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8 Cards in this Set
- Front
- Back
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3.3 Risk management
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A process designed to systematically manage an organization’s accidental losses.
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3.5 Insurance management
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Involves the purchases of insurance, maintenance of policies, reporting of claims, and so on.
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3.6 Pre-loss goals
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Goals to be accomplished before a loss, involving social responsibility, externally imposed goals, reduction of anxiety, and economy.
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3.6 Post-loss goals
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Goals to be accomplished after a loss, including social responsibility and financial goals.
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3.9 Elements of a loss exposure
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Include items subject to loss, casual forces (perils), and the financial impact of the occurrence.
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3.13 Exposure identification methods
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Five methods identify exposures: surveys, flowcharts, financial statements, personal inspections, and loss histories.
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3.16 Flowchart
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A graphic representation of a business activity in its basic components as values flow in, are processed and increased in value, and flow out.
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3.22 Probability
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The chance of an occurrence or loss.
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