AINS 103 second section Exam with verified ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
answers
Terms in this set (40)
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
Original
supply chain risk
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effects supply, manufacturing, shipping, warehousing, distribution, sales.
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
Consequences of supply chain issues ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
reduced revenue, increased costs to overcome disruption, additional costs to avoid future
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
disruptions.
internal supply chain exposures:
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directly related to where and how insureds operates
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location risk ||\\|//||
insureds location gets affected (ex. warehouse catches on fire)
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infrastructure risk ||\\|//||
, supporting infrastructure will be affected (ex. power outage) ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
production bottlenecks ||\\|//||
insured's processes interrupted (machinery breaks down) ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
supply sourcing ||\\|//||
insured can't get supplies ||\\|//|| ||\\|//|| ||\\|//||
information technology ||\\|//||
insured can't exchange data efficiently w/ other systems due to system failure - also effects
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
strikes and employment ||\\|//|| ||\\|//||
external exposures -> largely outside of insureds control
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
natural or manmade catastrophes, loss of supply due to external events, changes in
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
demand, financial risks ( increase in interest rates, increase in cost of raw materials)
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
political and regulatory risks - taxes, govt regulations, govt seizure of prop.
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
Commercial Package Policy ||\\|//|| ||\\|//||
prop coverage, liability coverage and crime coverage. Created by ISO, eliminates the need
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
to buy many separate policies. typically used to mid-size to large biz.
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
answers
Terms in this set (40)
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
Original
supply chain risk
||\\|//|| ||\\|//||
effects supply, manufacturing, shipping, warehousing, distribution, sales.
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
Consequences of supply chain issues ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
reduced revenue, increased costs to overcome disruption, additional costs to avoid future
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
disruptions.
internal supply chain exposures:
||\\|//|| ||\\|//|| ||\\|//||
directly related to where and how insureds operates
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
location risk ||\\|//||
insureds location gets affected (ex. warehouse catches on fire)
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
infrastructure risk ||\\|//||
, supporting infrastructure will be affected (ex. power outage) ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
production bottlenecks ||\\|//||
insured's processes interrupted (machinery breaks down) ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
supply sourcing ||\\|//||
insured can't get supplies ||\\|//|| ||\\|//|| ||\\|//||
information technology ||\\|//||
insured can't exchange data efficiently w/ other systems due to system failure - also effects
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
strikes and employment ||\\|//|| ||\\|//||
external exposures -> largely outside of insureds control
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
natural or manmade catastrophes, loss of supply due to external events, changes in
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
demand, financial risks ( increase in interest rates, increase in cost of raw materials)
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
political and regulatory risks - taxes, govt regulations, govt seizure of prop.
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
Commercial Package Policy ||\\|//|| ||\\|//||
prop coverage, liability coverage and crime coverage. Created by ISO, eliminates the need
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
to buy many separate policies. typically used to mid-size to large biz.
||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||
