瑞达rejda保险教材英文练习题3
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1、(Rejda)PrinciplesofRiskManagementandInsurance,11eChapter3IntroductiontoRiskManagement1) RiskmanagementisconcernedwithA) theidentificationandtreatmentoflossexposures.B) themanagementofspeculativerisksonly.C) themanagementofpurerisksthatareuninsurable.D) thepurchaseofinsuranceonly.Answer:AQuestionStat
2、us:PreviousEdition2) Asituationorcircumstanceinwhichalossispossible,regardlessofwhetheralossoccurs,iscalledaA) deductible.B) lossexposure.C) lossavoidance.D) peril.Answer:BQuestionStatus:PreviousEdition3) AllofthefollowingareriskmanagementobjectivespriortotheoccurrenceoflossEXCEPTA) analysisofthecos
3、tofdifferenttechniquesforhandlinglosses.B) continuingoperationsafteraloss.C) reductionofanxiety.D) meetingexternallyimposedobligations.Answer:BQuestionStatus:PreviousEdition4) PrelossobjectivesofriskmanagementincludewhichofthefollowingI. Preparingforpotentiallossesinthemosteconomicalway.II. Reductio
4、nofanxiety.A) IonlyB) IIonlyC) bothIandIID) neitherInorIIAnswer:CQuestionStatus:PreviousEdition5) AriskmanagerisconcernedwithI) Identifyingpotentiallosses.J) .Selectingtheappropriatetechniquesfortreatinglosses.K) IonlyL) IIonlyM) bothIandIIN) neitherInorIIAnswer:CQuestionStatus:PreviousEdition6) Sou
5、rcesofinformationthatcanbeusedbyariskmanagertoidentifypurelossexposuresincludeallofthefollowingEXCEPTA) riskanalysisquestionnaires.B) currencyexchangerates.C) physicalinspections.D) pastlosses.Answer:BQuestionStatus:PreviousEdition7) LossseverityisdefinedastheA) probablesizeofthelosseswhichmayoccurd
6、uringsomeperiod.B) probablenumberoflosseswhichmayoccurduringsomeperiod.C) probabilitythatanyparticularpieceofpropertymaybetotallydestroyed.D) probabilitythataliabilityjudgmentmayexceedafirmsnetworth.Answer:AQuestionStatus:PreviousEdition8) LossfrequencyisdefinedastheA) probablesizeofthelossesthatmay
7、occurduringsomeperiod.B) probablenumberoflossesthatmayoccurduringsomeperiod.C) probabilitythatanyparticularpieceofpropertymaybetotallydestroyed.D) probabilitythataliabilityjudgmentmayexceedafirmsnetworth.Answer:BQuestionStatus:PreviousEdition9) Theworstlossthatcouldeverhappentoafirmisreferredtoasthe
8、A) maximumpossibleloss.B) probablemaximumloss.C) frequencyofloss.D) severityofloss.Answer:AQuestionStatus:PreviousEdition10) TheworstlossthatislikelytohappenisreferredtoastheA) maximumpossibleloss.B) probablemaximumloss.C) frequencyofloss.D) severityofloss.Answer:BQuestionStatus:PreviousEdition11) A
9、llofthefollowingstatementsaboutavoidancearetrueEXCEPTA) Certainlossexposuresareneveracquired.B) Certainlossexposuresmaybeabandoned.C) Thechanceoflossforcertainlossexposuresmaybereducedtozero.D) Itcanbeusedforanylossexposurefacingafirm.Answer:DQuestionStatus:PreviousEdition12) Abandoninganexistinglos
10、sexposureisanexampleofA) avoidance.B) retention.C) noninsurancetransfer.D) insurancetransfer.Answer:AQuestionStatus:PreviousEdition13) Whichofthefollowingconditionsis(are)appropriateforusingretentionI) Lossesaredifficulttopredict.J) .Theworstpossiblelossisnotserious.K) IonlyL) IIonlyM) bothIandIIN)
11、neitherInorIIAnswer:BQuestionStatus:PreviousEdition14) Whichofthefollowingstatementsregardingtheuseofretentionis(are)trueI. Retentionisbestusedforlossexposuresthathavealowfrequencyandahighseverity.II. Afinanciallystrongfirmcanhaveahigherretentionlevelthanafirmwhosefinancialpositionisweak.A) IonlyB)
12、IIonlyC) bothIandIID) neitherInorIIAnswer:BQuestionStatus:PreviousEdition15) AllofthefollowingstatementsaboutcaptiveinsurersaretrueEXCEPTA) Theymayactasaprofitcenterbyinsuringpartiesotherthantheparentcompany.B) Theyprovideawaytoobtaintypesofinsurancethatmaybeunavailablefromcommercialinsurers.C) They
13、increasethevolatilityoftheparentcompanysearnings.D) Theymakeiteasierforafirmtohaveaccesstoreinsurance.Answer:CQuestionStatus:PreviousEdition16) Whichofthefollowingstatementsaboutself-insuranceis(are)trueI) Itisaformofplannedretention.J) .Statelawusuallyprohibitsitsuseforworkerscompensation.K) IonlyL
14、) IIonlyM) bothIandIIN) neitherInorIIAnswer:AQuestionStatus:PreviousEdition17) AllofthefollowingarepotentialadvantagesofretentionEXCEPTA) lowerexpenses.B) increasedcashflow.C) encouragementoflossprevention.D) protectionfromcatastrophiclosses.Answer:DQuestionStatus:PreviousEdition18) Arestaurantowner
15、leasedameetingroomattherestauranttoasecondparty.Theleasespecifiedthatthesecondparty,nottherestaurantowner,wouldberesponsibleforanyliabilityarisingoutoftheuseofthemeetingroom,andthattherestaurantownerwouldbeheldharmlessforanydamages.Therestaurantownersuseofthehold-harmlessagreementisanexampleofA) ret
16、ention.B) self-insurance.C) insurance.D) noninsurancetransfer.Answer:DQuestionStatus:PreviousEdition19) AllofthefollowingaredisadvantagesofnoninsurancetransfersEXCEPTA) Thepartytowhomthepotentiallossistransferredmaybeunabletopay.B) Thetransfermayfailbecausethecontractlanguageisambiguous.C) Theonlypo
17、tentiallossesthatcanbetransferredarethosethatarenotcommerciallyinsurable.D) Thenoninsurancetransfermaybecostly.Answer:CQuestionStatus:PreviousEdition20) ABCInsuranceretainsthefirst$1millionofeachpropertydamagelossandpurchasesinsuranceforthatpartofanypropertylossthatexceeds$1million.Theinsuranceforpr
18、opertylossesabove$1millioniscalledA) excessinsurance.B) liabilityinsurance.C) coinsurance.D) primaryinsurance.Answer:AQuestionStatus:PreviousEdition21) Whichofthefollowingstatementsabouttheuseofdeductiblesis(are)trueI.Theyrepresentriskretentionbyinsurancepurchasers.11. Theytendtoincreasethecostofadj
19、ustingsmallclaims.A) IonlyB) IIonlyC) bothIandIID) neitherInorIIAnswer:AQuestionStatus:PreviousEdition22) WhichofthefollowingstatementsaboutanexcessinsuranceplanistrueA) Theinsurerdoesnotparticipateinalossuntilitexceedstheamountthefirmhasdecidedtoretain.B) Theinsurerpaysfirstuptosomespecifiedlevel;t
20、heinsuredthenpaysalllossesexceedingtheinsurersretentionlevel.C) Lossesinexcessofaspecifiedamountarenotcovered.D) Theinsuredandinsurershareequallyinanylossthatoccurs.Answer:AQuestionStatus:PreviousEdition23) FactorsariskmanagermustconsiderinselectinganinsurerincludewhichofthefollowingI. Theavailabili
21、tyofriskmanagementservices.II. Thefinancialstrengthoftheinsurer.A) IonlyB) IIonlyC) bothIandIID) neitherInorIIAnswer:CQuestionStatus:PreviousEdition24) An insurance policy specifically writtenand designed to meet the needs of aninsurancepurchaseriscalleda(n)A) manuscriptpolicy.B) bureaupolicy.C) sta
22、ndardpolicy.D) excesspolicy.Answer:AQuestionStatus:PreviousEdition25) AllofthefollowingaredisadvantagesofusinginsuranceinariskmanagementprogramEXCEPTA) Thereisanopportunitycostbecausepremiumsmustbepaidinadvance.B) Considerabletimeandeffortmustbespentselectingandnegotiatingcoverages.C) Itresultsincon
23、siderablefluctuationsinearningsafterlossesoccur.D) Attitudestowardlosscontrolmaybecomelaxwhenlossesareinsured.Answer:CQuestionStatus:Revised26) WhichofthefollowingtypesoflossexposuresmaybeappropriatelyhandledthroughthepurchaseofinsuranceI. High-frequency,low-severityII. Low-frequency,high-severityA)
24、 IonlyB) IIonlyC) bothIandIID) neitherInorIIAnswer:BQuestionStatus:PreviousEdition27) WhichofthefollowingtypesoflossexposuresarebesthandledbytheuseofavoidanceA) low-frequency,low-severityB) low-frequency,high-severityC) high-frequency,low-severityD) high-frequency,high-severityAnswer:DQuestionStatus
25、:PreviousEdition28) Low-frequency,low-severitylossexposuresarebesthandledbyA) avoidance.B) retention.C) insurance.D) noninsurancetransfer.Answer:BQuestionStatus:PreviousEdition29) AllofthefollowingstatementsabouttheadministrationofariskmanagementprogramaretrueEXCEPTA) Theriskmanagerisanimportantpart
26、ofafirmsmanagementteam.B) Ariskmanagementpolicystatementcanbeusedtoeducatetopexecutivesabouttheriskmanagementprocess.C) Ifariskmanagementprogramisproperlydesigned,periodicreviewoftheprogramisunnecessary.D) Inordertoproperlyidentifylossexposures,theriskmanagerneedsthecooperationofotherdepartments.Ans
27、wer:CQuestionStatus:PreviousEdition30) CalwasjusthiredasXYZCompanysfirstriskmanager.Calwouldliketoemploytheriskmanagementprocess.ThefirststepintheprocessCalshouldfollowistoA) evaluatepotentiallossesfacedbyXYZCompany.B) formulateatreatmentplanforXYZCompanyslossexposures.C) identifypotentiallossesface
28、dbyXYZCompany.D) implementandadministerariskmanagementplanforXYZCompany.Answer:CQuestionStatus:PreviousEdition31) MembersofMid-SouthPetroleumDistributors,atradegroup,hadtroubleobtainingaffordablepollutionliabilityinsurance.Themembersformedagroupcaptivethatisexemptfrommanystatelawsthatapplytootherins
29、urers.Thisgroupcaptiveiscalleda(n)A) reinsurancepool.B) Lloydsassociation.C) alieninsurer.D) riskretentiongroup.Answer:DQuestionStatus:PreviousEdition32) AcmeCompanyhasthreeidenticalmanufacturingplants,oneontheTexasGulfCoast,oneinsouthernAlabama,andoneinFlorida.Eachplantisvaluedat$50million.Acmesris
30、kmanagerisconcernedaboutthedamagewhichcouldbecausedbyasinglehurricane.Theriskmanagerbelievesthereisanextremelylowprobabilitythatasinglehurricanecoulddestroytwoorallthreeplantsbecausetheyarelocatedsofarapart.WhatistheprobablemaximumlossassociatedwithasinglehurricaneA) $0millionB) $50millionC) $100mil
31、lionD) $150millionAnswer:BQuestionStatus:PreviousEdition33) AcmeCompanyhasthreeidenticalmanufacturingplants,oneontheTexasGulfCoast,oneinsouthernAlabama,andoneinFlorida.Eachplantisvaluedat$50million.Acmesriskmanagerisconcernedaboutthedamagewhichcouldbecausedbyasinglehurricane.Theriskmanagerbelievesth
32、ereisanextremelylowprobabilitythatasinglehurricanecoulddestroytwoorallthreeplantsbecausetheyarelocatedsofarapart.WhatisthemaximumpossiblelossassociatedwithasinglehurricaneA) $0millionB) $50millionC) $100millionD) $150millionAnswer:DQuestionStatus:PreviousEdition34) LauraEvansisriskmanagerofLMNCompan
33、y.Lauradecidedtoretaincertainpropertylosses.AllofthefollowingaremethodswhichLauracanusetofundretainedpropertylossesEXCEPTA) privateinsurance.B) currentnetincome.C) fundedreserve.D) borrowedfunds.Answer:AQuestionStatus:PreviousEdition35) ParkerDepartmentStoreshasbeenhurtinrecentmonthsbyalargeincrease
34、inshopliftinglosses.Parkersriskmanagerconcludedthatwhilethefrequencyofshopliftinglosseswashigh,theseverityisstillrelativelylow.Whatis(are)theappropriateriskmanagementtechnique(s)toapplytothisproblemA) retentionB) losscontrolandretentionC) transferthroughinsuranceD) avoidanceAnswer:BQuestionStatus:Pr
35、eviousEdition36) Barb,whoisself-employed,isthemainbreadwinnerforherfamily.Barbdoesnothavedisabilityincomeinsurancebecauseshehasneverstoppedtoconsidertheimpactofalong-termdisabilityuponherfamily.BarbstreatmentoftheriskofdisabilityisbestdescribedasA) risktransfer.B) passiveretention.C) riskavoidance.D
36、) activeretention.Answer:BQuestionStatus:PreviousEdition37) Ryandecidedtoreviewhispersonalriskmanagementprogram.Hiscaris10yearsold,andhewouldreceivelittlemoneyfromhisinsurerifthecarwasdamagedordestroyed.Ryandecidedtodropthephysicaldamageinsuranceonthecar.Fromariskmanagementperspective,droppingthephy
37、sicaldamageinsuranceonthecarisbestdescribedasA) increasingtheuseofavoidanceintheriskmanagementprogram.B) increasingtheuseofnoninsurancetransferintheriskmanagementprogram.C) increasingtheuseofretentionintheriskmanagementprogram.D) increasingtheuseofriskcontrolintheriskmanagementprogram.Answer:CQuesti
38、onStatus:PreviousEdition38) Tobetterunderstandhercompanysoperations,ariskmanageraskedaproductionmanagertodrawadiagramtracingthestepsintheproductionanddistributionofthecompanysproducts.Suchadiagram,whichisusefulinriskidentification,iscalledaA) financialstatement.B) riskmanagementmatrix.C) flowchart.D
39、) riskmanagementaudit.Answer:CQuestionStatus:PreviousEdition39) Inreviewinghiscompanysoperations,ariskmanagernoticedthatallofthecompanysfinishedgoodswerestoredinasinglewarehouse.Theriskmanagerrecommendedthatthefinishedgoodsbedividedamongthreewarehousestopreventallofthefinishedgoodsfrombeingdestroyed
40、bythesameperil.DividingthefinishedgoodsamongthreewarehousesillustratesA) riskavoidance.B) riskcontrol.C) insurance.D) noninsurancetransfer.Answer:BQuestionStatus:PreviousEdition40) Whichofthefollowingstatementsaboutapersonalriskmanagementprogramis(are)trueII.1. Insuranceandretentionaretheonlytechniq
41、uesusedtohandlepotentiallosses.Thestepsinapersonalriskmanagementprocessarethesamestepsusedbybusinesses.A) IonlyB) IIonlyC) bothIandIID) neitherInorIIAnswer:BQuestionStatus:PreviousEditionInstead,41) Bevlivesinthesuburbsandworksdowntown.Shedrivestowork,andhermostdirectroutetoworkwouldrequirehertopass
42、throughanareawherecarjackingsanddrive-by-shootingsarecommon.Bevdoesnotdrivethroughthisarea.sheusesaroutewhichadds10minutestohercommute.WhichriskmanagementtechniqueisBevusingwithrespecttotheriskofinjurywhiledrivingthroughthedangerousareaA) noninsurancetransferB) avoidanceC) passiveretentionD) lossred
43、uctionAnswer:BQuestionStatus:PreviousEdition42) Brendaidentifiedallofthepurelossexposuresherfamilyfaces.Thensheanalyzedtheselossexposures,developedaplantotreattheserisks,andimplementedtheplan.TheprocessBrendaconductediscalledA) personalinsuranceprogramming.B) personalestateplanning.C) personalfinanc
44、ialplanning.D) personalriskmanagement.Answer:DQuestionStatus:PreviousEdition43) Whichstatementaboutacompanyscostofriskis(are)trueI) Costofriskincludesinsurancepremiumsandretainedlosses.J) .Reducingthecostofriskincreasesprofitability.K) IonlyL) IIonlyM) bothIandIIN) neitherInorIIAnswer:CQuestionStatu
45、s:PreviousEdition44) Ausefulmeasureforanorganizationisthetotaloftheorganizationsexpendituresfortreatinglossexposuresincludingretainedlosses,losscontrolexpenses,insurancepremiums,andotherrelatedexpenses.ThismeasureiscalledtheorganizationsA) costofcapital.B) costofgoodssold.C) costofrisk.D) costofequi
46、ty.Answer:CQuestionStatus:PreviousEdition45) Markownsa1998sedan.ThelasttimeMarkrenewedhisautoinsurance,hedecidedtodropthephysicaldamageinsuranceonthisvehicle.HowisMarkdealingwiththeautophysicaldamageexposureinhispersonalriskmanagementprogramA) risktransferB) passiveretentionC) avoidanceD) plannedret
47、entionAnswer:DQuestionStatus:PreviousEdition46) PurchasinghealthinsuranceillustratestheuseofwhichpersonalriskmanagementtechniqueA) avoidanceB) risktransferC) losscontrolD) riskretentionAnswer:BQuestionStatus:PreviousEdition47) Whichofthefollowingstatementsaboutcaptiveinsurancecompaniesis(are)trueI)
48、ApanymustbedomiciledintheUnitedStates.J) .Acaptiveinsurancecompanymaybeownedbyseveralparents.K) IonlyL) IIonlyM) bothIandIIN) neitherInorIIAnswer:BQuestionStatus:PreviousEdition48) WhichofthefollowingisleastlikelytooccurduringahardinsurancemarketperiodA) difficultyinobtaininginsuranceB) tighteningun
49、derwritingstandardsC) higherinsurerprofitsD) increasingpremiumsAnswer:CQuestionStatus:New49) WhichofthefollowingstatementsconcerningtheselectionofriskmanagementtechniquesandinsurancemarketconditionsistrueI. Itseasiertopurchaseaffordableinsuranceduringasoftmarketthanduringahardmarket.II. Retentionisusedmoreduringasoftmarketthanduringahardmarket.A) IonlyB) IIonlyC) bothIandIID) neitherInorIIAnswer:AQuestionStatus:New
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