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