Examen

Principles of Risk Management and Insurance - Exam 2025

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Principles of Risk Management and Insurance - Exam 2025 a scientific approach to the problem of dealing with the risks facing individuals and organizations. Risk Management Those who are responsible for the entire program of pure risk management (of which insurance buying is only a part) are risk managers ___ attempts to integrate the management of all of the firm's risks, both pure and speculative. Enterprise Risk Management

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Principles Of Risk Management And Insurance

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Principles of Risk Management and Insurance

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Institución: Principles of Risk Management and Insurance
Grado: Principles of Risk Management and Insurance

Información del documento

Subido en: 16 de enero de 2025
Número de páginas: 24
Escrito en: 2024/2025
Tipo: Examen
Contiene: Preguntas y respuestas

Temas

principles of risk management and insurance exam
a scientific approach to the problem of dealing wi
those who are responsible for the entire program o
attempts to integrate the management of all of

Vista previa del contenido

Principles of Risk Management and
Insurance - Exam 2025

axscientificxapproachxtoxthexproblemxofxdealingxwithxthexrisksxfacingxindividualsxandxorganizations.x-
xANSWERxRiskxManagement

Thosexwhoxarexresponsiblexforxthexentirexprogramxofxpurexriskxmanagementx(ofxwhichxinsurancexbuyi
ngxisxonlyxaxpart)xarex-xANSWERxriskxmanagers

___xattemptsxtoxintegratexthexmanagementxofxallxofxthexfirm'sxrisks,xbothxpurexandxspeculative.x-
xANSWERxEnterprisexRiskxManagement

CommonxRiskxcategoriesxinxanxERMxprogramxincludex(4):x-xANSWERxMarketxrisk

Creditxrisk

Liquidityxrisk

Operationalxrisk

Thexriskxarisingxfromxthexpotentialxthatxaxborrowerxwillxfailxtoxpayxaxdebt.x-xANSWERxCreditxRisk

Thexriskxarisingxfromxadversexmovementsxinxmarketxprices.x-xANSWERxMarketxRisk

Thexdefinitionxvaries.xItxincludesxaxvarietyxofxpurexrisks,xincludingxtechnologyxrisks,xeventsxsuchxasxfire,
xworkerxinjury,xCYBERxRISKx(#1xissuexrn)xetc.x-xANSWERxOperationalxRisk

,Thexriskxthatxthexbusinessxwillxhavexinsufficientxliquidxassetsxtoxmeetxobligationsxthatxcomexdue.x-
xANSWERxLiquidityxrisk

integratedxmanagementxofxallxrisks,xpurexandxspeculativex-xANSWERxEnterprisexriskxmanagement

thexmanagementxofxpurexrisks,xbothxinsurablexandxuninsurablex-
xANSWERxTraditionalxriskxmanagement

thexmanagementxofxfinancialxrisks,xincludingxcreditxrisk,xmarketxrisk,xandxliquidityxriskx-
xANSWERxFinancialxriskxmanagement

ThexgreatestxprogressxtowardxERMxhasxbeenxinx___,xwherexfinancialxriskxmanagementxisxcriticalx-
xANSWERxfinancialxinstitutions

axscientificxapproachxtoxdealingxwithxrisksxbyxanticipatingxpossiblexaccidentalxlossesxandxdesigningxand
ximplementingxproceduresxthatxminimizexthexoccurrencexofxlossxorxthexfinancialximpactxofxthexlossesxt
hatxdoxoccur.x-xANSWERxriskxmanagement

TwoxcomponentsxofxRiskxControlx-xANSWERxAvoidance

Reduction

TwoxComponentsxofxRiskxFinancingx-xANSWERxRetention

Transfer

Buyingxinsurance

DeepxPocketxTheoryx-xANSWERxTransfer

, encompassesxallxtechniquesxaimedxatxreducingxthexnumberxofxrisksxfacingxthexorganizationxorxthexam
ountxofxlossxthatxcanxarisexfromxthesexexposures.x-xANSWERxRiskxControl

Noxmorexriskxpossiblex-xANSWERxriskxavoidance

takesxplacexwhenxdecisionsxarexmadexthatxpreventxaxriskxfromxevenxcomingxintoxexistence.x-
xANSWERxavoidance

TxorxF:xRiskxavoidancexshouldxbexusedxinxthosexinstancesxinxwhichxthexexposurexhasxcatastrophicxpote
ntialxandxcannotxbexreducedxorxtransferred.x-xANSWERxTrue

Broadlyxspeaking,x"lossxprevention"xeffortsxarexaimedxatxpreventingxthex-xANSWERxOccurrencexofxloss

consistsxofxthosextechniquesxdesignedxtoxguaranteexthexavailabilityxofxfundsxtoxmeetxthosexlossesxthat
xdoxoccur.x-xANSWERxRiskxfinancing

Allxrisksxthatxcannotxbexavoidedxorxreducedxmustxbex_______.x-xANSWERxTransferredxorxretained

Intentional/Unintentional

Voluntary/Involuntary

Funed/Unfundedx-xANSWERxRiskxRetentionxTechniques

___xriskxretentionxisxalwaysxundesirablex-xANSWERxUnintentional

___xretentionxresultsxfromxthexjudgmentxthatxretentionxisxthexmostxeffectivexmeansxofxdealingxwithxth
exrisk.

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