What is a hold harmless?
Hold-harmless, indemnification, and additional insured provisions are all parts of the standard property insurance contract. While the indemnification clause and the additional insured provision may be part of a property policy, a hold-harmless agreement is generally a non-insurance transfer.
What is a general contractor?
Agreeing to serve as a general contractor in a construction project. A general contractor accepts fully responsibility for a construction project. This company may contractually transfer some legal liability to a sub-contractor.
Why does avoidance make sense?
Avoidance makes sense when the losses are greater than the benefits. A risk manager who frequently uses avoidance for projects: A risk manager who frequently advocates avoidance may not be solicited for input because they may get a reputation for wanting to avoid risks too frequently.
What are the steps of risk management?
The conventional risk management process is comprised of five distinct steps or activities: 1) Identify risks, 2) Quantify and analyze risks, 3) Evaluate treatment options, 4) Implement treatments, and 5) Monitor and make adjustments. Click again to see term 👆. Tap again to see term 👆. Nice work!
What is Fortuitous Risk?
A variation from the expected outcome. Fortuitous risk is also known as insurable risk. Both terms denote only the risk of loss - an adverse outcome. Risk can also be speculative, where a gain is possible.
What is risk map?
A simple risk map plots each individual risk as a Cartesian product of the severity and frequency of loss. Avoidance is a valid risk treatment when: The potential benefits of the risk can be proven to be unfeasible. Risk, by definition is the uncertainty and volatility of outcomes.
What is broker of record letter?
A broker-of-record letter will protect the insured in cases where the insurer transfers the account from one underwriter to another underwriter. False. An insurer may transfer the account from the control of one underwriter to another to make their operations more efficient.
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