Session 1 Practice Exam
Risk Management Quiz
Test your knowledge on risk management concepts with this comprehensive quiz. Dive into the terminology of risk, peril, and hazard, and understand the various types of risks faced by individuals and organizations.
With 31 challenging questions, this quiz will help you sharpen your skills and learn more about:
- Types of Risks
- Risk Management Phases
- Hazard Types
- Risk Treatment Strategies
A situation involving exposure to danger
Risk
Peril
Hazard
The cause of the risk
Risk
Peril
Hazard
When a building burns, what is the peril?
Water
Fire
Earth
Air
It is the immediate specific event causing the loss and giving rise to risk.
Risk
Peril
Hazard
It is the source of danger.
Risk
Peril
Hazard
The underlying factor behind the peril that leads to the probability of a particular loss to the insurer.
Risk
Peril
Hazard
It is the active ingredient that could create a peril, which could then lead to a particular loss event
Risk
Peril
Hazard
The outcome can be either positive or negative.
Risk
Peril
Hazard
Uncertainty
A situation where the outcome is only negative.
Risk
Uncertainty
Lottery is an example of uncertainty.
True
False
A type of risk in which loss is the only possible outcome and there is no beneficial result.
Pure
Speculative
Fundamental
Particular
Static
Dynamic
A type of risk that is related to events that are beyond the risk-taker's control and, therefore, a person cannot consciously take on this type of risk.
Pure
Speculative
Fundamental
Particular
Static
Dynamic
A type of risk that results in an uncertain degree of gain or loss.
Pure
Speculative
Fundamental
Particular
Static
Dynamic
These risks are made as conscious choices and are not just a result of uncontrollable circumstances.
Pure
Speculative
Fundamental
Particular
Static
Dynamic
A type of risk that affects the entire economy or large numbers of people or groups within the economy.
Pure
Speculative
Fundamental
Particular
Static
Dynamic
A type of risk that affects only individuals and not the entire community.
Pure
Speculative
Fundamental
Particular
Static
Dynamic
A type of risk that can be either pure or speculative stem from an unchanging society that is in stable equilibrium.
Pure
Speculative
Fundamental
Particular
Static
Dynamic
Examples of these risks include random events like lightning, windstorms, and death.
Pure static
Speculative static
Fundamental static
Particular static
Dynamic static
A type of risk that can be either pure or speculative and produced because of changes in society.
Pure
Speculative
Fundamental
Particular
Static
Dynamic
Examples of these risks are urban unrest, complex technology, and terrorism.
Pure
Speculative
Fundamental
Particular
Static
Dynamic
This type of hazard can be described as being of a physical nature (e.g. Petroleum storage, faulty wires, poor fire protection system).
Physical
Moral
Morale
This type of hazard is a tendency an individual has that increase the chance of suffering a peril (e.g. smoking, not investing in risk management).
Physical
Moral
Morale
This type of hazard stems from an individual’s state of mind; usually a temporary lapse in judgement (e.g. Road rage).
Physical
Moral
Morale
This is a group of actions that are integrated within the wider context of a company organisation, which are directed toward assessing and measuring possible risk situations as well as elaborating the strategies necessary for managing them.
Risk Management Function
Hazard Management Function
Peril Management Function
This phase of risk management is implied by identifying the areas of risk that must be considered (e.g. Market, Product/Service, Manufacturing / supply process, External references).
Context definition
Risk identification
Risk assessment
Risk treatment
This phase of risk management is the process of identifying potential risks.
Context definition
Risk identification
Risk assessment
This phase of risk management analyses the probability and severity of the event (risk).
Context definition
Risk identification
Risk assessment
This type of risk treatment is done when the probability is high and the severity is low.
Retain
Avoid
Ignore/Manage
Insure
This type of risk treatment is done when the probability is high and the severity is high.
Retain
Avoid
Ignore/Manage
Insure
This type of risk treatment is done when the probability is low and the severity is low.
Retain
Avoid
Ignore/Manage
Insure
This type of risk treatment is done when the probability is low and the severity is high.
Retain
Avoid
Ignore/Manage
Insure
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