CISR - Elements of Risk Management Latest

CISR - Elements of Risk Management Latest Update - 200 Questions and 100% Verified Correct Answers Guaranteed A+

___ property can be seen or touched and includes real property like buildings and

personal property, such as equipment. - CORRECT ANSWER: Tangible

___ retention is the portion of expected losses an organization is willing and able to

retain - CORRECT ANSWER: Budgeted

____ are useful for understanding product development processes, decision making processes, architectural site analyses, and scheduling processes. - CORRECT

ANSWER: Flowcharts

____ is a visual representation of complex sets of data interpretations that uses colors to indicate patterns or groupings of how risk will impact an organization - CORRECT

ANSWER: Heat mapping

____ is an action taken to minimize the severity, or budgetary impact, of an

unprevented loss - CORRECT ANSWER: Loss reduction

_____ are an organization's internal people exposure - CORRECT ANSWER: Human

resources

_____ describes an organization's ability or inability to assume financial responsibility

for loss - CORRECT ANSWER: Risk Ability

_____ describes the impact of an event, should that event occur - CORRECT

ANSWER: Severity

_____ is the chance something will happen. It is also known as frequency - CORRECT

ANSWER: Likelihood

_____ use historical loss data to predict future risk frequency and severity - CORRECT

ANSWER: Loss projections

______ involves isolating an exposure from other exposures, perils, or hazards. -

CORRECT ANSWER: Segregation

______ is a visual analytical tool that identifies all risks to an organization and indicates their frequency, on a scale from low to high, and their potential impact, or severity, on a

scale from low to high - CORRECT ANSWER: Risk mapping

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______ is the process by which data are adjusted to account for lag time to settle claims, recognize frequency development, acknowledge incurred but not reported (IBNR) accidents, and the index for inflation, or a calculation of the rate of inflation in an

economy - CORRECT ANSWER: Loss development

______ takes historical data (losses) and converts that loss data to current dollar

amounts - CORRECT ANSWER: Loss trending

_______ 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 - CORRECT ANSWER: Risk Management

• The potential for several buildings to be damaged by heavy winds within the

geographical area nicknamed "Tornado Alley" is an example of a(n) - CORRECT

ANSWER: exposure

A ____ is a cause of loss - CORRECT ANSWER: peril

A ____ is a cause of loss - CORRECT ANSWER: peril

A car dealership sells its sports utility vehicles from its suburban lot and its compact and

hybrid cars from its downtown location. - CORRECT ANSWER: Separation

A cause of loss - CORRECT ANSWER: peril

A condition or characteristic that may create or increase the likelihood or severity of a

loss - CORRECT ANSWER: hazard

A consideration in exchange for a promise of indemnification - CORRECT ANSWER:

premium

A cyberattack is an example of a ____ - CORRECT ANSWER: peril

A demand for payment or an obligation to pay as a result of a loss or occurrence -

CORRECT ANSWER: claim

A driver is at fault in a minor auto accident. The other driver is uninjured, but the bumper on her car requires repairs. The other driver demands that the at-fault driver's insurance

company pay for the loss. - CORRECT ANSWER: claim

A fully insured program that transfers all risk of loss to an insurance company -

CORRECT ANSWER: Guaranteed Cost Plan

A graphical depiction of a process or system - CORRECT ANSWER: Flowchart

construction

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