CISR Elements of Risk Management EXAM QUESTIONS AND ANSWER UPDATED A.

CISR (Elements of Risk Management)
EXAM QUESTIONS AND ANSWER
UPDATED A.
A(n) _____ is an event that may lead to a loss or a claim, or an event that
may cause a business interruption
ANSWER ;Incident
A(n) _____ is always an unexpected and unintentional event that tends to
result in damage or injury.
ANSWER ;Accident
An "accident" that occurs over an extended period of time is called a(n)
_____
ANSWER ;occurrence
The number of claims that occur or that an insurer expects to occur
within a given period of time is labeled _____
ANSWER ;frequency
The dollar amount inflicted by a given loss or catastrophe, or the
aggregate dollar amount of all losses for a given period of time, is defined
by the word _____
ANSWER ;severity
_____ describes an organization's ability or inability to assume financial
responsibility for loss
ANSWER ;Risk Ability