Matching Pairs Risk management matrixOnline version Risk management matrix by Ryan Brown 1 Low High 2 1 step in The Risk Management Process 3 3rd step in The claims process 4 4th step in The claims process 5 High High 6 3rd step in The Risk Management Process 7 3rd part of Parts of an Insurance Contract 8 2nd step in The Risk Management Process 9 Low Low 10 2nd step in The claims process 11 1st Parts of an Insurance Contract 12 5th part of Parts of an Insurance Contract 13 4th step in The Risk Management Process 14 6th part of Parts of an Insurance Contract 15 1st step in The claims process 16 2nd part of Parts of an Insurance Contract 17 4th part of Parts of an Insurance Contract 18 High Low Risk Control Insuring Agreement: summary of the major promises of the insurer. It can be “all-risks” (aka “open perils”) or “named-perils” Measure and analyze the loss exposures Exclusions: list of property, losses, and/or perils not covered by the policy. Select the appropriate risk treatment method(s) pay the claim (if covered) and assist the insured determine if the loss is covered Identify the loss exposures determine the value of the loss Transfer Implement, monitor, and adjust the risk treatment plan as necessary verify that a loss occurred Conditions: provisions that limit or qualify the insurer’s promise to perform. (e.g. “we will not be liable if…” or “coverage is suspended if…”) Miscellaneous Provisions: catch-all category … how subrogation is handled, termination rights, how valuation disputes are resolved, etc. Definitions: a glossary of key terms and how the terms are defined. Why is this section needed? Avoidance Declarations: statements about the life, activity, or property that is insured. Usually the first page of the contract (the “dec page”). Retention
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