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