Risk manager for a small company - ✔✔plays the role of risk manager but
usually doesn't have the title and has other duties
Risk manager for a mid sized company - ✔✔risk manager
Risk manager for a large company - ✔✔Director of enterprise risk
management, CRO
Risk management process - ✔✔1. identify
, 2. Measure and analyze
3. Select the appropriate techniques (avoid, retain, transfer, control)
4. Implement and monitor
Major insurance company operations - ✔✔sales
underwriting
ratemaking
claims
Agents - ✔✔-legally represents the insurance company (principal) and can
act on their behalf
-principal is responsible for acts of the agent (within the scope of authority)
-has authority to bind
Broker - ✔✔Similar to agents but typically used in commercial lines,
typically don't have authority to bind.
Legally represents insured
Underwriting - ✔✔-selecting, classifying, and pricing applicants for
insurance
-can accept or reject applicants based on underwriting guidelines (set by
Chief Underwriting Officer)
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