Abstract: A method for evaluating and managing short term risk includes the steps of identifying a population of risks, assigning baseline factors to risks in the population, developing, by a statistical regression technique, a table of modification factors, modifying the baseline factors assigned to the risk and generating one or more quotes for insurance coverage using the modified factors. A system with which the method may be practiced includes first and second computers, and programs to allow a user of the second computer to generate one or more quotes on the first computer for review and consideration. The system and method allow for more precise and rigorous analysis and underwriting of certain short term risks.