ACE Risk Assessment & Underwriting

Question 1

What is the first step in risk management for ACORD Certified Expert?

Accepted Answer

Identifying potential risks and hazards

Answer

Implementing controls

Answer

Writing a risk report

Answer

Transferring risk to insurance

Question 2

What is a risk matrix used for in ACORD Certified Expert?

Accepted Answer

Evaluating risks based on likelihood and impact

Answer

Calculating budgets

Answer

Scheduling meetings

Answer

Tracking performance

Question 3

What does risk mitigation mean in ACORD Certified Expert?

Accepted Answer

Taking steps to reduce likelihood or impact of risks

Answer

Eliminating all risks

Answer

Ignoring low-level risks

Answer

Accepting all risks

Question 4

Which strategy involves transferring risk to a third party in ACORD Certified Expert?

Accepted Answer

Transfer (e.g., insurance)

Answer

Avoidance

Answer

Mitigation

Answer

Acceptance

Question 5

What is a risk register in ACORD Certified Expert?

Accepted Answer

A documented list of risks with analysis and response plans

Answer

A sign-in sheet

Answer

A financial ledger

Answer

An employee directory

Question 6

When should risk assessments be updated in ACORD Certified Expert?

Accepted Answer

Regularly and whenever significant changes occur

Answer

Only at project start

Answer

Only after incidents

Answer

Once per year