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