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Financial Planning Courses: Insurance and Risk Management

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1.
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?
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Disability insurance. Disability insurance provides financial benefits if you should become unable to work due to a disabling illness or injury.
2.
Insurance can help you manage _______.
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Financial loss due to risk. Insurance is not designed to help you manage risk itself, but rather the financial losses caused by risk.
3.
Before buying an insurance policy, you should determine _______.
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How much of the risk you can assume yourself. Determining this will affect the coverage you select and the premiums you pay.
4.
Financial risks can be caused by _______.
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Any of the above. Anything unexpected that has an adverse effect on your financial goals is financial risk.
5.
Premiums for insurance are based partly upon the likelihood of a negative event occurring.
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True. That likelihood, as well as other factors such as the amount of benefits to be paid, determine the premiums you must pay for the insurance.