Relier Pairs Risk management matrixVersion en ligne Risk management matrix par Ryan Brown 1 2nd part of Parts of an Insurance Contract 2 1st Parts of an Insurance Contract 3 2nd step in The claims process 4 5th part of Parts of an Insurance Contract 5 3rd step in The claims process 6 High Low 7 Low Low 8 4th step in The claims process 9 1st step in The claims process 10 6th part of Parts of an Insurance Contract 11 3rd step in The Risk Management Process 12 4th step in The Risk Management Process 13 2nd step in The Risk Management Process 14 4th part of Parts of an Insurance Contract 15 1 step in The Risk Management Process 16 High High 17 3rd part of Parts of an Insurance Contract 18 Low High 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” Avoidance Transfer 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. Declarations: statements about the life, activity, or property that is insured. Usually the first page of the contract (the “dec page”). determine the value of the loss Definitions: a glossary of key terms and how the terms are defined. Why is this section needed? Exclusions: list of property, losses, and/or perils not covered by the policy. Identify the loss exposures 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 if the loss is covered Risk Control Measure and analyze the loss exposures Retention Select the appropriate risk treatment method(s) Implement, monitor, and adjust the risk treatment plan as necessary
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