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Risk Management
Insurance Risk Management
| Question | Answer |
|---|---|
| Define Risk | uncertainty concerning chance of loss w/a given set of circumstances |
| Types of Risk | political, social, economic, physical, legal, juridical |
| Define Risk Management | protecting assets using the 5 phases of risk management |
| 5 steps of Risk Management | Identify, Analyze, Control, Finance, Administration |
| 5 Components of Cost of Risk | insurance, risk management team, retained loss, outside help, indirect costs |
| 6 Uses of Cost of Risk as a tool | assist in decision making, measuring tool, promote safety, provide incentives, accurate pricing, management of budget |
| 6 tenants of Risk Management | don't take on more than you can afford to lose, don't risk a lot for a little, likelihood of events, insurance isn't a substitute for loss control, retained if not insured, 1 risk control/1 risk finance per exposure |
| Define Risk Control | conscious action/inaction to minimize severity, probability, frequency of loss at optimal cost |
| 5 types of risk control techniques | TARPS: transfer, avoid, reduce, prevent, segregate/separate/duplicate |
| 4 types of contractual transfer | hold harmless, waiver of subrogation, exculpatory agreement, limit of liability |
| 3 types of hold harmless | limited, intermediate, broad |
| 3 approaches to loss control | financial, systems, practical |
| administration of risk control program | employee & 3rd party, information resource, claim review/suit committees, stewardship report, newsletters, site visits, feedback, visual presence |
| root causes of accidents | unsafe acts, unsafe conditions, uncontrollable events |
| 6 steps in accident prevention | eliminate the hazard, substitute hazardous substance, engineering controls, administrative controls, ppe, training |
| 8 parts of safety & health program | management leadership, accountability, employee participation, hazard assessment, training, reporting/investigation, post-injury management, evaluate program |
| property exposure terms | COPE: Construction, Occupancy, Protection, Exposure |
| property hazard controls | management programs, fire safety, sprinkler system, fire alarm, sprinklers, security |
| fleet risks | property damage, liability, workers' compensation |
| fleet controls | management policy, driver qualification, training, discipline, response to accidents, inspection/maintenance |
| walking surface hazards | slips, trips & falls |
| walking surface controls | surface materials, surface continuity, lighting, spill controls, stair design, maintenance/inspection, engineering controls |
| define ergonomics | fitting the work space to the person instead of making the person fit to the work space |
| ergonomic risk factors | repetitive tasks, excessive force, awkward posture, static loading, personal risk factors, environmental risk factors |
| computer workstation risk factors | repetitive activity, awkward posture, static loading, pressure on tissues, personal factors |
| computer workstation control measures | adjustable workstation, ergonomic chairs, work space organization, adequate lighting, noise control, mouse |
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