Elements of Risk Management
RESOURCES
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
Remote Work Roundtable: How We Became Virtual Insurance Agencies
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
Podcast: Best Practices for Working From Home with Anson Thompson, CIC, CRM
In this COVID-19 Conversation, host Mitch Dunford, Chief Academic Officer at The National Alliance, interviews Anson Thompson, CIC, CRM, and co-owner of The Thompson Group.
Podcast: Remote Working Technologies for Insurance Professionals
Insurance professionals must learn to navigate changes that have occurred almost overnight as a result of COVID-19 restrictions and conditions. In this new episode of
