Risk Management Concepts Overview

Risk Management

• Models: Learn the risk management model (hazard identification, risk assessment/prioritization, control selection/implementation, monitoring/review) and the Enterprise Risk Management (ERM) model (goal setting, risk identification, evaluation, treatment, monitoring/review, communication)
• Adaptability: Adapt models to suit organizational needs.
• Value Creation: Understand how risk can create value.
• Risk Program Creation: Learn the process of developing a risk program.
• Forecasting: Create accurate risk forecasts.
• Mapping & Profiling: Master risk mapping and profiling techniques.
• Cost of Risk: Calculate the cost of risk.
• Control Theories: Apply risk control theories (prevention, reduction, enablement, enhancement).
• Emergency Planning: Develop emergency response and business continuity plans.
• Retention & Financing: Understand risk retention and risk financing transfer plans.
• Reporting: Prepare risk management reports.
• Legal Aspects: Learn the legal components of the risk management industry.
• Insurance Recommendations (Young Adults): Know recommended insurance options for young adults.

Property and Liability Insurance

• Auto Insurance Coverage: Differentiate between different types of auto insurance coverage.
• Premium Factors: Identify factors increasing or decreasing auto insurance premiums.
• Minimum/Recommended Coverage: Know minimum and recommended auto insurance coverage amounts in your jurisdiction.
• Claims Calculation: Calculate claim amounts, considering exclusions and deductibles.
• Cost Comparison: Compare auto insurance costs with different deductibles and liability limits.
• Renter's Insurance: Understand renter's insurance benefits.
• Workers' Compensation: Learn about worker's compensation benefits and payment methods.

Health, Disability, and Life Insurance

• Insurance Needs: Analyze situations necessitating health, disability, and life insurance.
• Government Assistance: Identify government programs providing financial assistance due to illness, disability, or premature death (e.g., Social Security).
• Insurance Sources: Compare various health and disability insurance sources.
• Long-Term Care Insurance: Understand the purpose and function of long-term care insurance.
• Financial Planning: Build basic financial plans accounting for benefits and changes over time.

Insurance Knowledge

• Policy Types & Features: Recognize basic policy types and features.
• Life Insurance Underwriting: Understand how life insurance companies assess risk.
• Insurance Types: Define term and permanent insurance.
• Contract Provisions & Claims: Understand contract provisions, legal doctrines, and claims management.
• Portfolios & Coverage: Create insurance portfolios and place coverage effectively.
• Global Markets: Be knowledgeable about global insurance markets.
• Pricing, Risk, and Regulation: Understand the significance of pricing, risk aversion, and regulations in the insurance industry.
• Contracts: Negotiate, write, and renew insurance contracts.
• Regulatory Compliance: Ensure compliance with industry regulations.
• Legal Concepts: Understand legal concepts in the insurance industry.
• Insurance Products and Benefits: Describe insurance products and their advantages.
• Insurance Fraud: Understand the nature and investigation of insurance fraud.
• Claims Processing: Process claims to meet legal obligations.
• Compliance Laws: Ensure regulatory compliance with EPA, OSHA, NFPA, ERISA, and COBRA.
• Business Cycle: Understand the insurance business cycle (agent, underwriter, claims, settlement).

Decision Making

• Problem Analysis & Global Decisions: Analyze problems and make decisions acknowledging the global context.
• Benchmarking: Utilize benchmarking to compare data.
• Risk Optimization: Learn methods to optimize risk-taking decisions within an organization (ERM).
• Client Risk Analysis: Analyze potential clients' risks for insurance approval/denial decisions.
• Ethical Decision-Making: Demonstrate ethical decision-making conforming to fiduciary duties (competency and due diligence).

Ethics

• Confidentiality Agreements: Understand and implement confidentiality agreements.
• Data Security: Establish data security measures for confidential records.
• Privacy & Disclosure: Recognize state and federal regulations regarding privacy violations and public disclosure.

Careers

• Insurance Industry Jobs: Identify various jobs in the insurance industry.
• Industry Organizations: Recognize industry organizations.
• Essential Skills: Define essential knowledge and skills for an insurance career path.
• Roles & Responsibilities: Describe roles (underwriter, sales rep, actuary, claims, loss control).
• Licensing & Certifications: Describe insurance licensing and certification programs.