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New Course
Concept
Coverage Continuity
Coverage continuity
refers to the
seamless transition
and
maintenance of insurance
or
service coverage
without any gaps, ensuring
uninterrupted protection
or
service provision
. This concept is crucial in
minimizing risk
and ensuring compliance with regulatory or contractual obligations.
Relevant Fields:
Probability and Statistics 57%
Data Management and Processing 29%
Marketing and Sales 14%
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Concept
Risk Management
2
Risk management
involves identifying, assessing, and
prioritizing risks
followed by
coordinated efforts
to minimize, monitor, and
control the probability
or
impact of unfortunate events
. It is essential for ensuring that an organization can achieve its objectives while safeguarding its assets and reputation against
potential threats
.
Concept
Insurance Policy
An
insurance policy
is a
contractual agreement
between an insurer and the insured, where the insurer provides
financial protection
against
specified risks
in exchange for
premium payments
. It outlines the terms, conditions,
coverage limits
, and exclusions, serving as a safeguard against potential
financial losses
from
unforeseen events
.
Concept
Regulatory Compliance
1
Regulatory compliance
involves adhering to laws, regulations, guidelines, and specifications relevant to an organization's
business processes
. It is essential for mitigating
legal risks
, ensuring
ethical conduct
, and maintaining
operational integrity
across
various sectors
.
Concept
Service Level Agreement
A
Service Level Agreement
(SLA) is a
formalized contract
between a
service provider
and a client that defines the
level of service
expected, including metrics, responsibilities, and expectations. It serves as a crucial tool for managing
client expectations
, ensuring accountability, and providing a clear framework for
service delivery
and
performance evaluation
.
Concept
Policy Renewal
Policy renewal
is the process of extending the term of an
existing insurance policy
, often involving a
review of the policy terms
and premiums. It ensures
continuous coverage
for the policyholder while allowing the insurer to
reassess risk
and
adjust terms
accordingly.
Concept
Contractual Obligations
Contractual obligations
are the
specific duties
and responsibilities that each party agrees to perform as part of a
legally binding agreement
. These obligations are
enforceable by law
, meaning that failure to fulfill them can result in
legal penalties
or remedies for the
aggrieved party
.
Concept
Gap Analysis
Gap analysis
is a
strategic tool
used to compare
actual performance
with potential or
desired performance
, identifying areas where improvements are needed. It helps organizations to understand the difference between their
current state
and their goals, enabling them to develop
targeted strategies
to bridge these gaps.
Concept
Customer Retention
Customer retention
refers to a
company's ability to keep its customers
over a period of time, which is crucial for ensuring
long-term profitability
and growth. It involves
strategies and activities
aimed at
increasing customer loyalty
and
reducing churn
, often by
enhancing customer satisfaction
and engagement.
3