Brown RMIN 5100s Test 1 Updated Actual
Questions and Correct Answers
Categories of commercial loss exposures
1. property loss
2. personnel loss
3. liability loss
4. net income loss
Property loss
-tangible (real estate, personal property)
-intangible (patent, copyright)
Personnel Loss
death, disability, retirement, injury of employees
, liability loss
your responsibility for bodily injury, property damage, or financial loss to someone
net income loss
reduction in income due to direct loss
Risk management process
1. Identify loss exposures
2. Measure and analyze the loss exposures
3. Consider and select the appropriate risk management techniques
4. Implement and monitor the risk management program
identify loss exposures
first step and most important in the risk management process
How to identify loss exposures
-document analysis
-compliance reviews
-inspections
Questions and Correct Answers
Categories of commercial loss exposures
1. property loss
2. personnel loss
3. liability loss
4. net income loss
Property loss
-tangible (real estate, personal property)
-intangible (patent, copyright)
Personnel Loss
death, disability, retirement, injury of employees
, liability loss
your responsibility for bodily injury, property damage, or financial loss to someone
net income loss
reduction in income due to direct loss
Risk management process
1. Identify loss exposures
2. Measure and analyze the loss exposures
3. Consider and select the appropriate risk management techniques
4. Implement and monitor the risk management program
identify loss exposures
first step and most important in the risk management process
How to identify loss exposures
-document analysis
-compliance reviews
-inspections
