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Financial Planning Courses: Insurance and Risk Management

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1.
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.
2.
If you take out a loan and then lose your job shortly afterward, what form of insurance would protect you financially if you default on your loan?
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Credit insurance. Credit insurance is made for scenarios like this.
3.
There are many ways to manage risks in your financial life. For example, not taking any steps at all to reduce the risk of financial loss is called _______.
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Assuming risk. In this scenario, you assume the risk yourself, along with having to pay for the financial consequences.
4.
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.
5.
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.