A
It incurred as a result of damage to lives and properties from out of negligence or ineffective actions of management.
Loss / Losses
_______ of legal defense
Cost
Arising from potential legal liability
Loss Prevention
Often associated with liability losses that arise from _______ common sources:.
3 / Three
Identify the jumbled words below:
TNOOSRLMEAGMNCNEOTLSAA
Loss Control Management
_____________ when firm’s product injure the public
Product liability
YES or NO?
Insurance helps offset covered loss but UNINSURED costs have the BIGGEST impact!
YES
Type of Loss when there is damage to lives and properties, e.g. fire, explosion.
Direct / Direct Loss
Payment of ____________ out of negligently injuring someone
Legal Damages
Prevention of Loss from Occurring
Pre Loss
"________ Is most Effective"
Prevention
Contain the extent of losses after they occur
Post Loss
____________ from injury while at work
Workers compensation
Type of Loss when direct loss causes expenses to increase and revenue to decline
Indirect / Indirect Loss
Employment practices liability from _____ by employees from wrongful HR processes
lawsuits
Environmental impairment liability from violating _________ laws
environmental
Insurance helps offset covered loss but UNINSURED costs have the ______ impact!
BIGGEST
What are the three actions loss control is directed at?
Answer: Prevention Reduction Elimination
__________ when firm’s product injure the public
Product liability
Loss Control Management focuses on _____________ over reaction
Prevention
Besides professional techniques and financial goals, what specific human quality must management show toward its workers to ensure a successful Loss Control Program?
Sympathy
When an incident occurs, which category of cost is more difficult to identify and measure: the direct damage to physical property or the indirect loss of potential income?
Indirect Loss of potential Income
BONUS QUESTION!
What Year Did Ar. Rojayne Sibayan Passed the ALE
2017
Give ONE Major Source of Potential Loss
Unsafe conditions
Unsafe practices
The first step of Loss Control Management.
Identification
Identification of risk exposures