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Financial Planning Courses: Insurance and Risk Management

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1.
What form of insurance would pay for the costs of assisted living?
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Long-term care insurance. This form on insurance covers costs of caring for you over a long period.
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.
It is possible to determine the mathematical probability of risk occurring and the financial risk at stake.
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True. This is what insurance actuaries do. The results of their calculations are factored into the premiums you pay.
4.
An insurance deductible amount is an example of _______.
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Sharing risk. By sharing risk with an insurer through a co-pay or deductible amount, you can lower your insurance premiums.
5.
To find out what is not covered under an insurance policy, you should consult the exclusions section.
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True. The exclusions section lists what the policy will not cover.