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Segment 1. Individual Risks & Risk Management
A. Describe three (3) “risks” in your own life. Explain the actual loss exposure (e.g., Driving to campus, I could cause an accident and be liable for damage to another person’s car.)
B. Discuss the risk management techniques you could employ to address your loss exposure:
i. Which will you insure against?
ii. What losses will you retain?
iii. How might you use any the following risk control methods (be sure to review the concepts as explained in Chapter 3 and ID the use of at least one in connection with at least one of your risks): Prevention, Reduction, or Avoidance
Segment 2. Auto
A. Identify two (2) loss exposures you might face related to personal automobiles.
B. Identify the coverages under a Personal Auto Policy (PAP) that would cover each of those loss exposures, if any (both the coverage name and letter).
C. How might you be able to manage those risks with techniques other than purchase of insurance (retention, prevention, reduction, avoidance)?
Segment 3. Home
A. Identify two (2) loss exposures you might face related to a home.
B. Identify the coverages under a Homeowners Policy (HO-3) that would cover each of those loss exposures, if any (both the coverage name and letter).
C. How might you be able to manage those risks with techniques other than purchase of insurance (retention, prevention, reduction, avoidance)?
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