Definition of "Identification"

Preston  Murphy & Diane Harmon real estate agent

Written by

Preston Murphy & Diane Harmonelite badge icon

Keller Williams Realty

First step in the risk management process. The objective is to determine the sources of losses. For example, the profit and loss statement of a business firm not only shows the sources of its earnings but identifies exposures that these sources face from various perils, such as worker injuries, ill-designed products, and hazardous manufacturing conditions.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Protection under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of ...

Rule that provides four requirements for monitoring the independent agent distribution system: The insurance company must be involved in the training of the independent agent. The ...

Arrangement, often funded by life insurance, to continue an employee's salary in the form of payments to a beneficiary for a certain period after the employee's death. The employer itself ...

Right to sell a given security at a stipulated price until a future expiration date. For example, assume the "None-Do-Well" company's stock has a market value of $20. Investor A sells ...

Same as term Excess of Loss Reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the ...

Automatic reinsurance that requires the insurer to transfer, and the re insurer to accept, a given percentage of every risk within a defined category of business written by the insurer. For ...

Agents, managers, and office personnel serving in the branches of an insurance company. ...

Liability insurance coverage, primarily for shipyards for ocean marine risks, provided in much the same manner as umbrella liability insurance for nonmarine risks. Coverages may be provided ...

Process used to determine the amount of life insurance required on the life of the prospective insured. The process involves an analysis of the prospective insured's current financial ...

Popular Insurance Questions