Loss-control activities

(redirected from Loss Control Activities)

Loss-control activities

Actions that an insured person or company takes at the instigation of an insurance company in order to prevent accidents or losses.

Loss-Control Activities

In insurance, actions taken by a policyholder at the behest of the insurance company to ensure that reasonable steps are taken to avoid a situation on which a claim might be made. For example, if a loss-of-income insurance policy covers a situation in which an employee's long-term injury results in a loss of production, the insurance company may require the policyholder to put in place appropriate safety measures to minimize claims. One does not conduct loss-control activities for policies that cover loss of income due to acts of God, such as tornados or hurricanes, but rather for policies covering primarily or exclusively foreseeable incidents.
References in periodicals archive ?
Marine Advisory Services also conducts loss control activities for underwriting purposes.
Marine advisory services staff also conducts loss control activities for underwriting purposes.
Loss control activities such as risk assessments can favorably affect a company's EMR and subsequently lower worker's compensation insurance costs.
Risk managers must implement environmental loss control activities with the cooperation of line personnel since those individuals have the most intimate knowledge of the opportunities to prevent or reduce loss in the work process.
Marine advisory services staff also conduct loss control activities for underwriting purposes.
Forming a captive increased our commitment to the entire organization's loss control activities," Ms.
Linking loss control and organizational strategies can provide a foundation for establishing comprehensive, consistent and implementable loss control activities.
This is a finding contrary to the prior studies such as Michel-Kerjan and Kunreuther (2011) and Botzen, Wouter and van den Bergh (2012) which suggest that the expectation of ex post public compensation on flood damage lowers the insurance demand and discourages the loss control activities.
Risk managers in a number of industries are using GIS-based models to help plan loss control activities.
For starters, it is vital for risk managers to convince local managements of the importance to the corporation of risk exposure identification, loss control activities, tax liability minimization and premium allocation.
Their "hands on" experience of more than 80 years of construction-related loss control activities enable the engineer to assist in developing solutions that can be effective in the unique environment of the dynamic construction site.
Their "hands on" experience of more than 54 years of loss control activities enable the engineer to assist in developing solutions that can be effective in the unique environment of outside work activities.