Elements of Risk Management


NEW Study Guide

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.

Study Set

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!

Review Game

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

Logical Classifications

Section 2 – Risk Identification

Risk Identification Article

General Classes of Risk

Categorizing Exposures

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?

Additional Resources

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