![]() ARM 5. 4 Practice Exam Part A and B. Arm 5. 4 with Self- paced at The Institutes. Created: 2. 01. 5- 0. ![]() Free flashcards to help. Timely (6) Clarity (7) Flexible (8) Verifiable (9) Free from. Essentials of Risk Management ARM 54 Course Guide . Fast Amazon shipping plus a hassle free return policy means your satisfaction is guaranteed. Last Modified: 2. File Size. 2. 2. Views. ARM 5. 4 Sample Exam The following sample exam consists of two sections—Part A and Part B. Each question is worth one point. Each Part A question should be answered independently of the others. In Part B, your answers must be based on the information provided. When several questions are based on the same set of facts during a computer- administered exam, those facts will appear in a separate window and remain in view for the duration of the questions. ![]() ![]() Which one of the following is an example of how enterprise risk management differs from traditional risk management? Enterprise risk management focuses on hazard risk and busi- ness risk while traditional risk management focuses on hazard risk. Enterprise risk management is usually designed and managed by external consultants while traditional risk management is designed and managed using internal resources. Enterprise risk management focuses on future risk while tradi- tional risk management focuses more on current risk. Enterprise risk management focuses primarily on dynamic risk while traditional risk management focuses primarily on pure risk. All of the following are components of the cost of risk to an organization, EXCEPT: a. Unreimbursed losses c. Costs of risk control techniques d. Advertising expenses 2 Risk Assessment—ARM 5. Pre- loss and post- loss goals are a. Not related and not always consistent with one another. Interrelated and always consistent with one another. Not related and always consistent with one another. Interrelated and not always consistent with one another. All of the following are pre- loss risk management goals, EXCEPT: a. Tolerable uncertainty c. Flashcards for children! Download all free flash cards.Only you have to. English Flashcards for. Body Parts: Hand, Foot, Arm and Leg. Associate in Risk Management (ARM) Study Group. For an annual subscription to the ARM 54 course material, please click on the Course Subscription tab. Study STRUCTURAL ANATOMY MIDTERM (UPPER LIMB) Flashcards at ProProfs. Anatomy Of The Upper Arm, Forearm And Hand. Social responsibility 5. Which of the following post- loss goals will most likely influence a public entity in the approach taken in its risk management program? Continuity of operations c. Sometimes there is no one internally to manage the risk management process. Which one of the following external professionals is likely to fill that role for an organization? Because each organization is different, risk management policy statements must a. Be written in the standard risk management information system format. Be tailored to each department in the organization. An organization incurs a liability loss whenever it a. Increases its physical locations. Commits a legal wrong. Is sued for having breached a legal duty. Is involved in hazardous operations. The financial statement that shows an organization’s cash receipts and cash payments during a specified period is the a. Statement of cash flows. Total dollar losses can be determined either by summing loss amounts for the period or by multiplying loss frequency by a. The maximum possible loss. The probable maximum loss. Average loss severity. Separation, duplication, and diversification risk control techniques all a. Cause losses to be less predictable but more manageable. Decrease the frequency of losses incurred by an organization. Increase the number of loss exposures for an organization. Work in combination to transfer the organization’s loss exposures. Insurance is essentially a. An unfunded risk transfer. A funded risk transfer. A form of diversification. A risk management technique is effective if it enables an organization to a. Accurately predict future losses. Avoid catastrophic losses. Achieve desired organizational goals. Measure the costs of risk. Enterprise risk management is an approach that a. Manages all risks together as a portfolio. Focuses on operational risks that directly affect the organization. Does not view risks from different perspectives. Focuses on pure risks that directly affect the organization. Risk Assessment—ARM 5. All of the following are examples of tangible personal property, EXCEPT: a. Checks received in the course of doing business b. Records of current customers c. A macadam parking lot with storm drains and lighting d. Personal computers 1. Earthquake intensity is usually measured using the a. Earthquake intensity scale. Modified Mercalli Intensity scale. Federal Emergency Management Earthquake maps. Causes of loss are often categorized as being natural, human, or a. A computer repair service that makes house calls will often take customer’s computers back to its shop for more extensive repairs. Secured creditor’s interest b. Bailee’s interest 1. One of the potential benefits of the risk management professional conducting personal inspections and visits of owned and leased premises is that it allows for potentially informative discussions with a. Which one of the following is a liability loss exposure arising out of a tort? A retail store employee falls and sprains her ankle on the job when her employer fails to provide adequate lighting in a stairwell. A plastics manufacturer faces fines and penalties from the Environmental Protection Agency for inadvertently discharg- ing pollutants into a waterway. A grocery store owner must pay a produce supplier for the shipments specified in a contract even though business has declined and the produce is no longer needed. A building contractor fails to follow the project engineer’s design specifications, and the building collapses. The purpose of punitive damages is to a. Provide a financial windfall to the plaintiff. Deter future unconscionable conduct. Fund public safety programs related to the alleged harm. Substitute for criminal sanctions. Lamont Trucking Company’s (LTC) contract with Produce Wholesaler (PW) states that LTC will hold PW harmless for any claims for delay in delivery of PW’s produce to its customers. LTC fails to deliver a load of broccoli to a customer and the customer sues PW for the cost of replacing the broccoli with broccoli from another supplier. Nothing, because the customer did not claim that LTC was liable for the damages. PW the amount of the compensatory damages claimed by the customer. The customer an amount of liquidated damages equal to PW’s cost of goods sold and shipping fees. PW an amount for consequential damages and the customer for nominal damages. Workers compensation benefits include providing injured employees with compensation for a. Lost income due to disability. Risk Assessment—ARM 5. An intrusion on solitude or seclusion. A public disclosure of private facts. An unauthorized release of confidential information. A false written or oral statement that damages another’s reputation. Which one of the following would be considered a premises loss exposure arising out of the ownership and use of mobile equipment? A warehouse employee injures a customer when using a fork- lift to move lumber that the customer was purchasing. A restaurant employee strikes a customer when backing a delivery van out of its parking spot on the premises. A flower shop owner injures a member of the public when using a handcart to transport several large bouquets of flowers to a customer’s car. A mail carrier backs her mail truck into a customer’s vehicle parked in the post office parking lot. Which one of the following would be a basis for a product liability claim based on negligence? A guarantee of safety b. A promise of fitness for a purpose c. Lack of warning labels d. A buyer’s reliance on the seller’s expertise 2. A customer in a restaurant is a. All of the following are specific duties that an employer owes employees arising from the employer’s duty of care, EXCEPT: a. Provide a safe place to work b. Provide safe tools and equipment c. Provide immediate first aid for injuries that occur on the job d. Warn employees of inherent dangers Sample Exam 7 2. George needs some wall- to- wall carpet laid in his den. He hires Cletus to do the job. George knows Cletus does good carpet work but can be a little casual about safety. George is wondering what would happen if Cletus got hurt while laying carpet and wonders whether he should consider Cletus an employee or an independent contractor. As opposed to an employee, an independent contractor a. Decides on its own pay. Is usually paid in installments instead of a lump sum. Defines the results of its work. Chooses the methods and means of doing the work. Workers compensation cases often present choice of law issues. Sam is a pizza delivery man. He was hired in State X, usually works in state Y, but is injured in a car collision while on the job in state Z. In this instance, Sam can a. Collect under the workers compensation laws of two states. Collect under the workers compensation laws of all three states. Select the state with the most liberal benefits. Be limited to the state with the lowest benefits. Which one of the following provides for “cradle to grave” regulation of hazardous waste? Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) b. Oil Pollution Act (OPA) c. Resource Conservation and Recovery Act (RCRA) d. National Environmental Policy Act (NEPA) 3. Risk management professionals need to be aware of potential environmental liability because of a. Potential criminal liability on the part of the risk manage- ment professional. Far- reaching cost recovery provisions of environmental laws. Statutes that mandate this in the job description. The need to circumvent environmental laws. Risk Assessment—ARM 5. A legal doctrine stating that an injury arises out of the claimant’s employment if the injury would not have occurred but for the fact that the conditions and obligations of the employment placed the claimant in the position where he or she was injured is called the a. Occupational risk doctrine. Assumption of risk doctrine. Positional risk doctrine. Conditional employment risk doctrine. A typical securities class action complaint contains an allegation such as a. Directors and officers have failed to fulfill legal duties owed to employees under the Employee Retirement Income Security Act of 1. ERISA). Directors and officers have violated state environmental statutes.
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