RMI 2302 NEW EXAM WITH ALL QUESTIONS AND CORRECT
ANSWERS (A+) 100% VERIFIED
The Post-Loss Objectives for an organization include:
Operations to Continue
Anxiety to be reduced
Social responsibility - ANSWER Continuity of Operations and social responsibility
In assessing a specific activity involving the risk, ____________. - ANSWER Danger and
Risk are not always correlated
Risk prevention methods are best applied to? - ANSWER High frequency losses.
Tom is a college student attending FSU. He has the option to buy a parking pass at the
beginning of the year for $250. If Tom doesn't buy the pass, he has to park on the street
or pay the valet parking service $5 per day. If Tom does not buy the parking pass, he
expects to have to use the valet parking services 40 times. However, he might use the
valet parking as many as 80 times. Tom decides it is better to be safe than sorry and
pays the $250. Tom can be described as being which of the following: - ANSWER Risk
averse.
Static risks ________________ - ANSWER Do not change over time
Every year, Sam goes on holiday in Las Vegas, and has a budget of $5000 for gambling.
Sam's casino wagering is an example of _______________ - ANSWER Speculative risk.
When considering organizational risk, businesses have to consider_____________ -
ANSWER Those risks that prevent the organization from achieving its goals
,Which of the following is NOT a type of funded retention?
reserves
self-insurance
captive - ANSWER All of the above are examples of funded retention.
Which of the following terms describes the immediate cause of loss? - ANSWER Peril.
Which scenario below has the LEAST amount of risk (uncertainty)? - ANSWER A window
washer falls from scaffolding that breaks at the 68th floor of Rockefeller center
Risk at the individual level can best be defined as__________ - ANSWER Uncertainty
regarding loss
Which of the following method(s) best identifies all the risks faced by an organization?
questionnaires
checklists
procedure guides - ANSWER combination of all of the above.
How does the mathematical measure of Standard Deviation help risk managers? -
ANSWER It measures the difference between what is expected to happen and what
actually happens
Which of the following is the last step in the risk management process but often done
first? - ANSWER Review and Evaluate
Risk prevention and risk reduction are both included under which of the following? -
ANSWER risk (loss) control
Carly is involved in a three-car automobile accident. Which type of risk is this an
example of? - ANSWER particular risk
,Which of the following is a common pre-loss objective? - ANSWER economy
Consider the following statement. "Innovations to make us feel safer often lead to us
changing our habits because we feel safer, thereby increasing risk." Which of the
following is an example of the statement? - ANSWER Erin just paid ADT to install an
alarm system in her house. Now, she can finally stop worrying about locking her doors
at night.
Which of the following, according to chapter 2 of the text, are examples of issues that
may arise which models may predict. - ANSWER Black swans
Chapter 2 covers government policies affecting the entire populace. According to Dean
Kilpatrick __________ is "a system of laws, regulatory measures, courses of action, and
funding priorities concerning a given topic." - ANSWER public policy
What is a primary criticism of the mainstream media by risk professionals about the
public's perception of risk? ANSWER The public tends to underestimate the chances of
common risks and overestimate low risks.
Some of the risks/ issues with self-driving cars include:
Complacency/false sense of security
programming errors
lack of regulation - ANSWER all of the above
Based on 2020 data, the following is more likely to cause death compared to death as an
airline passenger:
riding a motorcycle
alcohol poisoning
dog bite - ANSWER Motorcycle riding, alcohol poisoning, and dog bite
, "Risk management is fundamentally a question of values. In a democratic society, there
is no acceptable way to make these choices without involving the citizens who will be
affected by them." What does this statement mean? - ANSWER Everyone possibly
affected by a risk should have a say in the reduction or response to a risk.
In the lecture, we applied some of the concepts of the managing innovation risk to
self-drive cars. Which of the following was NOT one of the rewards discussed with
self-drive cars? - ANSWER increased driver error
One of the core concepts of risk reduction at the societal level is that: - ANSWER risk
reduction has both monetary and non-monetary costs
One of the public policy concerns associated with risk reduction is estimating the cost
and benefits of risk reduction. For many risks, such as highway safety estimating the
cost and benefits of risk reduction include: - ANSWER putting a value on human life
Chapter 2 discusses mortality. Since the 1980's, in the United States, the leading cause
of death among those 1-44 is? - ANSWER Unintentional injury
Chapter 2 introduces the idea of modeling. Mathematical modeling is more precise than
which of the following? - ANSWER Human cognition (mental models)
Which of the following statements about measuring risk is/are correct?
A person's risk changes with habits
The time element of measurement ignores information
The time element measures an instant in time. - ANSWER A person's risk changes with
habits and the time element of measurement ignores information
Innovations usually occur at a faster pace compared to - ANSWER Changes in
infrastructure
Which of the following claims more lives than drunk driving:
ANSWERS (A+) 100% VERIFIED
The Post-Loss Objectives for an organization include:
Operations to Continue
Anxiety to be reduced
Social responsibility - ANSWER Continuity of Operations and social responsibility
In assessing a specific activity involving the risk, ____________. - ANSWER Danger and
Risk are not always correlated
Risk prevention methods are best applied to? - ANSWER High frequency losses.
Tom is a college student attending FSU. He has the option to buy a parking pass at the
beginning of the year for $250. If Tom doesn't buy the pass, he has to park on the street
or pay the valet parking service $5 per day. If Tom does not buy the parking pass, he
expects to have to use the valet parking services 40 times. However, he might use the
valet parking as many as 80 times. Tom decides it is better to be safe than sorry and
pays the $250. Tom can be described as being which of the following: - ANSWER Risk
averse.
Static risks ________________ - ANSWER Do not change over time
Every year, Sam goes on holiday in Las Vegas, and has a budget of $5000 for gambling.
Sam's casino wagering is an example of _______________ - ANSWER Speculative risk.
When considering organizational risk, businesses have to consider_____________ -
ANSWER Those risks that prevent the organization from achieving its goals
,Which of the following is NOT a type of funded retention?
reserves
self-insurance
captive - ANSWER All of the above are examples of funded retention.
Which of the following terms describes the immediate cause of loss? - ANSWER Peril.
Which scenario below has the LEAST amount of risk (uncertainty)? - ANSWER A window
washer falls from scaffolding that breaks at the 68th floor of Rockefeller center
Risk at the individual level can best be defined as__________ - ANSWER Uncertainty
regarding loss
Which of the following method(s) best identifies all the risks faced by an organization?
questionnaires
checklists
procedure guides - ANSWER combination of all of the above.
How does the mathematical measure of Standard Deviation help risk managers? -
ANSWER It measures the difference between what is expected to happen and what
actually happens
Which of the following is the last step in the risk management process but often done
first? - ANSWER Review and Evaluate
Risk prevention and risk reduction are both included under which of the following? -
ANSWER risk (loss) control
Carly is involved in a three-car automobile accident. Which type of risk is this an
example of? - ANSWER particular risk
,Which of the following is a common pre-loss objective? - ANSWER economy
Consider the following statement. "Innovations to make us feel safer often lead to us
changing our habits because we feel safer, thereby increasing risk." Which of the
following is an example of the statement? - ANSWER Erin just paid ADT to install an
alarm system in her house. Now, she can finally stop worrying about locking her doors
at night.
Which of the following, according to chapter 2 of the text, are examples of issues that
may arise which models may predict. - ANSWER Black swans
Chapter 2 covers government policies affecting the entire populace. According to Dean
Kilpatrick __________ is "a system of laws, regulatory measures, courses of action, and
funding priorities concerning a given topic." - ANSWER public policy
What is a primary criticism of the mainstream media by risk professionals about the
public's perception of risk? ANSWER The public tends to underestimate the chances of
common risks and overestimate low risks.
Some of the risks/ issues with self-driving cars include:
Complacency/false sense of security
programming errors
lack of regulation - ANSWER all of the above
Based on 2020 data, the following is more likely to cause death compared to death as an
airline passenger:
riding a motorcycle
alcohol poisoning
dog bite - ANSWER Motorcycle riding, alcohol poisoning, and dog bite
, "Risk management is fundamentally a question of values. In a democratic society, there
is no acceptable way to make these choices without involving the citizens who will be
affected by them." What does this statement mean? - ANSWER Everyone possibly
affected by a risk should have a say in the reduction or response to a risk.
In the lecture, we applied some of the concepts of the managing innovation risk to
self-drive cars. Which of the following was NOT one of the rewards discussed with
self-drive cars? - ANSWER increased driver error
One of the core concepts of risk reduction at the societal level is that: - ANSWER risk
reduction has both monetary and non-monetary costs
One of the public policy concerns associated with risk reduction is estimating the cost
and benefits of risk reduction. For many risks, such as highway safety estimating the
cost and benefits of risk reduction include: - ANSWER putting a value on human life
Chapter 2 discusses mortality. Since the 1980's, in the United States, the leading cause
of death among those 1-44 is? - ANSWER Unintentional injury
Chapter 2 introduces the idea of modeling. Mathematical modeling is more precise than
which of the following? - ANSWER Human cognition (mental models)
Which of the following statements about measuring risk is/are correct?
A person's risk changes with habits
The time element of measurement ignores information
The time element measures an instant in time. - ANSWER A person's risk changes with
habits and the time element of measurement ignores information
Innovations usually occur at a faster pace compared to - ANSWER Changes in
infrastructure
Which of the following claims more lives than drunk driving:
