Understanding Risk and the Fundamentals Behind Insurance
Introduction to RiskAn introduction to the concept of risk, the types of risk and how we manage those various risks through financial planning.Ways Of Managing Ri...
Your Guide to Understanding Auto Insurance
Introduction to Auto InsuranceA basic overview of auto insurance policies.Property CoverageThe property coverage part of your personal auto policy covers repa...
Everything You Need to Know About Life Insurance
Introduction To Life InsuranceYour primary purpose with life insurance is to ensure that, in the unfortunate event of your passing, all of your obligations are taken...
Cheater’s Guide to Homeowners Insurance Policies
Introduction to Homeowners InsuranceThere are multiple risk exposures in home ownership. Not only is the potential loss or damage of the residence a factor, but there...
Averse to Risk? Most of us Are
[R]isk aversion is a trait common to most individuals. This is why we buy insurance. Most people must be compensated for accepting additional risk. This is wh...
How Much Does Risk Cost? It’s too Expensive to Ignore
[R]isk is expensive. Most people are risk averse. Both people and companies must be compensated in some way for accepting more risk. This is why individuals with p...
What are the Steps in Managing Risk?
[W]ith financial planning our goal is to minimize the cost of risk. Our primary tool in minimizing this cost is insurance, which transfers risk in exchange for payment (...
Ways of Managing Risk
[T]here are four main ways to manage risk: risk avoidance, risk transfer, risk reduction and risk retention. Each is applicable under different circumstances. Some ways o...
Introduction to Risk
[R]isk is uncertainty. Risk is the variability around an expected outcome. The larger the variability, the higher the uncertainty, the larger the risk. Risk is per...
Homeowners Insurance Policies: Coverage A
Coverage A, Dwelling, attached structures coverage: Dwelling and attached structures are included. Structures under construction as well as building materials located on...
Homeowners Insurance Policies: Coverage B
Coverage B, Other structures, separated structures:Covers all detached structures, i.e. storage shed, detached garage, fence, gazebo, etc. Under HO3, combined covera...
Homeowners Insurance Policies: Coverage C
Coverage C, Unscheduled personal property:Covers personal property that is owned and used by the policyholder. Property does not have to be located at residence, but...
Homeowners Insurance Policies: Coverage D
Coverage D, Loss of use:Covers costs of losses when dwelling is unable to be occupied. This can be due to either damage or partial damage to the home, evacuation due...
Homeowners Insurance Policies: Coverage E
Coverage E, Personal liability:Covers costs up to liability limit for defense costs, accidental damages and other related costs resulting from damage to property or i...
Homeowners Insurance Policies: Coverage F
Coverage F, Medical payments:Covers medical expenses for third-parties injured both on the premises (with permission) and off the premises. Injuries on the premises...
Coverages Available for Homeowners Insurance Policies
[H]omeowners policies provide six main types of coverage, labeled A-F. Other minor coverages are often written into the policy. Coverages are typically based on dwelling...
Introduction to Homeowners Insurance
[T]here are multiple risk exposures in home ownership. Not only is the potential loss or damage of the residence a factor, but there exists the possibility of damage to d...
Details of Universal Life Insurance Policies
Premiums: Flexible First year premium is required, but much flexibility exists thereafter as long they remain within annual minimums and maximums.Savings Accumulatio...
Introduction to Universal Life Policies
[U]niversal life policies are third in popularity behind whole life and term insurance policies. Like whole life policies, universal policies also offer lifetime co...
Details of Whole Life Insurance Policies
Premiums: Continuous, Limited-Pay, Single Premium Continuous: Level premiums are paid through age 100 or until the insured dies. Limited-Payment: Premium payments are l...
Introduction to Whole Life Policies
[W]hole life insurance is the most common form of cash value insurance policy. It bundles death protection with cash value accumulation. Whole life policies offer c...
Introduction to Cash Value Life Insurance
[C]ash value life insurance policies differ from term policies in many ways. The major differences are that cash value policies offer permanence and cash value accumulati...
Explore Options and Features of Cash Value Policies
[C]ash value life insurance policies differ from term policies in many ways. There are also several different types of cash value policies, resulting in much more variety...
Understand Options and Features of Term Policies
[T]erm life insurance policies can vary greatly depending on which options and features are selected. This allows the ability to customize a policy depending on the...
Introduction to Term Life Insurance
[T]erm insurance is the most basic type of life insurance. It is a 'pure protection' policy because it only provides a death benefit and accumulates no cash value....
Should You Buy Life Insurance for Your Kids?
[S]ome insurance companies offer life insurance policies for children. Though a small percentage of families are in the position to consider buying life insurance for th...
Introduction to Life Insurance
[T]he primary purpose of life insurance is to ensure that, in the unfortunate event of your passing, all of your financial obligations are taken care of. If you're single...
Uninsured & Underinsured Motorist Coverage
[U]ninsured motorist coverage is another type of coverage available as part of a personal auto policy. Uninsured motorist coverage allows the insured to recover dam...
Intro to Medical Coverage for Car Insurance Policies
[T]he medical payments coverage part of a personal auto policy covers the costs of medical services for anyone in the insured's vehicle. Limits on this coverage are typic...
Intro to Liability Coverage for Car Insurance
[A]uto liability coverage is the part of your personal auto policy that provides protection against others' claims due to bodily injury/death and property damage to other...
Intro to Property Coverage for Car Insurance
[T]he property coverage part of your personal auto policy covers repair and replacement costs for your vehicle. Understand that this type of coverage only covers the insu...
Introduction to Auto Insurance
[I]n terms of property-liability insurance, auto insurance is the most familiar to the general population. With the number of accidents that occur each year, it is...
Can We Put a Value on Human Life?
[T]his concept primarily related to the topic of life insurance. We've mentioned that we cannot place a value on human life. It is important to understand tha...
Participating vs. Non-Participating Insurance Policies
[T]his concept primarily related to the topic of life insurance. Both types of insurance policies, term and cash value, can act as either participating or non-parti...
What is Insolvency Risk & Why Does it Matter?
[I]nsolvency risk refers to the possibility that an insurance company is unable to meet its financial obligations. This possibility emphasizes the importance of insurer r...
Indemnity vs. Non-Indemnity, What’s the Difference?
[I]nsurance can be broken down into two groups, indemnity and non-indemnity. For example, property insurance is indemnity insurance while life insurance is non-inde...
Introduction to Liability Insurance
[A]dditional liability protection may be added to supplement homeowners and auto insurance policies. These supplemental personal liability policies are commonly referred...
Life Insurance Terminology, What Does It All Mean?
[T]erminology is the study of term insurance... just kidding. Bad joke? Now you know how my wife feels. Moving on... It is important to understand the terminology used t...
All About Universal Life Policies
Introduction to Universal Life Policies Universal life policies are third in popularity behind whole life and term insurance policies. Like whole life policies, universa...
Exploring Whole Life Insurance Policies
Introduction to Whole Life Policies Whole life insurance is the most common form of cash value insurance policy. It bundles death protection with cash value accumulation...
Learn All About Cash Value Life Insurance
Introduction to Cash Value Life Insurance Cash value life insurance policies differ from term policies in many ways. The major differences are that cash value policies o...
Exploring Term Life Insurance Policies
Introduction to Term Life Insurance Term insurance is the most basic type of life insurance. It is a pure protection policy in that it only provides death benefit and ac...
Does Insurance Seem Confusing? Learn the Concepts
Understanding Risk Risk is uncertainty. Risk is the variability around an expected outcome. The larger the variability, the higher the uncertainty, the larger the risk....
Introduction to Insurance
[I]nsurance is a very broad and complex topic, but in essence, a simple concept. Insurance is about the management of risk. When buying insurance, we're paying to c...