Q 1. What is the meaning of risk in the context of insurance?
Q 2. Which of the following terms is dissimilar to the other four options? (Find the odd-man out?)
Q 3. Which statement best describes the purpose of insurance?
Q 4. Which of the following losses cannot be compensated by insurance?
Q 5. What does the term "peril" refer to in the context of insurance?
Q 6. What is the purpose of insurance in relation to risks and perils?
Q 7. How are risks classified based on the extent of damage likely to be caused?
Q 8. Are non-financial risks insurable under insurance policies?
Q 9. Which category of risks can lead to the bankruptcy of the owner or insurer?
Q 10. Can insurance cover risks where the possibility of occurrence is certain?
Q 11. How are risks classified based on the nature of their occurrence?
Q 12. Which type of risks are generally considered less predictable?
Q 13. Can static risks be managed through insurance?
Q 14. What are speculative risks and can they be covered by insurance?
Q 15. Which type of risks are covered by insurance?
Q 16. How are risks classified based on the number of people affected?
Q 17. Give an example of a fundamental risk.
Q 18. Which type of risks does the life insurance business primarily deal with?
Q 19. How do natural disasters like earthquakes impact the life insurance company?
Q 21. What is an example of a physical hazard?
Q 22. In the case of fire insurance, which of the following can be considered a physical hazard?
Q 23. Which type of hazards relate to life insurance in the case of individuals with a history of tuberculosis?
Q 24. What is moral hazard?
Q 25. GA as used in insurance
Q 26. How can physical hazard be assessed?
Q 27. Which example demonstrates a moral hazard?
Q 28. What has advanced technology contributed to the assessment of hazards and risks for insurance companies?
Q 29. What are the two kinds of hazards ?
Q 30. A hazard influences the operation or effect of which perils?
Q 31. Question 1 What type of risk would political upheaval or government suddenly losing voting of confidence be classified as?
Q 32. What is the purpose of risk management?
Q 33. 2.1. What are the costs included in the actual loss from a peril?
Q 34. The total loss that can happen is referred to as:
Q 35. What is the Probable Maximum Loss (PML) calculated as?
Q 36. What are the three factors necessary to understand risk?
Q 37. How can the credibility of the data be established in risk analysis?
Q 38. Why is prevention of risks sometimes perceived to cost too much?
Q 39. In Scenario 1, why do makers of passenger aircrafts incur additional costs?
Q 40. What is the purpose of maintaining inventories of essential spares in factories?
Q 41. Which of the following is NOT a financial risk related to financial resources?
Q 42. What is one of the reasons for backing up or duplicating critical information?
Q 43. Which of the following is NOT a method used in industrial establishments to reduce physical risks?
Q 44. What does duplication involve in loss reduction techniques?
Q 45. Which of the following is an example of diversification in risk management?
Q 46. Which of the following is an ethical consideration in risk management?
Q 47. Which of the following is true regarding the techniques used to manage different types of risks?
Q 48. How are risks measured?
Q 49. In the context of risk management for individuals, what happens to the risk regardless of having or not having insurance?
Q 50. Without insurance, what could be the immediate problem for businesses in the event of unexpected events such as the proprietor's sudden death, shop fire, or major burglary?
Q 51. How did risk management formally evolve?
Q 52. What are some ways of managing risks?
Q 53. What is the term for the total of the actual loss and the consequential loss?
Q 54. What are separation and duplication examples of?
Q 55. How is the Probable Maximum Loss (PML) determined?
Q 56. If the cost of damage is being met using internal resources/funds, how is the risk being managed?
Q 57. What is the term for spreading risk across areas that may not be affected equally or at the same time?
