Beckham

Insurance - correct answer the transfer of Pure risk to the insurance company in consideration for a premium must be pure risk and calculable. Pure Risk - correct answer the chance of loss without any chance of gain; insurable Speculative Risk - correct answer possibility for gain or loss; not insurable Risk - correct answer Chance of loss Exposure - correct answer a condition that could result in loss hazard - correct answer something that increases the chance of loss eg. p...

All of the following are correct about the required provisions of a health insurance policy EXCEPT A. The entire contract clause means the signed application, policy, endorsements, and attachments constitute the entire contract. B. A reinstated policy provides immediate coverage for an illness. C. Policies become incontestable after being in force for 3 years. D. A grace period of 31 days is found in an annual pay policy. - correct answer B. A reinstated policy provides immediate cov...

When are group disability benefits considered to be tax-free to the insured? - correct answer When the recipient pays the premiums An insurable interest in each other's lives may exist in absence of an economic interest when the individuals are - correct answer Marriage partners What is the elimination period of an individual disability policy? - correct answer Time period a disabled person must wait before benefits are paid What happens to interest earned if the annuitant dies befor...

Business Continuity Plan - correct answer Set of documents, instructions, and procedures that enable a business to respond to accidents, disasters, emergencies, and/or threats without any stoppage or hindrance in its key operations (Emergency Recovery) Records Inventory Purpose - correct answer to gather information to create a detailed listing that could include the types, locations, dates, volume, equipment, classification systems, and usage date of an organization's records Departmen...

A project manager is faced with two team members who have a conflicting view of how the work on the project should be done. The project manager sits down with the two team members and calmly discusses the options and benefits to each method. At the end of the meeting they come up with a solution that both agree to. This is an example of what? A. Compromise B. Collaborating C. Forcing D. Withdrawal - correct answer Executing - Resource Management Answer is B This is an e...

Chester Barnard: first function of the executive - correct answer to provide a system of communication that reaches every member or contributor to the organization Chester Barnard: second function of the executive - correct answer to communicate purpose, values, goals, objectives, a sense of "mission" Chester Barnard: third function of the executive - correct answer to secure essential services by means of messages that offer incentives and motivation to their subordinates three e...

Risks - correct answer The effect of uncertainty on objectives The chance of something happening that will have an impact on objectives Being prepared for the worst and being poised to exploit opportunities as they are discovered Risk management strategies' general focus - correct answer Meeting or exceeding an organization's objectives Adhering to control-based objectives, rules and/or controls Complying with regulatory requirements Communication and Consultation - correct answe...

Analysis - correct answer A systematic examination and evaluation of data or information, by breaking it into its component parts to uncover their interrelationship. Opposite of synthesis. An examination of data and facts to uncover and understand cause-effect relationships, thus providing basis for problem solving and decision making Gap Analysis - correct answer Technique that can be used to determine what steps might need to be taken to improve the organization's capacity to move fr...

Benchmarking - correct answer The process of measuring the performance of an organization against external standards of reference that frequently come from similar organizations doing similar things. Corporate governance - correct answer The system of rules, practices and processes by which a company is directed and controlled Enterprise risk management - correct answer A strategic discipline that supports the achievement of an organization's objectives by addressing the full spectrum o...

A business model is a set of assumptions about the ______ A. financial stability of an organization B. organizational structure of a business C. products and services past performance D. way an organization creates value - correct answer D. way an organization creates value What two analytical tools are particularly useful in analyzing the business model? A. Key performance indicators and total cost of risk B. Key risk indicators and gap analysis C. Pareto analysis and root caus...