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Finance

QuestionAnswer
Liability insurance Covers if someone else is liable for wrecking you
5 steps of risk management process (1) Identify your risk exposure (2) Evaluate your potential losses (3) Choose the most appropriate risk management tool (4) Implement risk management plan (5) Periodically re-evaluate your plan
Why pay for life insurance in older adulthood? Burial costs
What should I look out for renter's insurance? Ask for replacement cost, not fair market price
Rider on policy Any insurance above and beyond what is already covered in generalized insurance plan
Rider on policy Any insurance above and beyond what is already covered in generalized insurance plan
Rider on policy Any insurance above and beyond what is already covered in generalized insurance plan
Is theft small risk or large risk? Small
Is auto accident small or large risk? Large
Law of large numbers as size of pool of identical risk gets larger, the expected loss gets more predictable
Insurers create risk pools of many individuals. If someone has no loss or claim, could they still pay more? Yes.
Insurers create risk pools of many individuals. If someone has no loss or claim, could they still pay more? Yes.
Who pays if losses exceed total premiums collected? Insurance company
Who pays if losses exceed total premiums collected? Insurance company
What are 3 problems with small pools? 1. Chance of exceeding the dollars in the pool 2. Hard to get pool members to pay extra later 3. Pools likely to have correlated risks.
What are 3 problems with small pools? 1. Chance of exceeding the dollars in the pool 2. Hard to get pool members to pay extra later 3. Pools likely to have correlated risks.
Nonrandom risks intentional acts (war, suicide)
Nonrandom risks intentional acts (war, suicide)
Unpredictable risks risk such as environmental damage and medical malpractice
Unpredictable risks risk such as environmental damage and medical malpractice
Unpredictable risks risk such as environmental damage and medical malpractice
Created by: kevinhurd