are examples of which one of the following categories of motor vehicles? correct answersAuto Property insurance policies generally refer to the contents of a commercial building as correct answer...