Explain the major costs of insurance to society

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Reference no: EM13842402

1. Andrews owns a gun shop in a high crime rate area. The store does not have a camera surveillance system. The high cost of burglary and theft insurance has substantially reduced his profits. a risk management consultant points out that several methods other than insurance can be used to handle the burglary and theft exposure. Identify and explain two noninsurance methods that could be used to deal with the burglary and theft exposure.

2. Private insurers provide social and economic benefits to society. explain the following benefits of the insurance to society. 1. Indemnification for loss 2. Enhancement of credit 3. Source of funds for capital investment and accumulation.

b. explain the major costs of insurance to society.

3. Private insurance provides numerous coverage’s that can be used to meet specific loss situations. For each of the following situations, identify a private insurance coverage that would provide the desired protection.

Emily, age 28, is a single parent with two dependent children. She wants s to make certain that funds are available for her children’s education if she dies before her youngest child finishes college.

Danielle, age 16, recently obtained her driver’s license. Her parents want to make certain they are protected if Danielle negligently injures another motorist while driving a family car.

Jacob, age 30, is married with two dependents. He wants his income to continue if he becomes totally disabled and unable to work.

Tyler, age 35, recently purchases a house for $200,000 that is located in an area where tornadoes frequently occur. He wants to make certain that funds are available if the house is damaged or destroyed by a tornado.


Nathan, age 40, owns an upscale furniture store. Nathan wants to be protected if a customer is injured while shopping in the store and sues him for the bodily injury.

Reference no: EM13842402

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