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Question for OT insurance gurus and professionals
Posted on 11/19/19 at 11:43 am
Posted on 11/19/19 at 11:43 am
Chalk this up to things I never thought I'd have to ask.
Is "risk deference" a thing in the insurance world? I'm working on something about risk response methods (avoidance, transfer, mitigation, acceptance, and deference).
I assume it means "to defer".. but "deferrence" or some variation of that is not a word (to my knowledge).
Synonyms for deference include acquiescence and submissiveness.. so I guess to a degree those kind of fit with deferring?
The subject matter expert gave me this:
Here is a picture of a hot chick for your troubles:
Is "risk deference" a thing in the insurance world? I'm working on something about risk response methods (avoidance, transfer, mitigation, acceptance, and deference).
I assume it means "to defer".. but "deferrence" or some variation of that is not a word (to my knowledge).
Synonyms for deference include acquiescence and submissiveness.. so I guess to a degree those kind of fit with deferring?
The subject matter expert gave me this:
quote:
Risk deference occurs when the franchise decides not to address a risk. It’s possible the franchise does not have the time or resources to plan an appropriate response or they feel the risk is extremely unlikely to occur.
Here is a picture of a hot chick for your troubles:
11
Posted on 11/19/19 at 11:55 am to sweetwaterbilly
May want to also post on the Money Board
Posted on 11/19/19 at 11:57 am to Major Dutch Schaefer
Thanks I’ll RA to move
Posted on 11/19/19 at 11:58 am to sweetwaterbilly
quote:
"deferrence" or some variation of that is not a word (to my knowledge)
Your knowledge is a few fries short of a happy meal then
Posted on 11/19/19 at 11:58 am to sweetwaterbilly
I think it’s Risk Transference.
Posted on 11/19/19 at 11:58 am to sweetwaterbilly
Thanks for the picture. Unfortunately it distracted me from reading your post.
Good luck in your future endeavors though.
Good luck in your future endeavors though.
Posted on 11/19/19 at 12:29 pm to sweetwaterbilly
NSFW dang.
Posted on 11/19/19 at 12:32 pm to sweetwaterbilly
submission.
Posted on 11/19/19 at 12:33 pm to sweetwaterbilly
Well you’ve certainly come to the right place for advice
Posted on 11/19/19 at 2:35 pm to sweetwaterbilly
I would assume that it refers to deferring of coverage for a particular risk (fire/flood/mold). Most policies are blanket homeowners policies with standard language. You can add riders such as mold remediation and coverage of outbuildings to most any policy. Deferment of risk infers that a risk or coverage has been waived.
Posted on 11/19/19 at 3:14 pm to sweetwaterbilly
defer - to put off to a future time; to delay
Given the definition you provided, this makes sense. The franchise defers addressing the risk because they're not able or they feel it's unlikely to occur.
Posted on 11/19/19 at 3:22 pm to sweetwaterbilly
Need some more context tbh. Most notably are you getting that wording from a policy written in a non standard market? There can often be more differences than you think in common words when used in policies issued here in the USA versus those underwritten by Lloyd’s for example.
Posted on 11/19/19 at 3:26 pm to sweetwaterbilly
Great set of titties.
I would think insurance is risk deference.
You are deferring the risk from your pocket to the insurance company.
I would think insurance is risk deference.
You are deferring the risk from your pocket to the insurance company.
Posted on 11/19/19 at 3:38 pm to OysterPoBoy
quote:
You are deferring the risk from your pocket to the insurance company.
No that is transfer. You think you are going to have a loss so you exchange money for protection basically.
I have never heard the term risk deference in this industry, but like someone said earlier, is this language in a non standard policy? If so, read the definition.
Posted on 11/19/19 at 3:53 pm to anewguy
quote:
anewguy
Are you a disciple of Cox/Liebenberg as well?
In initial post I think OP is describing deference as a risk that is not likely to occur (miniscule opportunity) and if it does occur then the severity would be extremely low and able to be assumed by normal operation and present coverages afforded. This risk isn't addressed because it is low impact and not likely.
Posted on 11/19/19 at 4:05 pm to Saskwatch
quote:
Are you a disciple of Cox/Liebenberg as well?
Sure am!
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