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ARM 55
Terms for the ARM 55 Exam
88
Insurance
Post-Graduate
01/18/2019

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Term
Risk Map
Definition
a template depicting the likelihood and potential impact/consequences of risks
Term
Sensor
Definition
a device that detects and measures stimuli in its environment
Term
Radio frequency indentification (RFID) tag
Definition
a transponder that communicates with an antenna and transceiver using radio frequency
Term
Artificial Intelligence
Definition
the ability of machines to simulate human intelligence
Term
Computer Vision
Definition
A technology that simulates human vision
Term
Residual risk
Definition
risk remaining after actions to alter the risk's likelihood or impact
Term
Speculative risk
Definition
a chance of loss, no loss, or gain
Term
Pure risk
Definition
a chance of loss or no loss, but no chance of gain
Term
Avoidance
Definition
a technique that involves ceasing or never undertaking an activity so that the possibility of future gains or losses occuring from that activity is eliminated
Term
Loss prevention
Definition
a risk control technique that reduces the frequency of a particular loss
Term
Loss reduction
Definition
a risk control technique that reduces the severity of a particular loss
Term
Retention
Definition
a risk financing technique that involves assumption of risk in which gains and losses are retained within the organization
Term
Domino theory
Definition
An accident causation theory that presumes that accidents are the end result of a chain of accident factors
Term
Energy transfer theory
Definition
an approach to accident causation that views accidents as energy that is released and that affects objects, including living things, in amounts or at rates that the objects cannot tolerate
Term
Technique of operations review
Definition
an approach to accident causation that views the cause of acidents to be a result of management's shortcomings
Term
change analysis
Definition
an analysis that projects the effects a given system system change is likely to have on an existing system
Term
Job safety analysis
Definition
an analysis that dissects a repetitive task, whether performed by a person or machine, to determine potential hazards if each action is not performed
Term
System safety
Definition
a safety engineering technique also used as an approach to accident causation that considers the mutual effects of the interrelated elements of a system on one another throughout the system's life cycle
Term
Conceptual phase
Definition
a phase in the life of a system when the basic purpose and preliminary design of the system are formulated
Term
Engineering phase
Definition
a phase in the life of a system when the system's design is contructed and protoypes are tested
Term
Production phase
Definition
a phase in the life of a system when the actual system is created
Term
Operational Phase
Definition
a phase in the life of a sustem when the system is implemented
Term
Disposal Phase
Definition
a phase in the life of a system when the sustem reaches the end of its useful life and is disposed of
Term
Avoidance
Definition
a risk control technique that involves ceasing or never undertaking an activity so that the possibility of a future loss occuring from that activity is eliminated
Term
Seperation
Definition
a risk control technique that isolates loss exposures from one another to minimize the adverse effect of a single loss
Term
Duplication
Definition
A risk control technique that uses backups, spares, or copies of critical property, information, or capabilities and keeps them in reserve
Term
Diversification
Definition
a risk control technique that spreads loss exposures over numerous projects, products, markets, or regions
Term
Root Cause
Definition
the event or circumstance that directly leads to an occurrence
Term
Root Cause Analysis
Definition
a systematic procedure that uses the results of the other analysis techniques to identify the predominant cause of the accident
Term
Causal factors
Definition
the agents that directly result in one event causing another
Term
Failure mode and effect analysis (FMEA)
Definition
an analysis that reverses the direction of reasoning in fault tree analysis by starting with causes and branchingout to consequences
Term
Failure mode
Definition
the manner in which a perceived or actual defect in an iten, process, or design occurs
Term
Effects analysis
Definition
the study of a failure's consequences to determine a risk event's root causes
Term
Indenture Level
Definition
an item's relative complexity within an assembly, system, or function
Term
Local effect
Definition
the consequence of a failure mode on the operation, function,or status of the specific item or systeem level under analysis
Term
Next-higher-level effect
Definition
the consequence of a failure mode on the operation fuction, or status of the items in the indenture level immediately above the indenture level under analysis
Term
End effect
Definition
the consequence of a failure mode on the operation, function, or status of the highest indenture level
Term
Criticality analysis
Definition
An analysis that identifies the critical compnents of a system and ranks the severity of losing each component
Term
Risk priority number
Definition
the product ofo rankings for consequence, occurrence, and detection used to identify critical failure modes when assessing risk within a design or process
Term
Criticality
Definition
a product of the risk priority number elements of consequences and occurrence used to determine the relative risk of a failure mode and effects analysis item
Term
Fault tree analysis (FTA)
Definition
an analysis that takes a particular system failure and traces the events leading to the system failure backwards in time
Term
Real Property
Definition
tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land
Term
tangible property
Definition
property that has a physical form
Term
intangible property
Definition
property that has no physical form
Term
Windstorm
Definition
a storm consisting of violent wind capable of causing damage
Term
Earthquake focus
Definition
the point on an earthquake fault line where the movement of the plates begins
Term
Epicenter
Definition
the point on the earth's surface directly above the earthquake focus
Term
Modified Mercalli Intensity Scale
Definition
a twelve-level set of descriptions of an earthquake's effect at a specified location, near or far from the earthquake's epicenter
Term
Terrorism
Definition
the use of violence, intimidation, or threats to influence others' behavior, often for a political purpose
Term
Tornado
Definition
A type of violent windstorm that consists of winds rotating at speeds of up to 300 miles per hour
Term
Box action design
Definition
Earthquake-resistant construction, used in buildings under three stories tall, that integrates roof and floor diaphragms that can flex to transmit and distribute the forces an earthquake exerts on a structure
Term
Frame action design
Definition
Earthquake-resistant construction that relies on the resilence of steel or specially designed reinforced concrete to absorb energy while undergoing considerable distortion and return to their original shapes
Term
Frame construction
Definition
a class of construction that has load-bearing components made of wood or other combustible materials such as brick or stone veneer
Term
Joisted masonry construction
Definition
a class of construction that has load-bearing exterior walls made of brick, adobe, concrete, gyspum, stone, tile, or similar materials; that has floors and roofs of combustible materials; and that has a fire-resistance rating of at least one hour
Term
Heavy timber construction (mill construction)
Definition
a type of joisted masonry construction that is considered more fire resistant than typical joisted masonry construction
Term
Noncombustible construction
Definition
a class of construction in which the exterior walls, floor, and roof of a building are constructed of, and supported by, metal gypsum, or other noncombustible materials
Term
Masonry noncombustible construction
Definition
masonry construction or construction that includes exterior walls of fire-resistive construction with a fire-resistance rating of not less than one hour
Term
Modified fire-resistive construction
Definition
a class of construction that has exterior walls, floors, and roofs of masonry or other fire-resistive materials with a fire-resistance rating of one to two hours
Term
Fire-resistive construction
Definition
a class of construction that has exterior walls, floors, and roofs of masonry or other fire-resistive materials with a fire-resistance rating of at least two hours
Term
Fire division
Definition
a section of a structure that so well protected that fire cannot spread from that section to another, or vice versa
Term
Fender wall
Definition
an extension of a fire wall through an outer wall
Term
Ignition source
Definition
item, substance, process, or event capable of casuing a fire or explosion, such as open flames, sparks, or static electricity
Term
Internal (private) fire protection
Definition
the action fire departments and other public facilities take to safe-guard the general public from hostile fire
Term
Automatic fire supression system
Definition
a system that uses water, chemicals, carbon dioxide, and foam as distinguishing agents
Term
Sprinkler system
Definition
a system that can detect a fire and suppress it using water or other extinguishants
Term
Wet pipe sprinker systems
Definition
automatic fire sprinkler systems with pipes that always contain water under pressure, which is released immediately when a sprinkler head opens
Term
Dry pipe sprinkler systems
Definition
automatic fire sprinkler systems with pipes that contain compressed air or another inert gas that holds a valve in the water line shut until an open sprinkler head releases the gas and allows water to flow through the pipe to the sprinkler head
Term
Deluge sprinkler system
Definition
a type of sprinkler system in which all the heads remain permanently open; when activated by a detection system, a deluge valve allows water into the system
Term
Preaction sprinkler system
Definition
an automatic fire sprinkler system with automatic and closed-type sprinkler heads connected to a piping system that contains air or nitrogen, with an additional fire detection system that serves the same area as the sprinklers
Term
Dry chemical system
Definition
a type of fire suppression system in which finely divided powders are distributed through pipes to nozzles positioned to allow for full distribution over the fire exposure area
Term
Wet chemical system
Definition
a type of fire suppression in which wet chemicals suppress a grease-or oil-based fire
Term
Carbon dioxide system
Definition
a type of fire suppression system in which carbon dioxide is stored as a liquid under pressure and is discharged as a gas through the pipes of the system to the fire site
Term
Gas extinguishing system
Definition
a type of fire suppression that uses gas extinguishing agents (halon, cobon dioxide) to disrupt the chemical reaction in a fire
Term
Foam system
Definition
a chemical foam system that is used in outside areas to smother a fire
Term
Standpipe and hose system
Definition
a category of fire suppression equipment that consists of a water main with fire department hose connections inside a building; used in buildings with expansive floor areas and building more than four stories tall
Term
Fire safety
Definition
the risk control measures used to protect people and property from the adverse effects of hostile fires
Term
Life safety
Definition
the portion of fire safety that focuses on the minimum building design, construction, operation, and maintenance requirements necessary to assure occupants of a safe exit from the burning portion of the building
Term
Book value
Definition
an asset's historical cost minus accumulated depreciation
Term
Historical cost
Definition
the original cost of a property
Term
Replacement cost
Definition
the cost to repair or replace property using new materials of like kind and quality with no deduction for depreciation
Term
Functional replacement cost
Definition
the cost of replacing damaged property with similar property that performs the same function but might not be identical to the damaged property
Term
Market value
Definition
the price at which a particular piece of property could be sold on the open market by an unrealted buyer and seller
Term
Economic value
Definition
the amount that property is worth based on the ability of the property to produce income
Term
Secured creditor
Definition
a creditor who has a right to reclaim property for which a loan was extended
Term
Bailee
Definition
the party temporarily possessing the personal property in a bailment
Term
Bailor
Definition
the owner of the personal property in a bailmant
Term
Bailment contract
Definition
a contract that requires the bailee to keep the property in safekeeping for a specific purpose and then to return the property to the bailor when the purpose has been fulfilled
Term
Trade fixtures
Definition
fixtures and equipment that may be attached to a building during a tenant's occupancy, with the intention that they be removed when the tenant leaves
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