PRM - Reducing Cost and Cancellation Lesson

Reducing Cost and Cancellation

Before you purchase insurance, it is important to shop around. There are numerous insurance companies that will provide you with the exact coverage that you need so take your time when choosing. Some factors to consider are coverage, premium costs, what will cause the premium rise, and what can cause a policy to be cancelled. Review the presentation below to learn more.

Tips for Reducing Insurance Cost and Cancellation Presentation

Principles of Risk Management Module Review

Now that you have completed this module, you should understand that insurance is a form of risk management. It should be a part of your financial plan each month. It provides coverage for loss when the financial burden of a risk would be too great for an individual to handle. Insurance companies are able to determine if someone poses a low risk or a high risk based on research using probability and statistics. This research helps them to determine each person's monthly premium. When something is considered, non-insurable, it just means that the risk cannot be determined because it is too unpredictable. Also, there are several preventive measures that can be taken to lower cost and prevent cancellation.

Principles of Risk Management Self-Assessment