TRIP Risk Management 1

Question 1

What is the first step in a transportation risk management plan?

Accepted Answer

Conduct risk identification

Answer

The first step is identifying risks associated with transportation operations, such as cargo damage or vehicle accidents.

Question 2

Which type of insurance typically covers cargo during transit?

Accepted Answer

Cargo insurance

Answer

Cargo insurance protects goods from loss or damage while in transit by land, sea, or air.

Question 3

What is the purpose of risk mitigation strategies in transportation?

Accepted Answer

Minimize losses from potential risks

Answer

Risk mitigation strategies aim to reduce the likelihood or impact of transportation-related incidents.

Question 4

Which federal agency regulates commercial motor vehicle safety in the U.S.?

Accepted Answer

FMCSA

Answer

The FMCSA is responsible for regulating and providing safety oversight of commercial motor vehicles.

Question 5

Which of the following is a key element in evaluating transportation risk?

Accepted Answer

Reviewing loss history

Answer

Evaluating risk includes analyzing historical loss data to identify trends and vulnerabilities.

(TRIP) Transportation Risk and Insurance Professional Practice Test