Brown RMIN 5100s Test 1 Questions And Answers 100% Solved

Brown RMIN 5100s Test 1 Questions And Answers 100% Solved 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 -expertise Ways to identify loss exposures with document analysis? 1. risk assessment questionnaires and checklists 2. financial statements 3. contracts 4. insurance policies 5. organizational policies 6. flowcharts & organization charts 7. loss histories