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