Risk Management Flashcards
1
Q
what are the 5 steps in the risk management process?
A
identify exposures (analysis)
evaluate risks
formulate a risk mgmt plan
select and implement the risk mgmt plan
monitor and modify the plan
2
Q
what is avoiding the rissk
A
dont do it
3
Q
what is controlling the risk
A
implement safety measures
4
Q
what is retaining risk
A
if retaining risk will have larger deductible
5
Q
what is TRANSFERRING RISK
A
BUY INSURANCE
6
Q
what does COPE stand for?
A
the four property risk characteristics an underwriter reviews when evaluating a submission for property insurance:
Construction
Occupancy
Protection
Exposure
