WEEK FOUR: \"USING INSURANCE AS A RISK MANAGEMENT TECHNIQUE\" By this time, as a

Question

WEEK FOUR: "USING INSURANCE AS A RISK MANAGEMENT TECHNIQUE" By this time, as a student in a Risk Management program you should have built up some knowledge about the role of insurance in risk management. This discussion group will focus on Chapter five of the textbook. At this point, as a risk manager", you have decided to use insurance policies as one of your tools to combat the possible risks of life. But as you know, there are many ways to purchase insurance. What policies do I need? What are the most important things I need to cover? Where do I buy these policies? Do I go on the internet? Do I call random agents or brokers? Should I contact insurance companies directly? Should I call my friends? How do I know these companies have my benefit as their main tocus? How does this whole thing work222 Do I have to pay up front for all of these policies? (As a help. Some of you may have purchased the text beok directly from The Institutes. As part of a package, they include a book entitled Handbook of Insurance Policies". This would be a good source) Se. for this discussion group, you will assume the role of a risk manager for a business concern, or you will assume the role of a risk manager for your family. Choose one of the options. It is 9:00 am on a Monday morning and you are facing the task and responsibility of finding insurance policies to fit your needs, budget and of course, meeting your need of peace of mind For your presentation, tell the rest of the class how you would approach this task Use the first paragraph of this discussion group information to help formulate your presentation. I realize that some of you might not know what insurance policies cover what areas of risk My suggestion222 Do some research. Go ask Googlel Perhaps check some insurance websfes to find out the types of policies which are available. You are a graduate student.. .be creativel This discussion group opens on Thursday, May 31st at noon and closes on Tuesday, June 5th. Truly, have fun with this

Explanation / Answer

I assume the role of a risk manager for my family. So, life insurance policy is the basic need for any family member. Yes, one can go on the internet to choose the best insurance policy available in the market which suits your needs. You may call the company/agent/broker for the policies that you are convinced of after reasearching them thoroughly on the internet. You can call your friends to understand what kind of plans they have and choose based on your needs. All insurance companies are customer centric however choose a federal insurance company as they are bankable and secure. Lesser the age lesser the premium and vicer-versa. You need to pay only the insurance premium and they can be paid daily/monthly/quarterly/yearly. There is no upfront payment to be made as such. Hope the same is clarified.

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