- Explain why insurance is an essential part of a healthy financial plan.
- Identify ways to lower the cost of insurance premiums.
- Identify insurance for the types of risks that young adults might face.
- Identify common types of risks.
- Distinguish between necessary and unnecessary types of coverage.
- Understand the importance of identify theft protection.
- Understand the importance of property and liability protection.
- Differentiate between term and cash value life insurance.
- Explain how one becomes self-insured.
- Examine the purpose and importance of a will.
- Know what types of insurance to avoid and why.
- Make a copy of this Google Document, rename the file My Risks-(Your Initials), and move it into your Chapter 9 folder.
- Complete the document as directed within.
- Make a copy of this Google Document, rename the file Rent Insurance-(Your Initials), and move it into your Chapter 9 folder.
- Before you start, remember that replacement cost refers to the cost of the item if replaced from the store. Whereas an item’s value is the current value of the item; what you could get for the item if you sold it.
- Use the document to make a list of your personal possessions you would take with you if you went away to college. Search the internet for stores currently offering these items as new to obtain their replacement cost. Estimate the value of each item and calculate the total value. Then go online and obtain a no obligation renter’s insurance quote based on the value of your possessions. How much would it cost to insure them?