INS210 Lesson 6 Quiz

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School

Rio Salado Community College *

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Course

241

Subject

Economics

Date

Feb 20, 2024

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docx

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Al of the following are components of ERM framework except Answer | Production Correctl! Comments | yay Score: 4 Actual Score: 4 Which one of the following is the main source of the data used in the process mining Answer | Claim activity logs Correctl! Comments | yay Score: 4 Actual Score: 4 Key advantages to parametric insurance include all of the follo ing except Answer | Replacing traditional insurance coverages Correctl! Comments | yay Score: 4 Actual Score: 4 Complex systems that will make determinations on risks, process claims, predict losses and detect fraud by mimicking human behavior and reasoning are known as Answer | Adificial Intelligence Correctl Comments Max Score: 4 Actual Score: 4 In an effort to control its loss exposures, Rio Salado College uses a network of objects that transmit data to each other and to central hubs through the internet. This network is known as Answer | The Intemet of Things. Correctl! Comments Max Score: 4 Actual Score: 4

Question 6 Categorizing risks to how critcal they are to an organization’s strategy or survival is part of which step in the ERM process? Answer | Identify Risks Correctl Comments Max Score: 4 Actual Score: 4 Insurers will use to review the six activities of the claim process listed above and determine if improvements can be made Answer | Process mining Correctl Comments Max Score: 4 Actual Score: 4 One way in which producers can help clients identify supply chain risk is through Answer | The use of flowcharts. Correctl! Comments yjay score: 4 Actual Score: 4 [T Insurers have embraced the use of data mining in the claims process because of its ability to help do which of the following? Answer | Detect fraudulent claims Correctl! Comments. yay Score: 4 Actual Score: 4 Question 10 The purpose and importance of ERM must be throughout the entire organization in order for it to be effective Answer | Communicated Correctl Comments Max Score: 4 Actual Score: 4

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