RM Key Concepts RM 357e

RM Key Concepts RM 357e - Chapter 1 Key Concepts Avoidance...

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Chapter 1 Key Concepts Avoidance Chance of loss Direct loss Enterprise risk Enterprise risk management Financial risk Fundamental risk Hazard Hedging Hold-harmless clause Human life value Incorporation Indirect, or consequential loss Law of large numbers Legal hazard Liability risks Loss control Moral hazard Morale hazard Noninsurance transfers Objective probability Objective risk Particular risk Peril Personal risks Physical hazard Premature death Property risks Pure risk Retention Risk Speculative risk Subjective probability Subjective risk
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Chapter 2 Key Concepts Adverse selection Casualty insurance Commercial lines Expense loading Fidelity bonds Fortuitous loss Indemnification Inland marine insurance Insurance Law of large numbers Life and health insurance Multiple-line insurance Ocean marine insurance Personal lines Pooling Property and liability insurance Reinsurance Requirements of an insurable risk Risk transfer Social insurance Surety bonds Underwriting
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Chapter 3 Key Concepts Association or group captive Avoidance Captive insurer Cost of risk Deductible Excess insurance Loss exposure Loss frequency Loss prevention Loss reduction Loss severity Manuscript policy Maximum possible loss Maximum probable loss Noninsurance [risk] transfer Personal risk management Retention Retention level Risk control Risk financing Risk management Risk management manual Risk management policy statement Risk retention group Self-insurance Single parent captive (pure captive)
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Chapter 4 Key Concepts Capacity Capital budgeting Catastrophe bond Catastrophe modeling Chief risk officer (CRO) Clash loss (aka “shock” loss) Combined ratio Commodity price risk Compounding Consolidation Currency exchange rate risk Dependent events Discounting Double-trigger option Enterprise risk management Financial risk management "Hard" insurance market Independent events Insurance brokers Integrated risk program Interest rate risk Internal rate of return (IRR) Intranet Loss distribution Mutually exclusive events Net present value (NPV) Regression analysis Risk management information system (RMIS) Risk maps Securitization of risk “Soft” insurance market Surplus Time value of money Underwriting cycle Value at Risk (VAR) analysis Weather option
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Chapter 5 Key Concepts Advance premium mutual Agency building system Agent Assessment mutual Broker Captive insurer Contingent or profit-sharing commission Demutualization Direct response system Direct writer Exclusive agency system Expirations or renewal rights to business Fraternal insurer General agency system Holding company Independent agency system Lloyd's of London Managerial system Mass merchandising Multiple distribution systems Mutual insurer Nonadmitted insurer Nonbuilding agency system Personal-producing general agent Reciprocal exchange Savings bank life insurance (SBLI) Stock insurer Surplus lines broker
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Chapter 6 Key Concepts Actuary Adjustment bureau Catastrophe bonds Ceding commission Ceding company Certified Financial Planner (CFP)
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RM Key Concepts RM 357e - Chapter 1 Key Concepts Avoidance...

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