HCROWD LESSON 2

Question 1

The risk identification could concern any of the following:

Answer 1

• Natural hazards
• Civil or political hazards
• Technological hazards
• Biological hazards

Question 2

an extreme event that occurs naturally and causes harm to humans or to things
that we care about, though usually, the focus is on humans.

Answer 2

Natural Hazards

Question 3

when an extreme event caused
harm in significant amounts and overwhelms the capability of people to cope and
respond.

Answer 3

natural disaster

Question 4

the hazards being confronted by investors, corporations, and governments
brought about by the political decisions

Answer 4

Political Hazard

Question 5

are hazards caused by circumstances in the society that could vastly
affect the society as a whole.

Answer 5

Civil hazards

Question 6

are regulations or policies that would restrict international trade like
customs, tariffs, quotas, and other

Answer 6

Trade Barriers

Question 7

people must pay taxes so that the
government would have something for giving quality services to the people.

Answer 7

Taxes are the bread and butter of the government

Question 8

the ability to manage plus the political will are essentials to the proper
administration of any agencies for effective and efficient service to the people.

Answer 8

Administration

Question 9

riots,
terrorism, coup d’état, insurrection, declaration of martial law, placing the country
under the state of national emergency could entirely give a negative impact to the
business operation in a country for long periods of time

Answer 9

The political instability of a country could vastly affect the tourism of a country

Question 10

Technology may be considered as beneficial to the tourism industry in most of its
facet, the other side of this could be treated as a hazard because it is an effect of
the globalization of production, an increase of industrialization, and a certain level
of risk of accidents connected with production, processes, transportation, and
waste management

Answer 10

Technological Hazard

Question 11

It pertains to biological substances that stance a
danger to the health of the living organism, chiefly humans.
- It may also include samples of microorganism, virus or toxin that can affect the
health of human

Answer 11

Biological Hazards

Question 12

Give Examples of technological hazards.

Answer 12

Industrial pollution
* Nuclear Radiation
* Toxic Wastes
* Dam Failures
* Transport Accidents
* Factory Explosions
* Fires
* Chemical Spills

Question 13

A good risk manager does not give an abrupt decision to solve a problem. TRUE OR FALSE

Answer 13

TRUE

Question 14

There are two essential risk concepts that a student must understand

Answer 14

inherent risk and the residual risk

Question 15

refers to the exposure arising from a specific risk before an
action is to be made by a risk manager

Answer 15

The inherent risk

Question 16

the exposure arising from a specific risk after risk manager has
made any, and in case such action has proven useful.

Answer 16

The residual risk

Question 17

The following issues must be addressed well in the risk identification.

Answer 17

1. The cause of the event;
2. Areas of impact;
3. Enablers
4. Events;
5. Potential consequences

Question 18

contains an analysis of the potential risk together
with the possible impact (high and low) and strategies to mitigate the derailment of
the project if the problems would arise.

Answer 18

The risk management plan

Question 19

designed to lessen the possibility of risk impact before
the risk becomes realized.

Answer 19

The preventive strategy

Question 20

on the other hand, is designed to address the issue of risk
at the time of the happening of the event.

Answer 20

Contingency strategy

Question 21

Risk managers may take any of the following either as prevention or
contingency to address the issue of risks concerning business?

Answer 21

Risk Avoidance
* Risk Reduction
* Risk Transfer
* Risk Retention

Question 22

refers to the complete elimination of risk by merely avoiding the
activities with attaching potential risks.

Answer 22

Risk Avoidance

Question 23

refers to the reduction of risk level through minimizing either the
likelihood and consequences of a specific risk level through the implementation of
precautionary measures, risk controls or treatments

Answer 23

Risk Reduction

Question 24

There are different government regulations that the business owners of
establishments related to tourism must comply with as part of its initiative to
assure health and safety to guests? GIVE 2

Answer 24

1. Fire Code of the Philippines
2. Sanitation Code

Question 25

To mitigate the loss of life and property, the management must comply with standards set by the

Answer 25

Fire Code of the Philippines.

Question 26

is another vital area that needs attention in the field of tourism considering the proliferation of restaurants and hotels where the tourism industry is booming.

Answer 26

Sanitation

Question 27

emphasized the need to secure a sanitary permit which is a condition sine qua non to start operating a food establishment.

Answer 27

Sanitation Code of the Philippines (PD 856)

Question 28

when the burden is being shifted from one party to another, from individuals to an insurance company, or from insurers to reinsurers. - It allocates risk equitably, placing responsibility for risk on designated parties consistent with their ability to control and insure against that risk.

Answer 28

Risk Transfer

Question 29

Risk transfer may be accomplished through any of the following:

Answer 29

1. Outsourcing 2. Derivatives 3. Contracts 4. Insurance

Question 30

A process which commonly transfers a variety of risks to a partner.

Answer 30

Outsourcing

Question 31

may be defined as “financial contracts whose value is derived from some underlying asset. These assets can include equities and equity indices, bonds, loans, interest rates, exchange rates, commodities, residential and commercial mortgages, and even catastrophes like earthquakes and hurricanes

Answer 31

Derivatives

Question 32

is a non-insurance risk transfer mechanism that accomplishes the goals of risk financing and risk control. Essentially, it allows the upper-tier or upstream contractor to tap into the finances of the lower-tier or downstream party.

Answer 32

Contractual risk transfer

Question 33

when an insured derives benefit from the continuous existence, without impairment or damage, of the insured object

Answer 33

principle of insurance interest

Question 34

was define as the amount equal to the replacement cost minus depreciation of a damage or stolen property at the time of loss

Answer 34

actual cash value

Question 35

is the legal substitution of one person in another’s place. It gives the insurer the right to collect from the third party after paying its insured’s claim

Answer 35

principle of subrogation

Question 36

In this principle, one of the parties is being left with no choice except to adhere to the terms and conditions of the insurance prepared by the other party.

Answer 36

The Principle of Adhesion

Question 37

Insurance contracts are personal contracts, and thus insurance contracts can be freely transferred to the other parties. TRUE OR FALSE

Answer 37

FALSE

Question 38

it is the concept of risk management wherein the managers instead of looking for somebody that could help them attend to issues of risk would rather keep it and resolve for themselves.

Answer 38

Risk Retention

Question 39

may be defined as anybody who can affect or be affected by the strategy or project of an organization.

Answer 39

stakeholder

Question 40

are the ones who have a direct relationship with the company such as employee, owners, and investors

Answer 40

Internal stakeholders

Question 41

Those who do not have a direct relationship but could be affected by the actions of the management are considered as

Answer 41

external stakeholders

Question 42

is a way of practicing the actual evacuation system in a building or tourism-related establishments in case of fire or another emergency. The fire alarm would usually activated in a building signaling the mock occurrence of the emergency.

Answer 42

fire drill

Question 43

s done in anticipation of an intruder or criminal act within the vicinity of tourism-related establishment or activities. An announcement about the immediate lockdown will be given to all to effectuate this method.

Answer 43

Lockdown drill

Question 44

used as a way of preparation for the coming of an earthquake. “Drop, cover, and hold on” is used during the drill.

Answer 44

Earthquake drill

Question 45

The risk management during the test planning involves three essential stages

Answer 45

risk identification, risk impact analysis, and risk mitigation.

Question 46

the listing of all the potential risk that might affect the full execution of the activities pertinent to the industry of tourism.

Answer 46

risk identification

Question 47

comes next after all the risks are listed during the collective activity. The chance of occurrence of the risk and the amount of loss that might come will be weighed and determined accordingly.

Answer 47

Risk analysis

Question 48

Is the process of finding solutions in anticipation of the problems that may arise in every situation.

Answer 48

Risk mitigation

Question 49

defined as the information exchange involving risk-related factors among the assessors, managers, consumers, and other interested parties.

Answer 49

Risk Communication

Question 50

before communicating a risk, it is essential to take note of the following considerations:

Answer 50

1Who the audiences are 2. The credibility of the source of information 3. Sharing of responsibility 4. Transparency

Question 51

emphasized the structural requirements for business establishment like floors, walls, ceilings, ventilation, and lighting.

Answer 51

Section 3-E of sanitation code

Question 52

Proper storage of goods was also underscored in the Code as requiring establishments to keep perishable goods refrigerated at_____degrees Celsius and __________ degrees Celsius when such foods are to be stored for extended periods. Observance of the safety standards

Answer 52

7 and 4 degrees Celsius

Question 53

The handing over to a third party of direct control over a business function may not produce good results all the time. T OR F

Answer 53

TRUE

Question 54

Insurance contracts are not personal contracts, and thus insurance contracts can be freely transferred to the other parties. TRUE OR FALSE

Answer 54

FALSE