Insurance and Jessie Robinson

Questions

1. 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.

• a. Describe the specific risk. (1-3 sentences. 0. 5 points)
• b. What sort of negative outcomes is possible for this type of risk? (1-3 sentences. 1. 0 points)
• c. Would this risk be likely to create unexpected expenses? Why or why not? (1-3 sentences. 1. 0 points)
• d. Describe at least one way you could protect yourself against this risk. (1-3 sentences. 1. 0 points)

2. 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. 0. 5 points)
• b. What sort of negative outcomes is possible for this type of risk? (1-3 sentences. 0. 5 points)
• c. What sorts of positive outcomes are possible for this type of risk? (1-3 sentences. 0. 5 points)
• d. Would this risk be likely to create unexpected expenses? Why or why not? (1-3 sentences. 1. 0 points)
• e. Describe at least one way you could protect yourself against this risk. 1-3 sentences. 1. 0 points)

3. 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 own incomes. Would term life insurance or permanent life insurance be a better choice in this situation? Why? (2-4 sentences. 1. 0 points)

4. 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 important? 4-8 sentences. 3. 0 points)

5. 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. 1. 0 points)

6. 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.

• a. Click the File menu, and then click Save a Copy.
• b. If a Save a Copy dialog box appears, click Save a Copy.
• c. Make sure the Save in 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.
• d. In the Name: field, type Example_Insurance_Application followed by your initials.
• e. Click Save.

7. Follow the instructions below to fill out the Example_Insurance_Application for Jessie Robinson. This is an application for renter’s insurance. (4. 0 points for completing the form correctly according to the instructions below)

• a. Fill out the Applicant Information section of the form using the name Jessie Robinson, the date of birth 7/15/88.
• b. Jessie Robinson is renting an apartment on 785 Maple Avenue in Seattle, WA.
• c. 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.
• d. 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.
• e. List Jessie Robinson’s reason for applying for new insurance as Moving to a new address.
• f. 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? “
• g. 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.
• h. Click the File menu, and then click Save.

8. 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.

• a. Click the File menu, and then click Save a Copy.
• b. If a Save a Copy dialog box appears, click Save a Copy.
• c. Make sure the Save in 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.
• d. In the Name: field, type Example_Insurance_Claim followed by your initials. Click Save.

9. Follow the instructions below to fill out the Example_Insurance_Claim for Jessie Robinson. This is a renter’s insurance claim form. (4. 0 points for completing the form correctly according to the instructions below)

• a. 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.
• b. 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.

10. Describe at least two ways you or someone you know might be at risk for identity theft. (1-2 sentences. 2. 0 points).

11. Describe at least three things you can do to protect yourself from identity theft. (1-3 sentences. 2. 0 points).

12. Describe at least three steps you should take after finding out that your credit card was stolen. (1-3 sentences. 2. points)

Answers 1.

• A. The example of pure risk would be when your house burns down.
• B. A few of the negative outcomes for this type of risk is because there is only a chance of either loss or no loss, but no chance of gain.
• C. This risk would cause unexpected expenses because you do not predict if your house were to burn down so it would cause you to have to purchase a new one.
• D. One way to protect yourself from this risk is to have a home insurance plan that includes insurance for when your house burns down.