Risk Management

Card Set Information

Risk Management
2012-09-24 15:23:14
Allstate risk

Allstate Training
Show Answers:

  1. RMCOE
    Risk Management Center of Expertise

    (Home Office)
  2. FPMO
    Field Product Management Office

    (regional offices)
  3. QRT
    Quality Review Team (within RMBC)
  4. Written Premium
    total $ amount customers have committed to pay for insurance at a given point in time.
  5. Earned Premium
    Portion of written premium for which the insurance company has already provided insurance protection.
  6. Risk
    The subject of insurance or the uncertainty that a loss may occur.
  7. Risk Management
    Group of techniques used by insurance companies to prevent losses or control the frequency or severity of losses.
  8. Field Support
    Responsible for processsing new business and renewal policies, as well as discuss risk management philosophy, policy and procedres with agents.
  9. FPMO
    Responsible for Regional profitability through the development of RMPs
  10. Risk Selection
    Process of choosing those individuals, businesses, or properties that meet a particular insurance company's guidelines for acceptance.
  11. Correct Class (CCP)
    Processes which are designed to ensure we are complying with our filed rate plan and to ensure adequate premium is being obtained for risks.
  12. Risk Classification
    Placing the selection of customers who have the potential for large or frequent claims into the correct pricing structure to accommodate the exposure.
  13. Adverse Selection
    When More people than greater than average exposure to losses buy insurance than do people with less than average exposures.
  14. PQB Report
    Pre-Qualifying Business process that results in a profile of the applicant or insured, including an MVR, a credit report, and a LIS report.
  15. MVR
    Motor Vehicle Report
  16. RMP
    Risk Management Policy

    Eligibility and administrative requirements developed by Allstate and used to evaluate new business, support risk selection and maintain adequate rates.

    aka guides, guidelines, or eligibility requirements