Matching Pairs Risk management matrixOnline version Risk management matrix by Ryan Brown 1 1st Parts of an Insurance Contract 2 4th step in The Risk Management Process 3 2nd step in The claims process 4 High High 5 High Low 6 2nd step in The Risk Management Process 7 5th part of Parts of an Insurance Contract 8 6th part of Parts of an Insurance Contract 9 4th part of Parts of an Insurance Contract 10 3rd part of Parts of an Insurance Contract 11 Low Low 12 2nd part of Parts of an Insurance Contract 13 Low High 14 1st step in The claims process 15 3rd step in The claims process 16 3rd step in The Risk Management Process 17 1 step in The Risk Management Process 18 4th step in The claims process Select the appropriate risk treatment method(s) determine the value of the loss Avoidance Insuring Agreement: summary of the major promises of the insurer. It can be “all-risks” (aka “open perils”) or “named-perils” 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”). Identify the loss exposures Risk Control Measure and analyze the loss exposures 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. Transfer Retention 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…”) Exclusions: list of property, losses, and/or perils not covered by the policy. Definitions: a glossary of key terms and how the terms are defined. Why is this section needed? verify that a loss occurred
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