Financial Services _Çô Client Services RFC121 Chapter Notes - Chapter 8: Vehicle Insurance, Liability Insurance, Risk Management
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5 Jun 2018
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Chapter 8
Home and Automobile Insurance
Learning Objectives - Chapter 8
Develop a risk management plan using insurance.
Discuss the importance of property and liability insurance.
Explain the insurance coverage and policy types available to
homeowners and renters.
Analyze factors that influence the amount of coverage and cost of
home insurance.
Identify the important types of automobile insurance coverage.
Evaluate factors that affect the cost of automobile insurance.
Learning Objective # 1
Develop a risk management plan using insurance.
Insurance and Risk Management
▪ Insurance is protection against possible financial loss.
▪ An insurance company, or insurer, is a risk-sharing firm that assumes
financial responsibility for losses from an insured risk.
▪ People purchase a policy (a written contract of insurance) and the firm
assumes
a risk for a fee called the premium (the amount of money a policy holder
is charged for an insurance policy)
▪ Insured is a person covered by an insurance policy
▪ A person who owns an insurance policy is the policyholder.
Types of Risk
▪ Risk is change or uncertainty of loss.
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