Elements of Risk Management
This Study Guide has been prepared to enhance your learning experience. It contains all of the Check-In questions, Knowledge Checks, and Self-Quizzes contained within the course, along with an Answer Key and Glossary. Use it as a tool to help practice and assess your knowledge of the course material, but do not mistake it for a comprehensive “short-cut” to preparing for the final exam.
Be sure to take a look at the Appendix that follows the Answer Key in this Study Guide. It contains valuable suggestions for test preparation and study techniques, as well as some sample exam questions and a glossary of terms.
Your path to success in passing the final exam will come from your attentiveness during the course and the effort you put into preparation.
Use this study set to review digital flashcards and play interactive vocabulary games for the insurance & risk management terms found in the glossary of this course!
Use this trivia-style review game to test your knowledge prior to taking the final exam for this course!
Section 1 – Introduction to Risk Management
The Language of Risk
Examples of Perils
Risk Appetite versus Risk Ability
What is Risk Management?
The Risk Management Process
Section 2 – Risk Identification
Risk Identification Article
General Classes of Risk
Physical Inspection – Snap Kitchen
Section 3 – Risk Analysis
Gathering Loss Data Article
Real World Uses of Risk Analysis
Types of Risk Analysis
Intro to Risk Analysis Tools
Total Cost of Risk (TCOR)
Importance of Loss Trending
Section 4 – Risk Control
Hurricanes and Heartache on the Texas Coast and Rockport Fulton Revisited
Intro to Risk Control Techniques
Risk Control Techniques
Section 5 - Risk Financing
Simple Risk Financing Options
Loss Sensitive Financing Options
Risk Financing Methods
Internal versus External Funds
Section 6 – Risk Administration
Who is a Risk Manager?
Tune in as Steve Anderson (President, The Anderson Network) talks to insurance and risk management professionals about the industry’s swift transformation to virtual agencies and remote
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