ARM 400 - Chapter 1 Exam | Questions with 100%
Correct Answers | Verified | Latest Update
2026/2027
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Practice questions for this set
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The total of the following costs:
1. Costs of accidental losses not reimbursed by insurance or other outside
sources.
2. Insurance premiums and expenses incurred for noninsurance indemnity.
3. Costs of risk control techniques to prevent or mitigate accidental losses.
4. Costs of administering risk management activities.
Choose an answer
1 Big Data 2 Reduced Cost of Risk
3 Text Mining 4 Holistic View
Don't know?
, Terms in this set (65)
Big Data Sets of data that are too large to be gathered and
analyzed by traditional methods.
Data Capture Enabled primarily by smart products that sense
their environment, process data, and communicate
with other smart products and smart operations
through the Internet of Things (IoT).
Data Analytics The collection, storage, and sharing of data
empowers real-time risk management for
organizations that use data gleaned from sensors
to react immediately to hazardous situations.
4 Ways that Insurers and Risk 1. Organizing Large Volumes of New Data
Managers can Improve Business 2. Discovering New Relationships in Data
Results through Data-Driven 3. Exploring New Sources of Data
Decision Making 4. Developing New Products
Holistic View Reveals the full universe of threats and
opportunities an organization faces.
Root Cause Analysis (RCA) Identifies a loss's predominant cause.
- Can only look backward in time.
- May not identify all root causes and related
events that contribute to a loss.
- Can only be performed periodically.
Mining Blocks and data within are confirmed and verified
through this consensus process.
- Removes intermediary validation and establishes
trust without a centralized authority.
Correct Answers | Verified | Latest Update
2026/2027
Save
Practice questions for this set
Learn 1 /7 Study using Learn
The total of the following costs:
1. Costs of accidental losses not reimbursed by insurance or other outside
sources.
2. Insurance premiums and expenses incurred for noninsurance indemnity.
3. Costs of risk control techniques to prevent or mitigate accidental losses.
4. Costs of administering risk management activities.
Choose an answer
1 Big Data 2 Reduced Cost of Risk
3 Text Mining 4 Holistic View
Don't know?
, Terms in this set (65)
Big Data Sets of data that are too large to be gathered and
analyzed by traditional methods.
Data Capture Enabled primarily by smart products that sense
their environment, process data, and communicate
with other smart products and smart operations
through the Internet of Things (IoT).
Data Analytics The collection, storage, and sharing of data
empowers real-time risk management for
organizations that use data gleaned from sensors
to react immediately to hazardous situations.
4 Ways that Insurers and Risk 1. Organizing Large Volumes of New Data
Managers can Improve Business 2. Discovering New Relationships in Data
Results through Data-Driven 3. Exploring New Sources of Data
Decision Making 4. Developing New Products
Holistic View Reveals the full universe of threats and
opportunities an organization faces.
Root Cause Analysis (RCA) Identifies a loss's predominant cause.
- Can only look backward in time.
- May not identify all root causes and related
events that contribute to a loss.
- Can only be performed periodically.
Mining Blocks and data within are confirmed and verified
through this consensus process.
- Removes intermediary validation and establishes
trust without a centralized authority.
