Assignment Example: Insurance and Consumer Protection

(Score for Question 1: ___ of 3.5 points)

Think of a real or made up but realistic example of a pure risk that you or someone you know may face, and then answer the questions below.

Describe the specific risk. (1-3 sentences. 0.5 points)

A persons land being destroyed by floods or any other natural disaster

What sort of negative outcomes is possible for this type of risk? (1-3 sentences. 1.0 points)

The person will lose his or her produce, lose the entire land or destroy other things located in that land.

Would this risk be likely to create unexpected expenses? Why or why not? (1-3 sentences. 1.0 points)

It develops expenses such as the cost of destruction of properties and crops, cost of leveling or restructuring the land and others.

Describe at least one way you could protect yourself against this risk. (1-3 sentences. 1.0 points)

I may apply for land insurance covers which protect the land from natural disasters.

(Score for Question 2: ___ of 3.5 points)

Think of a real or made up but realistic example of a speculative risk that you or someone you know may face, and then answer the questions below.

(a) Describe the specific risk. (1-3 sentences)

Business investment by investors is a speculative risk because a person may be failures which may destroy the business.

What sort of negative outcomes is possible for this type of risk? (1-3 sentences. 0.5 points)

Loss of the entire business

Loss of profit

Business failures

What sorts of positive outcomes are possible for this type of risk? (1-3 sentences. 0.5 points)

Success due to less competition

High profit and subsequent business boom for the firm

Would this risk be likely to create unexpected expenses? Why or why not? (1-3 sentences. 1.0 points)

The investors will set aside money to protect themselves from unforeseen happenings during startup or while maintaining the business.

Describe at least one way you could protect yourself against this risk. (1-3 sentences. 1.0 points)

I will apply for business insurance covers so that they will recover my investment in case of losses.

(Score for Question 3: ___ of 1.0 points)

Imagine that you are a parent with young children. You want to get life insurance to protect your children financially until they are old enough to produce their incomes. Would term life insurance or permanent life insurance be a better choice in this situation? Why? (2-4 sentences)

Answer:

Permanent life insurance is the best option because it covers the children forever even the time you will have died.

(Score for Question 4: ___ of 3.0 points)

Describe two types of insurance that you have or are likely to have at some point in your life. What risks are these insurance plans protecting you against? Why do you think these types of insurance are essential? (4-8 sentences)

Answer:

Health insurance and permanent life insurance. Health insurance will help pay for my healthcare services while permanent life insurance is important for all my life because of lifelong protection.

(Score for Question 5: ___ of 1.0 points)

List four valuable items that might be kept in an apartment or house. Next to each item, write the estimated dollar amount that each item might be worth. (Complete sentences are not necessary.)

Answer:

Clothes-$400, furniture-$800, electronics-$1500, and kitchen appliances-$1200

In your Section_6 folder, navigate to and open the Example_Insurance_Application, and then complete the steps below to save a copy of the file with your initials in your Section_6 folder.

(b) Click the File menu, and then Click Save a Copy.

If a Save a Copy dialog box appears, click Save a Copy.

Make sure the Save in the drop-down list is set to your Section_6 folder. If not, click the drop-down list, then click Local Disk (C:), then double-click your course folder, and then double-click the Section_6 folder.

In the Name: field, type Example_Insurance_Application followed by your initials.

Click Save

(Score for Question 7: ___ of 4.0 points)

Follow the instructions below to fill out the Example_Insurance_Application for Jessie Robinson. This is an application for renter's insurance. (for completing the form correctly according to the instructions below)

(c) Fill out the Applicant Information section of the form using the name Jessie Robinson, the date of birth 7/15/88, the SSN 888-88-8888, and the email address jessierobinson@example.com. Jessie Robinson is not retired.

Jessie Robinson is renting an apartment at 785 Maple Avenue in Seattle, WA. The zip code for the address is 00448.

Imagine what Jessie Robinson's answers to the yes and no questions under Coverage Information might be. TIP: There are no right or wrong answers, but make sure to answer each question.

Choose a date for Jessie Robinson's coverage to begin and the number of years Jessie has had insurance coverage. TIP: There are no right or wrong answers, but be sure to answer each question.

List Jessie Robinson's reason for applying for new insurance as Moving to a new address.

List the estimated cost of the four household items you determined in question 5 above as the answer to "How much personal property coverage do you need?"

Imagine whether Jessie Robinson has animals, and then list what kind. TIP: Consider your answer to the question "Do you have an animal that is vicious or attack trained, or that has previously bitten or injured anyone?" before you answer this question.

Click the File menu, and then click Save.

In your Section_6 folder, navigate to and open the Example_Insurance_Claim, and then complete the steps below to save a copy of the file with your initials in your Section_6 folder.

(d) Click the File menu, and then Click Save a Copy.

If a Save a Copy dialog box appears, click Save a Copy.

Make sure the Save in the drop-down list is set to your Section_6 folder. If not, click the drop-down list, then click Local Disk (C:), then double-click your course folder, and then double-click the Section_6 folder.

In the Name: field, type Example_Insurance_Claim followed by your initials.

Click Save.

(Score for Question 9: ___ of 4.0 points)

Follow the instructions below to fill out the Example_Insurance_Claim for Jessie Robinson. This is a renter's insurance claim form. (for completing the form correctly according to the instructions below)

(e) Use the information from the Insurance_Application form you filled out in question 7 above to fill out the Insurance Policyholder Information section of the Insurance_Claim form. TIP: Jessie Robinson's phone number is 206-999-0000.

Fill out the rest of the form with a realistic loss Jessie might have suffered, such as a fire, flood, or robbery. Imagine how severe the damage was and what, if any, evidence Jessie has of the loss. Describe what happened and list at least two damages or injuries the loss caused. Estimate the total cost of the loss.

(Score for Question 10: ___ of 2.0 points)

Describe at least two ways you or someone you know might be at risk for identity theft. (1-2 sentences)

Answer:

Paying bills using online platforms and stolen credit cards or drivers license

(Score for Question 11: ___ of 2.0 points)

Describe at least three things you can do to protect yourself from identity theft. (1-2 sentences)

Answer:

1. Using strong passwords in any of my accounts

2. Using only essentials and leaving cards or other documents

3. Avoiding personal sharing information on social media

(Score for Question 12: ___ of 2.0 points)

Describe at least three steps you should take after finding out that your credit card was stolen. (1-3 sentences)

Answer:

1. Reporting the issue to relevant bodies for your account to be blocked and contacting police.

2. Filling report concerning the status of your bank account and applying for another credit card.

3. Doing follow-ups to ensure the problem has been resolved.