Risk Management Questionnaire
Model Question Paper
MF0009 Insurance and Risk Management
Section A: 1 – 20: each question carries 1-mark Section B: 21 – 31: each question carries 2-mark Section C: 32-38: each question carries 4-mark
Section A 1. What does risk imply? a) Bright future b) Doubt about future c) Worse position d) No future 2. Chance may be defined as: a) A favourable outcome b) A different outcome c) Fluctuating outcome d) Undefined outcome 3. One of the following is not the meaning of Risk – a) Risk as the cause b) Risk as loss c) Risk as the subject d) Risk as the likelihood 4. Chance is _________ Risk a) Same as b) Different from c) Similar to d) Not related to 5. Objective risk is defined as a) Relative variation of actual and expected loss b) Absolute value of money lost c) Drunk driver may not arrive at home d) Personal Mental uncertainty 6. Uncertainty refers to all of the following except one – a) The outcome is not certain b) the outcome is not known c) characterized by doubt d) Probability is known before the event 7. Importance of liability risk are great because of the following except one – a) No maximum upper limit b) Lien can be placed on your income
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c) Upper limit is 150% of the value d) Legal defence cost can be enormous Risk Management is the process of – a) Identifying loss exposures faced by an organisation and selecting the most appropriate techniques for treating such exposures b) Identifying loss exposures faced by each stakeholder of an organization c) Selecting the most appropriate techniques for treating loss exposures d) Identifying the loss of the organization Risk management is ______ insurance management. a) Same as b) Different from c) Broader concept than d) Completely opposite of Risk management differs from general management in its ______. a) Scope b) Advantages c) Disadvantages d) Outlook The elements of protection and investment are present in case of ______. a) Auto
MF0009 Insurance and Risk Management
Section A: 1 – 20: each question carries 1-mark Section B: 21 – 31: each question carries 2-mark Section C: 32-38: each question carries 4-mark
Section A 1. What does risk imply? a) Bright future b) Doubt about future c) Worse position d) No future 2. Chance may be defined as: a) A favourable outcome b) A different outcome c) Fluctuating outcome d) Undefined outcome 3. One of the following is not the meaning of Risk – a) Risk as the cause b) Risk as loss c) Risk as the subject d) Risk as the likelihood 4. Chance is _________ Risk a) Same as b) Different from c) Similar to d) Not related to 5. Objective risk is defined as a) Relative variation of actual and expected loss b) Absolute value of money lost c) Drunk driver may not arrive at home d) Personal Mental uncertainty 6. Uncertainty refers to all of the following except one – a) The outcome is not certain b) the outcome is not known c) characterized by doubt d) Probability is known before the event 7. Importance of liability risk are great because of the following except one – a) No maximum upper limit b) Lien can be placed on your income
8.
9.
10.
11.
12.
13.
14.
15.
16.
c) Upper limit is 150% of the value d) Legal defence cost can be enormous Risk Management is the process of – a) Identifying loss exposures faced by an organisation and selecting the most appropriate techniques for treating such exposures b) Identifying loss exposures faced by each stakeholder of an organization c) Selecting the most appropriate techniques for treating loss exposures d) Identifying the loss of the organization Risk management is ______ insurance management. a) Same as b) Different from c) Broader concept than d) Completely opposite of Risk management differs from general management in its ______. a) Scope b) Advantages c) Disadvantages d) Outlook The elements of protection and investment are present in case of ______. a) Auto