Podcast
Questions and Answers
Which factor is NOT essential in determining insurance pricing?
Which factor is NOT essential in determining insurance pricing?
What is the primary purpose of compliance with regulations like EPA, OSHA, and ERISA in the insurance industry?
What is the primary purpose of compliance with regulations like EPA, OSHA, and ERISA in the insurance industry?
Which role is primarily responsible for assessing the risks posed by potential clients?
Which role is primarily responsible for assessing the risks posed by potential clients?
Which ethical principle is crucial for decision-making in the insurance industry?
Which ethical principle is crucial for decision-making in the insurance industry?
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What is a common method used to investigate suspected insurance fraud?
What is a common method used to investigate suspected insurance fraud?
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What is the first step in the risk management model?
What is the first step in the risk management model?
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Which step is NOT part of the enterprise risk management (ERM) model?
Which step is NOT part of the enterprise risk management (ERM) model?
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What is a key benefit of creating a risk management program?
What is a key benefit of creating a risk management program?
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What is the primary purpose of risk mapping?
What is the primary purpose of risk mapping?
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Which type of insurance specifically addresses income loss due to illness or disability?
Which type of insurance specifically addresses income loss due to illness or disability?
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What do deductibles in an insurance policy represent?
What do deductibles in an insurance policy represent?
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Which of the following is NOT a feature of permanent insurance?
Which of the following is NOT a feature of permanent insurance?
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What is the purpose of long-term care insurance?
What is the purpose of long-term care insurance?
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Flashcards
Risk Management Model Components
Risk Management Model Components
A structured approach to managing risks, involving identifying hazards, assessing their likelihood and impact, selecting control measures, implementing those controls, and monitoring/reviewing the results.
Enterprise Risk Management (ERM)
Enterprise Risk Management (ERM)
A company-wide approach to risk management that considers all potential risks, aiming to align risk-taking with business goals.
Risk Forecasting
Risk Forecasting
Predicting the likelihood and potential impact of future risks to an organization.
Risk Mapping & Profiling
Risk Mapping & Profiling
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Cost of Risk
Cost of Risk
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Risk Control Tactics
Risk Control Tactics
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Auto Insurance Coverages
Auto Insurance Coverages
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Health Insurance Analysis
Health Insurance Analysis
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Insurance contract negotiation
Insurance contract negotiation
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Insurance fraud investigation
Insurance fraud investigation
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Risk aversion in insurance pricing
Risk aversion in insurance pricing
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Insurance claims processing
Insurance claims processing
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Fiduciary duty of care
Fiduciary duty of care
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Study Notes
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.
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Description
This quiz covers essential risk management models, including hazard identification, risk assessment, and the Enterprise Risk Management (ERM) process. Participants will explore adaptability in models, value creation through risk, and the development of a comprehensive risk program. Additionally, the quiz delves into forecasting, risk mapping, control theories, and emergency planning.
