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Financial Planning Courses: Insurance and Risk Management

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1.
Before buying an insurance policy, you should determine _______.
Choose wisely. There is only one correct answer.
How much of the risk you can assume yourself. Determining this will affect the coverage you select and the premiums you pay.
2.
Insurance is used to manage what?
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Financial risk. Insurance is not made to manage the other options. Its purpose is to manage the financial risks that we suffer.
3.
The more risk you transfer to an insurance company, the _______ your premiums will be.
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Higher. Premiums will rise to compensate the insurance company for taking on your risk.
4.
What form of insurance would pay for the costs of assisted living?
Choose wisely. There is only one correct answer.
Long-term care insurance. This form on insurance covers costs of caring for you over a long period.
5.
If you injure yourself at work and become unable to perform your duties, what form of insurance is designed to pay you benefits for a certain length of time?
Choose wisely. There is only one correct answer.
Disability insurance. Disability insurance provides financial benefits if you should become unable to work due to a disabling illness or injury.