
Risk Management Quiz
Authored by DIANA JUANIS
Financial Education
12th Grade

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20 questions
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1.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Which of the following conditions is (are) appropriate for using retention?
Losses are difficult to predict.
The worst possible loss is not serious.
2.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Which of the following statements about the use of deductibles is (are) true?
They represent risk retention by insurance purchasers.
They tend to increase the cost of adjusting small claims.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A situation or circumstance in which a loss is possible, regardless of whether a loss occurs, is called a
A) deductible.
B) loss exposure.
C) loss avoidance.
D) peril.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Risk management is concerned with
A) the identification and treatment of loss exposures.
B) the management of speculative risks only.
C) the management of pure risks that are uninsurable.
D) the purchase of insurance only.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Loss severity is defined as the
A) probable size of the losses which may occur during some period.
B) probable number of losses which may occur during some period.
C) probability that any particular piece of property may be totally destroyed.
D) probability that a liability judgment may exceed a firm's net worth.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Abandoning an existing loss exposure is an example of
A) avoidance.
B) retention.
C) noninsurance transfer.
D) insurance transfer.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The worst loss that could ever happen to a firm is referred to as the
A) maximum possible loss.
B) probable maximum loss.
C) frequency of loss.
D) severity of loss.
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