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Insurance contest Flashcards | StudBud

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Insurance contest

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Questions 12

Answers

1
What kind of hazard is this :
Physical
Moral
Attitude
Legal
2
Which is a nondiversifiable risk for an organization?
Supplier going out of business.
Competitor's new product.
Economic recession.
Employee fraud.
3
Which of the following is considered a diversifiable risk?
Global inflation.
Economic recession.
A company experiencing a data breach.
A natural disaster affecting an entire country.
4
A peril is not the cause of loss
True
False
5
What distinguishes operational risk in ERM?
Concerns compliance.
Focuses on tech risks.
Arises from internal failures.
Involves financial losses.
6
An event can be hazard and a peril
True
False
7
Which is not a strategic risk in ERM?
Expanding into new markets.
Poor public relations.
Competitors' innovations.
Interest rate fluctuations.
8
Which of the following best defines a loss exposure?
The chance that an insured event will happen.
The possibility of loss without the potential for gain.
The tangible cause of a financial loss.
Any condition or situation where a loss could occur.
9
A hazard is a condition that increases and create the likelihood of a loss
False
True
10
Which of the following is an example of a legal hazard?
Courts favoring plaintiffs in liability lawsuits.
Poorly maintained equipment in a factory.
A business owner’s careless attitude toward security measures.
A company committing insurance fraud.
11
Which of the following is a compliance risk?
Cybersecurity breaches.
Falling market share.
New regulatory requirements.
Workplace accidents.
12
An earthquake is a physical hazard
False
True