explain the benefits of risk management programme

1.An insurance policy specifically written and designed to meet the needs of an insurance purchaser is called aanswer

2.answer refers to the probable size of losses that may occur.

3.The post-loss objective ofanswer is to minimize the effects that a loss will have on other persons and on society.

4.A written record stating the business entity's risk management objectives and philosophy with respect to the treatment of loss exposures is called a answer

5.An entity'sanswer depends fundamentally on the expected magnitude, timing and risk associated with the future net cash flows available for its shareholders to provide them with a return on their investment.

6.A written document containing some details about the business entity's risk management program, its objectives, available techniques, and the responsibilities of the risk manager and other parties involved in the program is called aanswer

7.The answerlevel of safety expenditure is achieved when MB = MC.

8.answer is the worst loss that is the most likely to happen to a business entity.

9.The reduced volume of activities when practising increased pre-caution is an example of the cost of answer

10.A higher interest rate imposed by bank in extending yet another loan facility is an example of the cost ofanswer

11.When two risks are perfectly and negatively correlated, the combination of these risks provides aanswer

12.Loss of sales is aanswer and an outflow in cost benefit analysis.

13.answeris a (comprehensive / holistic) process of managing all the major risks faced by a business entity with a single unified treatment program

14.answer is an uncertain situation that affects a business entity because of adverse changes in commodity price, interest rate, currency exchange rate and the value of money.

15.The opportunity cost of putting aside money to pay for losses is an example of the cost ofanswer

16.The foremost important pre-loss objective is achievinganswer

17.To lower the wastage cost of defective product (a decrease in the expected cost ofanswer direct loss), a supervisor is employed to monitor the performance of operators (an increase in the cost of loss control)

18.answer the implementation of risk management when its cost is greater than its benefit.

19.answermeans a decrease in one component of cost usually is associated with an increase in another component of cost.

20.answer risk reporting is a process to prepare reports to serve the different needs of various stakeholders outside of the business entity.

21.answeris a person who is responsible for the treatment of pure and speculative risks faced by a business entity.

22.The ultimate goal of a business entity is to maximise theanswer of the shareholders.

23.answer refers to the probable number of losses that may occur during a given time period.

24.answer is the worst loss that could happen to a business entity during its lifetime.

25.answer analysis takes into account the time value of money (TVM) of benefits and costs in deriving net present value.

26.A reduction in expected loss is aanswer and an inflow in cost benefit analysis.

27.An employer providing self-insured health plan will purchaseanswer to pay for the medical costs above a certain limit

28.In aanswer market, the profitability of insurance industry is improving. Insurance companies will loosen their underwriting standards. It is easy to obtain insurance and premium is inexpensive. As such, the risk manager may decide to retain less of a given loss exposure and increase the amount of insurance purchased.

29.answer is an amount subtracted from the loss payment otherwise payable to the policyholder.

30.A answer provides for the payment only if two specified losses occur.

describe the various techniques available to identify risks

1.answer is the legal term used in court referring to the wrong-doer.

2.A answer refers to the loss that arises directly because of the damage to, the destruction of, or the disappearance of personal or physical properties.

3.answer is the money awarded by a court to indemnify the plaintiff for his losses as a result of the unlawful conducts of the defendant.

4.The sudden death of a promising chef of a restaurant is an example of answer

5.When using this tool, the managers invent and then consider, in depth, several varied stories of equally plausible futures. The stories are carefully researched, full of relevant details, oriented towards real-life decisions, and designed to bring forward surprises and their different effects. What is this risk identification tool? answer

6.A business entity did not install safety devices as required by the government regulations to protect workers from harm is an example of answer

7.Problems (risks) could be identified throughanswer by asking individual experts a set of prepared questions.

8.answer is a tool used to examine a complex process or operation in order to identify and evaluate problems that may represent risks to personnel or equipment.

9.The harm of air pollution to its surrounding community due to inappropriate disposal of hazardous waste from a plant is an example ofanswerloss exposure.

10.answer can be used to identify problems (risks) by asking a group of members to write down their ideas anonymously and later by voting to determine the ideas that should be given prior attention

11.answer Is a document that lists out many possible/potential risk exposures with small checkboxes on their side.

12.The possible damage to the plant structure caused by an explosion of the chemical substances used in the production process is an example of answer loss exposure.

13.The non-renewal of Lynas's operating license by the Malaysian government is an example of answer loss exposure.

14.A surgeon can be held legally liable foranswer for being negligence.

15.answeris the money awarded by a court to penalize the defendant for his actions that have led to the injury or property damage of the plaintiff.

16.answeris the money awarded by a court to indemnify the plaintiff for his monetary losses.

17.answeris the money awarded by a court to indemnify the plaintiff's monetary and non-monetary losses.

18.answeris a tool used to identify problems (risks) from a panel of experts who are far apart from each other by consulting them through several rounds of questionnaires to reach consensus.

19.answer be used to identify problems (risks) by involving a group of members contributing their ideas spontaneously.

20.A manufacturer can be held legally liable foranswerwhen its products cause harm to the users.

21.answeris the money awarded by a court to indemnify the plaintiff for his non-monetary losses.

22.The stigma attached to a plant subsequent to a news report about its inappropriate disposal of hazardous waste into the river is an example of answer loss exposure.

23.answer is the legal term used in court referring to the victim.

24.The closure of business operation for two weeks after a fire incident in the kitchen area of a restaurant is an example ofanswer loss exposure.

25.The possibility of KLCC being attacked by terrorists is an example ofAnswer answer loss exposure.

26.The cancellation of contract because goods are not shipped on time is an example ofanswer

27.answeris a tool used to show the causes of a specific event. Each cause or reason for imperfection is a source of variation (risk). Causes are usually grouped into major categories to identify and classify these sources of variation (risk).

28.Aanswerrefers to the loss that arises as a consequence of direct loss.

29.The provision of medical treatments by a business entity when its workers get injured at workplace is an example of answer loss exposure.

30.answeris a tool used to consider deviations from normal operations identified by brainstorming, with questions beginning with "What if...?" or "How could...?". The brainstorming is supported by a checklist to avoid overlooking hazards.

risk management techniques to manage risks

1.Answer is widely used by corporations in providing healthcare benefits to their employees up to a specified retention limit.

2.Construction workers who are ignorance of the risks that they could become permanently disabled have unknowingly assumed the practice of Answer

3.Trading futures contracts to manage commodity price risk is a risk management technique Answer risk transfer.

4.A publisher may insert aAnswerclause in a contract to hold the author legally liable if the publisher is sued for plagiarism

5.Answeris a risk management technique that transfers the risk of unfavorable price fluctuations to a speculator by trading futures contracts on an organized exchange.

6.Applying first-aids to an injured worker while waiting for an ambulance to send him to hospital is a risk management technique called Answer

7.Taking immediate action to repair the damaged pillars that could cause the collapse of the entire roof of the building after a fire has happened is a risk management technique calledAnswer

8.The premium for the coming period of anAnswerpolicy is based on the past loss experience of the policy

9.Backing up the records of account receivables is a risk management technique calledAnswer

10.Which technique is best used to manage risks of low loss frequency and high loss severity? Answer

11.Storing finished goods in two warehouses in different locations is a risk management technique calledAnswer

12.Domino theory adoptsAnswer approach to manage accident.

13.Which technique is best used to manage risks of low loss severity?

14.Having a diverse base of domestic and foreign customers is a risk management technique calledAnswer

15.Installing smoke detectors in the building is a risk management technique calledAnswer

16.Using fire-resistant materials to build a business complex is a risk management technique calledAnswer

17.Building two smaller factors, not one big factory is a risk management technique Answer

18.Which technique is best used to manage risks of high loss severity?

19.Energy release theory adoptsAnswer approach to manage accident.

20.Obtaining supply of raw materials from different suppliers is a risk management technique calledAnswer

21.The emphasis of domino theory is on the philosophy of loss Answer

22.Which technique is best used to manage risks of high loss frequency and high loss severity?Answer

23.Which technique is best used to manage risks of high loss frequency?Answer

24.Removing undamaged inventories from a burnt warehouse is a risk management technique calledAnswer

25.Providing immediate medical treatments to workers who suffered injuries while working at the work place is a risk management technique Answer

26.emphasis of energy release theory is on the philosophy of lossAnswer

27.Requiring double-passwords to access computer network is a risk management technique called lossAnswer

28.Having a few units of power generators as standby facility to manage the possibility of power failure is a risk management technique calledAnswer

29.Strengthening the packaging of non-prescription drugs to make them child-resistant is a risk management technique Answer