MCQ.

1. Elements that make a Holistic Risk Treatment process successful include the following, with the exception of ...

Group of answer choices

A) Time element review

B) Performance metrics

C) Upper management engagement

D) Policies that cross departmental barriers

E) Organizational-wide involvement

2. The main difference between a Large Deductible Plan and Self-Insurance is that Self-Insurance requires that you (your business) adjust the claims and pay the losses.

Group of answer choices

True

False

3. The Layering of Coverage in an insurance program, for example, a $5M primary policy with four excess policies on top at $10M each, means that:

Group of answer choices

A) The excess carriers will cover the risk as mandated by state and federal tax laws

B) The excess insurance carriers will cover the insured if the primary policy does not respond

C) The excess insurance carriers will cover the insured for only the amount they've agreed to, and so long as it's at their attachment point

D) The excess insurance carriers will take a percentage (quota share) of the loss

All of the above

4. ARetrospective Rating Plan for Workers' Compensation Insurance means the policy will:

Group of answer choices

A) Be adjusted at the end of the policy period to determine if the insured owes money

B) Be adjusted at the end of the policy period to determine if the insured is owed money

C) Be a risk for the insured if they have an unusually large amount of losses

A and B only

A, B, and C

None of the above

5. The main difference between Self-Insurance and a Large Deductible program is:

Group of answer choices

A) The insured has to handle claims under self-insurance

B) The insured has to handle claims under a large deductible program

C) The cost of accidental losses

A, B, & C

None of the above

6. The Strategic Management Process includes all of the following, with the exception of ...

Group of answer choices

A) Develop Short and Long-Term Goals

B) Analyze Internal and External Environments

C) Formulate Strategies

D) Implement Strategies

E) Evaluate Strategies

F) Predict Vulnerabilities

7. Examples of Modifying a Risk include all of the following, except for...

Group of answer choices

A) Installing sprinkler systems in a building

B) Installing airbags in vehicles that do not have them

C) Installing surveillance equipment in a building

D) Requiring employees to wear "slip resistant" shoes

8. The Prudent Man Theory (or Reasonable Man Theory) is a theory that ...

Group of answer choices

A) ... is used in the legal system to determine responsibility and liability

B) ... is used in the legal system to determine damages

C) ... is used in the criminal legal system to determine guilt or innocence

A, B, & C

None of these

9. Of the Four Parts to a Contract, which one involves the parties?

Group of answer choices

A) Agreement

B) Consideration

C) Capacity

D) Legal Purpose

10. Of the Four Parts to a Contract, which one involves what's being exchanged?

Group of answer choices

A) Agreement

B) Consideration

C) Capacity

D) Legal Purpose

11. Companies protect their brand, name, product, and service through Intellectual Property laws. What area of Intellectual Property covers their name?

Group of answer choices

A) Patent

B) Trademark

C) Copyright

D) Service Mark

E) Trade Secrets

B and C only

B and D only

12. Companies protect their brand, name, product, and service through Intellectual Property laws. What area of Intellectual Property can cover their product, such as the formula for Tabasco Sauce?

Group of answer choices

A) Patent

B) Trademark

C) Copyright

D) Service Mark

E) Trade Secret

13. Companies protect their brand, name, product, and service through Intellectual Property laws. What area of Intellectual Property can cover photographs, songs, and literature?

Group of answer choices

A) Patent

C) Trademark

C) Copyright

D) Service Mark

E) Trade Secret

14. The Four Components of a Fleet System include:

Group of answer choices

A) Autos, Cargo, Routes, and Drivers

B) Purpose, such as Where, When, Why, and How

C) Roads, Legal, Economic, and Competition

D) Technology, such as Driver-less vehicles, Cameras, Speed Detection, and Maintenance Monitoring

E) Life Cycle, such as the Disposal of Vehicles, Tire Tread Detection, and Maintenance Agreements

A, B, C, & D

A, B, C, & E

None of these

15. Segregation of Duties is an Internal Controls technique used to give limited duties and responsibilities to staff members.

Group of answer choices

True

False

16. Internal Controls looks at the following, with the exception of the following ...

Group of answer choices

A) People, including all staff

B) Processes, such as assembly or manufacturing

C) Systems, such as hardware and software

D) External events, such as natural disasters or political changes

E) None of these

A & D

A, B, C, & D

17. Strategic Risk looks at external factors that can impact a business. Such factors include all of the following except for one ...

Group of answer choices

A) Economic conditions

B) Government or political conditions, such as war

C) Societal changes, such as "cancel culture"

D) Changes in consumer demand

E) None of these

A, B, & C

A, B, C, & D

18. Strategic Risk asks organizations to look at internal factors that can make an impact. Such factors include all of the following except for one ...

Group of answer choices

A) Organizational restructuring

B) Cultural changes within the organization

C) Identifying competition

D) Changes in processes (software, assembly, etc.)

E) Identifying new management

19. One way to analyze external environments is a technique called PESTLE. One of these is NOT an external environment to examine in the PESTLE analysis.

Group of answer choices

A) Environmental

B) Legal

C) Stability

D) Economic

E) Technological

please help me