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