Matching Pairs Risk management matrixOnline version Risk management matrix by Ryan Brown 1 Low Low 2 2nd step in The Risk Management Process 3 3rd part of Parts of an Insurance Contract 4 Low High 5 6th part of Parts of an Insurance Contract 6 4th part of Parts of an Insurance Contract 7 High High 8 1 step in The Risk Management Process 9 5th part of Parts of an Insurance Contract 10 3rd step in The claims process 11 High Low 12 1st step in The claims process 13 3rd step in The Risk Management Process 14 4th step in The claims process 15 1st Parts of an Insurance Contract 16 4th step in The Risk Management Process 17 2nd part of Parts of an Insurance Contract 18 2nd step in The claims process Identify the loss exposures pay the claim (if covered) and assist the insured Measure and analyze the loss exposures Avoidance verify that a loss occurred 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? determine the value of the loss Declarations: statements about the life, activity, or property that is insured. Usually the first page of the contract (the “dec page”). 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…”) Retention determine if the loss is covered Insuring Agreement: summary of the major promises of the insurer. It can be “all-risks” (aka “open perils”) or “named-perils” Select the appropriate risk treatment method(s) Implement, monitor, and adjust the risk treatment plan as necessary Transfer Miscellaneous Provisions: catch-all category … how subrogation is handled, termination rights, how valuation disputes are resolved, etc. Risk Control
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