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