MRI - Module Review

Module Review

We learned in this section that risk is the possibility something bad will happen. For risk to be present there must be three things: an event that causes harm, an undesirable outcome, and a probability the thing will happen. Risk is handled in one of four ways: ignored, avoided, reduced, or transferred.

There are two basic types of insurance. Property and Casualty insurance covers both real and personal property. The coverages in property and casualty include: automobile, renter's, and homeowner's insurance. Life, health, and disability insurance make up the second type. Prior to issuing your insurance policy, the insurance company will consider your insurability for the type of insurance you wish to buy. Your premium is decided by actuaries and underwriters. Choosing an insurance company that is financially sound is important.

 IMAGES CREATED BY GAVS