LOMA 335: The Insurance Company and
Operations Management Questions and
Answers 100% Correct
The ERM process consists of analysis, ___________, and modeling of various external and
internal risks so that management can create company strategies for avoiding or mitigating the
risk's impact. forecasting
Operational risk is harder to identify and quantify than ____________ risk. financial
______________ is the driving force behind much of the disruption in the insurance company.
Technology
____________ ____________ (AI) is the area of computer science that emphasizes the
development of intelligent machines that work, "learn", and react like humans. Artificial
intelligence
A ___________ is a system that uses AI and spoken language or text to answer the most
commonly asked customer questions. chatbox
,______________ systems are older computer systems or applications that perform essential
functions and are costly to replace or redesign. Legacy
_____________ is the process of using a computer and technology to gain unauthorized access
to another system's data. Hacking
______________ encompasses all of the efforts a company takes to protect its computer systems
and networks from criminal activity. Cybersecurity
The ____________ population has now surpassed the baby boomer population as the largest
living population segment. Millennial
A ______ economy is an environment in which an on-demand labor force is utilized to fill
temporary or short-term jobs, and there is no formal employer-employee relationship between
the independent worker and the employer. gig
The corporate mission is how the company will satisfy customer needs and is expressed in the
company's __________ statement - a statement of a company's fundamental purpose or reason
for existence. mission
, The board of _____________ is a group of individuals elected by the company's owners that
serves as the company's primary governing body. directors
____________ at the strategic level requires knowledge about the environment in which the
company operates. Planning
Management creates strategic plans in accordance with economic, political, and ______
considerations in the company's external environment. legal
The broad planning targets a company attempts to achieve in support of the corporate mission are
___________ goals. corporate
A corporate ____________ is a long-term plan that a company intends to use to achieve its goals
in the present and future. strategy
A competitive ____________ is any aspect of a company - such as cost structure, distribution
network, or customer support - that allows the company to generate greater sales or retain more
customers than its competitors do. advantage
Operations Management Questions and
Answers 100% Correct
The ERM process consists of analysis, ___________, and modeling of various external and
internal risks so that management can create company strategies for avoiding or mitigating the
risk's impact. forecasting
Operational risk is harder to identify and quantify than ____________ risk. financial
______________ is the driving force behind much of the disruption in the insurance company.
Technology
____________ ____________ (AI) is the area of computer science that emphasizes the
development of intelligent machines that work, "learn", and react like humans. Artificial
intelligence
A ___________ is a system that uses AI and spoken language or text to answer the most
commonly asked customer questions. chatbox
,______________ systems are older computer systems or applications that perform essential
functions and are costly to replace or redesign. Legacy
_____________ is the process of using a computer and technology to gain unauthorized access
to another system's data. Hacking
______________ encompasses all of the efforts a company takes to protect its computer systems
and networks from criminal activity. Cybersecurity
The ____________ population has now surpassed the baby boomer population as the largest
living population segment. Millennial
A ______ economy is an environment in which an on-demand labor force is utilized to fill
temporary or short-term jobs, and there is no formal employer-employee relationship between
the independent worker and the employer. gig
The corporate mission is how the company will satisfy customer needs and is expressed in the
company's __________ statement - a statement of a company's fundamental purpose or reason
for existence. mission
, The board of _____________ is a group of individuals elected by the company's owners that
serves as the company's primary governing body. directors
____________ at the strategic level requires knowledge about the environment in which the
company operates. Planning
Management creates strategic plans in accordance with economic, political, and ______
considerations in the company's external environment. legal
The broad planning targets a company attempts to achieve in support of the corporate mission are
___________ goals. corporate
A corporate ____________ is a long-term plan that a company intends to use to achieve its goals
in the present and future. strategy
A competitive ____________ is any aspect of a company - such as cost structure, distribution
network, or customer support - that allows the company to generate greater sales or retain more
customers than its competitors do. advantage
