Ask themselves as they develop risk management plan

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Reference no: EM131862392

HOME AND AUTOMOBILE INSURANCE

Jamie Lee and Ross have had several milestones in the past year. They are newlyweds, recently purchased their first home, and now have twins on the way! Jamie Lee and Ross have to seriously consider their insurance needs. Since they have family, a home, and, now, babies on the way, they need to develop a risk management plan to help them should an unexpected event arise.

Questions

1. Based on their current life status, what are some of the goals Jamie Lee and Ross should set to achieve when developing their insurance plan?

2. What four questions should Jamie Lee and Ross ask themselves as they develop the risk management plan?

3. Once Jamie Lee and Ross put their insurance plan into action, what should they do to maintain their plan?

4. Jamie and Ross decided to conduct a checkup on their homeowner’s insurance policy. They noticed that they had omitted covering Jamie Lee’s diamond wedding band set from their policy. What if it got lost or stolen? It was a major purchase and, besides the emotional value, the cost to replace the diamond jewelry would be very high. What type of policy should Jamie Lee and Ross consider to cover the diamond wedding rings?

5. Mr. Ferrell, Jamie Lee and Ross’s insurance agent, suggested a flood insurance policy in addition to their regular homeowner’s policy. Jamie Lee and Ross looked quizzically at the agent, as they do not live within two miles of a body of water. What is the basis for Mr. Ferrell’s claim for the necessity of the flood policy?

6. Using “Your Personal Financial Plan” sheet 27, create a home inventory for Jamie Lee and Ross. Consider items of value that may be located in each of the rooms of the house and determine a dollar amount for each item. What is the total cost of the items?

7. Considering the value of Jamie Lee and Ross’s automobiles, what type of automobile insurance coverage would you suggest for them?

8. What financial strategy would you suggest to Jamie Lee and Ross to enable them to save money on their insurance premiums?

Reference no: EM131862392

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