RMIN5100S Study guides, Class notes & Summaries

approaches to manage risk - risk control: loss prevention, loss reduction, duplication, separation, diversification, avoidance risk financing: retention, insurance, transfer risk management process - 1. identify (most important) 2. measure and analyze 3. select the appropriate techniques: avoid, retain, transfer, control 4. implement and monitor agents vs. brokers - agents: someone who legally represents the insurance company and has the authority to act on their behalf - typically can ...

Risk Manager - Insured - The buyer of insurance Agent or broker - Intermediary Facilitates the purchase of insuranceAdvises insuredNegotiates with insurer Underwriter - Insurer/ carrier - Insurance company - Provides insurance coverage Risk Manager - Evaluates risks and determines best approach to manager risks

T/F Casualty and Liability are the same thing - True Property Damage is described as..... - Is the Risk/Damage of your property and stuff Commercial Property is described as.... - Is the Risk/damage of the business building and the property within it Liability Risk - relates to harm or injury to other people or their property because of your actions For a business to get insured, the person who searches for the insurance is know as the - Risk Manager

casualty - liability 피해 your life - personal risk your stuff - property risk other person's stuff or bodily injury or financial loss - liability risk commercial property loss exposure - the possibility that a business enterprise or another type of organization will sustain a loss resulting from loss of or damage to property in which the organization has a financial interest