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Daily Risk- Brainstorming

Take 5 minutes to answer the following two in your notes. 1. What are 5 risks that you might face on a particular day? 2. Can individuals avoid all risks in life? Why or why not?. Daily Risk- Brainstorming. SSEPF5a- List various types of insurance

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Daily Risk- Brainstorming

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  1. Take 5 minutes to answer the following two in your notes. 1. What are 5 risks that you might face on a particular day? 2. Can individuals avoid all risks in life? Why or why not? Daily Risk- Brainstorming

  2. SSEPF5a- List various types of insurance SSEPF5b- Explain costs and benefits associated with insurance standard

  3. Risk is exposure to the chance of loss Risk

  4. Five Ways to Handle Risk

  5. Avoid: to prevent from happening • Example: You risk losing money if you play the lottery. • You can AVOID the risk by not buying lottery ticket. Avoid Risk

  6. Retain: to keep possession of You accept (RETAIN) the risk of doing poorly on a test because you didn’t study. Retain risk

  7. Reduce: to bring down to a smaller amount • You risk developing lung cancer if you smoke cigarettes. • You REDUCE this risk if you don’t smoke. Reduce Risk

  8. Transfer: to pass from one person to another • You risk embarrassing yourself if you give a presentation in front of the entire school. • You TRANSFER the risk by asking someone else to give the presentation. Transfer risk

  9. Share: to divide equally. • You risk making an unpopular choice if you select a disc jockey for the school dance by yourself. • You SHARE the risk if you ask others to join a committee to select the disc jockey. Share risk

  10. Insurance is coverage by a contract that guarantees payment if an insured loss occurs When you buy insurance you share the risk. Insurance

  11. Provides financial protection to the owners, operators and occupants of an automobile in case of accidents or damages Automobile

  12. Health: Protects against financial loss caused by the costs of illness or accident Life: provides financial protection to a family when insured; typically the major wage earner of the family Health and life

  13. Homeowner’s: protects the homeowner from loss caused by fire, theft, and storm damage of the structure and the possessions within the structure Homeowner’s

  14. Renter’s: protects the renter from loss of personal possession because of such risks as fire, theft, or storm damage Disability: provides income during a specified period when a person is unable to work because of illness or an accident Renter's and Disability

  15. Costs of Insurance

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