CPCU 500 2023 Test Questions with Correct Answers

CPCU 500 2023 Test Questions with Correct Answers Traditional Risk Assessment - Answer-relies on root cause analysis RCA to identify the predominant cause of loss What is the inherent weakness of Root Cause Analysis - Answer-It can only look backward and may fail to identify all root causes Big Data is? - Answer-Sets of data that are too large to gather and analyze using traditional methods 3 big data items that transformed the risk management environment - Answer-1. Data Capture 2. Data Storage (The Cloud) 3. Data Analytics RiskTech - Answer-Integrates risk monitoring and mitigation technology to make risk financing more efficient while preventing and mitigating risk RiskTech combines what two things to analyze big data? - Answer-Risktech uses emerging technologies combined with smart products Risktech Ecosystem does what? - Answer-Emerging technologies are integrated into smart products and smart operations to provide data for big data analytics to provide risk assessment and risk control Artificial Intelligence - Answer-Computer processing that simulates human reasoning and knowledge and lets computers perform tasks that require critical thinking. Sensors/Sensor Networks - Answer-Detect and measure conditions on an ongoing basis to warn of impending problems/ determine if expected results have occured Transducer - Answer-converts one form of energy into another Actuator - Answer-turns energy into motion or makes changes a change in position or rotation using a signal and an energy source Accelerometer - Answer-measures acceleration, motion, and tilt Digital Twin - Answer-Separate digital profile of a physical object that takes data from the physical object, analyzes that data and provides alerts or takes action when necessary What are the 4 classifications of sensors - Answer-Mechanical, Thermal, Radiant, Biochemical Computer Vision - Answer-Technology that simulates human vision to identify objects, put them in context and respond appropriately e.g - self driving cars