Difference between revisions of "Branded Risk Classifications"
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Because of the double letters '''LL''' and '''RR''', and the fact that the middle 3 letters spells a word, I can memorize that pretty easily. Then you just have to remember what the letters stand for, but the different kinds of risks should all be familiar to you so this list shouldn't be too hard to remember. | Because of the double letters '''LL''' and '''RR''', and the fact that the middle 3 letters spells a word, I can memorize that pretty easily. Then you just have to remember what the letters stand for, but the different kinds of risks should all be familiar to you so this list shouldn't be too hard to remember. | ||
| − | I would read over the definitions but I don't think you need to specifically memorize them because most of them are pretty obvious based on general knowledge. If you're asked for the definition of any of these terms on the exam, you could probably come up with an acceptable answer even if it isn't word-for-word what's given in the table. You | + | I would read over the definitions but I don't think you need to specifically memorize them because most of them are pretty obvious based on general knowledge. If you're asked for the definition of any of these terms on the exam, you could probably come up with an acceptable answer even if it isn't word-for-word what's given in the table. You spend a few minutes to see if you can do that and if there are any for which you can't give a reasonable answer, then go ahead and memorize those. |
| + | |||
| + | The second part of what you may need to know from this section on ''Branded Risk Classifications'' is which risks are associated with each IRIS ratio. You could probably figure out most of them based on general knowledge but here's a summary table: | ||
| + | |||
| + | :{| class='wikitable' | ||
| + | |||
| + | |- | ||
| + | !! Ratio # | ||
| + | !! Description | ||
| + | !! Branded Risks | ||
| + | |||
| + | |- | ||
| + | || 1 | ||
| + | || GROSS PREMIUMS WRITTEN TO POLICYHOLDERS’ SURPLUS | ||
| + | || PR/UW, ST | ||
| + | |||
| + | |} | ||
Revision as of 16:13, 9 June 2022
The topic of "Branded Risk Classifications" has recently been been added to the IRIS reading and below is the table provided. If you look at the "Risk" column, you'll see they listed the risks in alphabetical order, which I thought was helpful. My memory trick is to take the first letter of each but split the list of 9 items into 3 groups:
- CLL – MOP – RRS
Because of the double letters LL and RR, and the fact that the middle 3 letters spells a word, I can memorize that pretty easily. Then you just have to remember what the letters stand for, but the different kinds of risks should all be familiar to you so this list shouldn't be too hard to remember.
I would read over the definitions but I don't think you need to specifically memorize them because most of them are pretty obvious based on general knowledge. If you're asked for the definition of any of these terms on the exam, you could probably come up with an acceptable answer even if it isn't word-for-word what's given in the table. You spend a few minutes to see if you can do that and if there are any for which you can't give a reasonable answer, then go ahead and memorize those.
The second part of what you may need to know from this section on Branded Risk Classifications is which risks are associated with each IRIS ratio. You could probably figure out most of them based on general knowledge but here's a summary table:
! Ratio # ! Description ! Branded Risks 1 GROSS PREMIUMS WRITTEN TO POLICYHOLDERS’ SURPLUS PR/UW, ST
