
Risk Management & Insurance: Lecture 3
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10 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which of the following is the best definition of risk?
The likelihood of something happening
The potential for loss or damage
The uncertainty surrounding an event
The probability of a positive outcome
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the difference between peril and hazard?
Peril refers to a specific cause of loss, while hazard refers to a condition that increases the likelihood of loss
Peril refers to a condition that increases the likelihood of loss, while hazard refers to a specific cause of loss
Peril and hazard are interchangeable terms that refer to the same thing
Peril and hazard are unrelated terms that have no connection to risk
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
How are risks classified?
By the likelihood of loss
By the severity of loss
By the type of loss
All of the above
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which of the following is an example of a major personal risk?
Fire damage to a commercial building
Theft of personal property
Liability for injuries caused to others
Loss of income due to disability
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Which of the following is an example of a commercial risk?
Loss of income due to disability
Theft of personal property
Liability for injuries caused to others
Fire damage to a commercial building
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the burden of risk on society?
The cost of insurance premiums
The cost of losses that are not covered by insurance
The cost of implementing risk management techniques
The cost of government regulations related to risk
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What are techniques for managing risk?
Risk avoidance, risk transfer, risk reduction, risk retention
Risk analysis, risk assessment, risk communication, risk financing
Risk evaluation, risk acceptance, risk control, risk mitigation
Risk identification, risk response, risk monitoring, risk reporting
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