1. What is a deductible? How does a deductible affect insurance?:
The amount of expenses you are responsible to be paid out of pocket before an insurer will pay any expenses.
2. What is risk classification?:
Grouping of different risks according to their estimated cost or likely impact, likelihood of occurrence, and countermeasures required.
3. What are riders? How do they affect insurance?:
Riders are supplemental insurance for items or situations that are excluded or limited under the regular policies.
4. What are five elements commonly found in contracts?:
The Offer, The Acceptance, Consideration, Time Requirements, Terms And Conditions.
5. What is a living will? Why is it important to have one?:
A living will is a legal document where you detail what you want to happen to you if you become incapable of making your own decisions due to an accident that impairs you. It’s important because if you are impaired you don't want people making decisions for you especially ones that you would otherwise not want.
Critical Thinking Questions
1. What is the relationship between insurance and successful financial management? Why is insurance important?:
Insurance is important because it protects almost anything, including cars, houses, and even your life. It's important because you can’t get those things back if you didn’t put insurance on them.
2. Consider your home and possessions. What types of risks do you face? What insurance would you recommend to someone in a similar location?
The risks you face a exponential, you risk your house burning down; floods; or even earthquakes. I would recommend homeowners insurance brought to us by nation wide. I would choose this because it covers about 500 dollars per item destroyed by anything and they will rebuild your home if anything happens to it, the disasters are based on your policy.
3. What are personal, property, and liability risks? What are examples of personal, property, and liability risk?:
Personal- bad health and older age, Property- When your property is damaged by weather, Liability- Is if you’re responsible for everything.
4. Why is estate planning important?:
It's important because in order to transfer your things to whomever, you must have everything figured out and dealt with.
5. What is the principle of indemnity? Why is this principle important?:
Indemnity is when a item cannot be reimbursed if it is passed the current economic cost.
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