RMIN 5100S Exam #1 questions with |\ |\ |\ |\ |\ |\
answers
What are the two different categories of property? What is the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
difference between the two? - CORRECT ANSWERS ✔✔The two
|\ |\ |\ |\ |\ |\ |\ |\ |\
different types of property are tangible and intangible property.
|\ |\ |\ |\ |\ |\ |\ |\ |\
- Tangible property is property that has a physical form, such as a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
piece of equipment
|\ |\
- Intangible property is property that has no physical form, such as a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
patent or copyright
|\ |\ |\
What are the two types of tangible property? What are their
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
differences? - CORRECT ANSWERS ✔✔Real Property and Personal
|\ |\ |\ |\ |\ |\ |\
Property
|\
- Real Property = tangible property consisting of land, all structures
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
permanently attached to it, and whatever is growing on it. |\ |\ |\ |\ |\ |\ |\ |\ |\
- Personal Property = all tangible or intangible property that is not
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
real property
|\
What two losses does a property owner experience when their
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
personal property is stolen? - CORRECT ANSWERS ✔✔They suffer
|\ |\ |\ |\ |\ |\ |\ |\ |\
a total loss of that property and any possible income that could have
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
been generated by that property.
|\ |\ |\ |\ |\
,List the six steps in the risk management process - CORRECT
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ANSWERS ✔✔1. Identify Loss Exposures |\ |\ |\ |\
2. Analyze Loss Exposures
|\ |\ |\
3. Examine Feasibility of Risk Management Techniques
|\ |\ |\ |\ |\ |\
4. Select Appropriate Risk Management Technique(s)
|\ |\ |\ |\ |\
5. Implement Selected Risk Management Technique(s)
|\ |\ |\ |\ |\
6. Monitor Results + Revise Risk Management Program
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What are risk financing techniques? - CORRECT ANSWERS
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✔✔Risk financing techniques are risk management techniques that
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generate funds to finance losses that risk control techniques cannot
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
entirely prevent or reduce|\ |\ |\
What are the different types of risk financing techniques? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔1. Retention = generating funds from
|\ |\ |\ |\ |\ |\ |\ |\
within an organization to pay for losses
|\ |\ |\ |\ |\ |\
2. Transfer = generating funds from outside an organization to pay
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
for losses (like insurance)
|\ |\ |\
What are risk control techniques? - CORRECT ANSWERS ✔✔Risk
|\ |\ |\ |\ |\ |\ |\ |\ |\
management techniques that minimize the frequency or severity of
|\ |\ |\ |\ |\ |\ |\ |\ |\
losses, or make those losses more predictable
|\ |\ |\ |\ |\ |\
, What are the different types of risk control techniques? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔1. Avoidance |\ |\
2. Loss prevention (reduces frequency)
|\ |\ |\ |\
3. Loss reduction (reduces severity)
|\ |\ |\ |\
4. Separation
|\
5. Diversification
|\
What is a hostile fire? - CORRECT ANSWERS ✔✔A fire that leaves
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
its intended place, such as a spark that escapes a fireplace and sets
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the carpet on fire
|\ |\ |\
How does construction type influence fire control? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔The definitions of construction types from the ISO |\ |\ |\ |\ |\ |\ |\ |\ |\
indicate the fire resistance of several types of construction:
|\ |\ |\ |\ |\ |\ |\ |\
- Wood frame = exterior walls are constructed of wood or other
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
combustible materials (most susceptible) |\ |\ |\
- Jointed masonry = exterior walls are constructed of masonry
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
materials such as brick or stone, with other supporting elements
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
such as joints and beams made of wood (less combustible than
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
wooden frame) |\
- Noncombustible construction = exterior walls, floor, and roof are
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
constructed of and supported by metal, gypsum, or other |\ |\ |\ |\ |\ |\ |\ |\ |\
noncombustible materials. |\
answers
What are the two different categories of property? What is the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
difference between the two? - CORRECT ANSWERS ✔✔The two
|\ |\ |\ |\ |\ |\ |\ |\ |\
different types of property are tangible and intangible property.
|\ |\ |\ |\ |\ |\ |\ |\ |\
- Tangible property is property that has a physical form, such as a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
piece of equipment
|\ |\
- Intangible property is property that has no physical form, such as a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
patent or copyright
|\ |\ |\
What are the two types of tangible property? What are their
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
differences? - CORRECT ANSWERS ✔✔Real Property and Personal
|\ |\ |\ |\ |\ |\ |\
Property
|\
- Real Property = tangible property consisting of land, all structures
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
permanently attached to it, and whatever is growing on it. |\ |\ |\ |\ |\ |\ |\ |\ |\
- Personal Property = all tangible or intangible property that is not
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
real property
|\
What two losses does a property owner experience when their
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
personal property is stolen? - CORRECT ANSWERS ✔✔They suffer
|\ |\ |\ |\ |\ |\ |\ |\ |\
a total loss of that property and any possible income that could have
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
been generated by that property.
|\ |\ |\ |\ |\
,List the six steps in the risk management process - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔1. Identify Loss Exposures |\ |\ |\ |\
2. Analyze Loss Exposures
|\ |\ |\
3. Examine Feasibility of Risk Management Techniques
|\ |\ |\ |\ |\ |\
4. Select Appropriate Risk Management Technique(s)
|\ |\ |\ |\ |\
5. Implement Selected Risk Management Technique(s)
|\ |\ |\ |\ |\
6. Monitor Results + Revise Risk Management Program
|\ |\ |\ |\ |\ |\ |\
What are risk financing techniques? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
✔✔Risk financing techniques are risk management techniques that
|\ |\ |\ |\ |\ |\ |\ |\
generate funds to finance losses that risk control techniques cannot
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
entirely prevent or reduce|\ |\ |\
What are the different types of risk financing techniques? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔1. Retention = generating funds from
|\ |\ |\ |\ |\ |\ |\ |\
within an organization to pay for losses
|\ |\ |\ |\ |\ |\
2. Transfer = generating funds from outside an organization to pay
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
for losses (like insurance)
|\ |\ |\
What are risk control techniques? - CORRECT ANSWERS ✔✔Risk
|\ |\ |\ |\ |\ |\ |\ |\ |\
management techniques that minimize the frequency or severity of
|\ |\ |\ |\ |\ |\ |\ |\ |\
losses, or make those losses more predictable
|\ |\ |\ |\ |\ |\
, What are the different types of risk control techniques? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔1. Avoidance |\ |\
2. Loss prevention (reduces frequency)
|\ |\ |\ |\
3. Loss reduction (reduces severity)
|\ |\ |\ |\
4. Separation
|\
5. Diversification
|\
What is a hostile fire? - CORRECT ANSWERS ✔✔A fire that leaves
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
its intended place, such as a spark that escapes a fireplace and sets
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the carpet on fire
|\ |\ |\
How does construction type influence fire control? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔The definitions of construction types from the ISO |\ |\ |\ |\ |\ |\ |\ |\ |\
indicate the fire resistance of several types of construction:
|\ |\ |\ |\ |\ |\ |\ |\
- Wood frame = exterior walls are constructed of wood or other
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
combustible materials (most susceptible) |\ |\ |\
- Jointed masonry = exterior walls are constructed of masonry
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
materials such as brick or stone, with other supporting elements
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
such as joints and beams made of wood (less combustible than
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
wooden frame) |\
- Noncombustible construction = exterior walls, floor, and roof are
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
constructed of and supported by metal, gypsum, or other |\ |\ |\ |\ |\ |\ |\ |\ |\
noncombustible materials. |\
