Using the Risk Management Approach for Personal Lines Accounts


Risk management has traditionally been viewed as a business discipline. However, the general principles and practices used in business risk management can also be used in managing the loss exposures faced by individuals and families. These are generally referred to as personal loss exposures, in contrast to business loss exposures, and the phrase "personal risk management" refers to the management of these personal loss exposures.

Insurance producers can best serve their clientele not by merely "selling insurance" but by helping them deal with the risks they face, utilizing insurance as an important tool within the broader context of a risk management program, and using what we might call a "risk management approach."

Learning Objectives

Upon completion of this course, students will be able to:

  • describe the risk management objectives that individuals and families may face and explain factors affecting various clients' objectives
  • apply the steps in the management process to personal lines accounts
  • identify clients' exposures that personal auto policies and homeowners endorsements can address
  • provide personal lines clients with valid, relevant, and practical tips to reduce the frequency and/or severity of auto and homeowners losses

Designed For

P/C insurance producers
International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference publications, and is considered the ultimate authority by leading insurance practitioners. Written by industry experts, IRMI courses provide the most up-to-date, practical and reliable information possible.

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