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