1. Are you self-insuring your residence and your assets? What have you done to reduce your risk? Have you done anything to avoid risk? How much would it cost to buy insurance for your dwelling and the contents?

Question

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Answer 1

Textbook Question

Chapter C, Problem 1CT

1. Are you self-insuring your residence and your assets? What have you done to reduce your risk? Have you done anything to avoid risk? How much would it cost to buy insurance for your dwelling and the contents?

Expert Solution & Answer

Summary Introduction

To think critically about: The insurance for residence and other assets and steps taken to reduce the risk. Also, determine the cost to buy the house insurance if the risk has to be avoided with several factors.

Introduction:

Personal risk refers to the risk of loss in life and other assets of an individual and families due to natural disasters in the economy such as floods, hurricanes and tornadoes.

Insurance on the contrary refers to the guarantee to an individual or company against the loss or damage caused due to various factors.

Explanation of Solution

The residence and other useful assets are insured under the home insurance cover. It helps to reduce the risk related to the loss or damage of the property and assets due to fire, light or other insured disasters. Insurance cover is the most familiar measure to reduce the risk of the loss or damage of assets.

The risk covers in the form of insurance purchased cause a payment of $1,083 annually. To be safe from the risks two main steps are taken:

Insurance: Insurance purchased help to cover the loss or damage of the individual’s property to maintain a normal life with sufficient survival necessities.
Contingency plan: Appropriate contingency plan helps to prepare beforehand with necessary utilizes, finances and an alternative place to reside at time of natural disaster or other insured disasters in the economy.

Conclusion

Therefore, it can be concluded that the risk on dwelling and content is secured with appropriate insurance policy and plans by the individuals.

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Answer 2

Textbook Question

Chapter C, Problem 1CT

1. Are you self-insuring your residence and your assets? What have you done to reduce your risk? Have you done anything to avoid risk? How much would it cost to buy insurance for your dwelling and the contents?

Expert Solution & Answer

Summary Introduction

To think critically about: The insurance for residence and other assets and steps taken to reduce the risk. Also, determine the cost to buy the house insurance if the risk has to be avoided with several factors.

Introduction:

Personal risk refers to the risk of loss in life and other assets of an individual and families due to natural disasters in the economy such as floods, hurricanes and tornadoes.

Insurance on the contrary refers to the guarantee to an individual or company against the loss or damage caused due to various factors.

Explanation of Solution

The residence and other useful assets are insured under the home insurance cover. It helps to reduce the risk related to the loss or damage of the property and assets due to fire, light or other insured disasters. Insurance cover is the most familiar measure to reduce the risk of the loss or damage of assets.

The risk covers in the form of insurance purchased cause a payment of $1,083 annually. To be safe from the risks two main steps are taken:

Insurance: Insurance purchased help to cover the loss or damage of the individual’s property to maintain a normal life with sufficient survival necessities.
Contingency plan: Appropriate contingency plan helps to prepare beforehand with necessary utilizes, finances and an alternative place to reside at time of natural disaster or other insured disasters in the economy.

Conclusion

Therefore, it can be concluded that the risk on dwelling and content is secured with appropriate insurance policy and plans by the individuals.

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Answer 3

Textbook Question

Chapter C, Problem 1CT

1. Are you self-insuring your residence and your assets? What have you done to reduce your risk? Have you done anything to avoid risk? How much would it cost to buy insurance for your dwelling and the contents?

Expert Solution & Answer

Summary Introduction

To think critically about: The insurance for residence and other assets and steps taken to reduce the risk. Also, determine the cost to buy the house insurance if the risk has to be avoided with several factors.

Introduction:

Personal risk refers to the risk of loss in life and other assets of an individual and families due to natural disasters in the economy such as floods, hurricanes and tornadoes.

Insurance on the contrary refers to the guarantee to an individual or company against the loss or damage caused due to various factors.

Explanation of Solution

The residence and other useful assets are insured under the home insurance cover. It helps to reduce the risk related to the loss or damage of the property and assets due to fire, light or other insured disasters. Insurance cover is the most familiar measure to reduce the risk of the loss or damage of assets.

The risk covers in the form of insurance purchased cause a payment of $1,083 annually. To be safe from the risks two main steps are taken:

Insurance: Insurance purchased help to cover the loss or damage of the individual’s property to maintain a normal life with sufficient survival necessities.
Contingency plan: Appropriate contingency plan helps to prepare beforehand with necessary utilizes, finances and an alternative place to reside at time of natural disaster or other insured disasters in the economy.

Conclusion

Therefore, it can be concluded that the risk on dwelling and content is secured with appropriate insurance policy and plans by the individuals.

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Answer 4

Textbook Question

Chapter C, Problem 1CT

1. Are you self-insuring your residence and your assets? What have you done to reduce your risk? Have you done anything to avoid risk? How much would it cost to buy insurance for your dwelling and the contents?

Expert Solution & Answer

Summary Introduction

To think critically about: The insurance for residence and other assets and steps taken to reduce the risk. Also, determine the cost to buy the house insurance if the risk has to be avoided with several factors.

Introduction:

Personal risk refers to the risk of loss in life and other assets of an individual and families due to natural disasters in the economy such as floods, hurricanes and tornadoes.

Insurance on the contrary refers to the guarantee to an individual or company against the loss or damage caused due to various factors.

Explanation of Solution

The residence and other useful assets are insured under the home insurance cover. It helps to reduce the risk related to the loss or damage of the property and assets due to fire, light or other insured disasters. Insurance cover is the most familiar measure to reduce the risk of the loss or damage of assets.

The risk covers in the form of insurance purchased cause a payment of $1,083 annually. To be safe from the risks two main steps are taken:

Insurance: Insurance purchased help to cover the loss or damage of the individual’s property to maintain a normal life with sufficient survival necessities.
Contingency plan: Appropriate contingency plan helps to prepare beforehand with necessary utilizes, finances and an alternative place to reside at time of natural disaster or other insured disasters in the economy.

Conclusion

Therefore, it can be concluded that the risk on dwelling and content is secured with appropriate insurance policy and plans by the individuals.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

Summary Introduction

To think critically about: The insurance for residence and other assets and steps taken to reduce the risk. Also, determine the cost to buy the house insurance if the risk has to be avoided with several factors.

Introduction:

Personal risk refers to the risk of loss in life and other assets of an individual and families due to natural disasters in the economy such as floods, hurricanes and tornadoes.

Insurance on the contrary refers to the guarantee to an individual or company against the loss or damage caused due to various factors.

Explanation of Solution

The residence and other useful assets are insured under the home insurance cover. It helps to reduce the risk related to the loss or damage of the property and assets due to fire, light or other insured disasters. Insurance cover is the most familiar measure to reduce the risk of the loss or damage of assets.

The risk covers in the form of insurance purchased cause a payment of $1,083 annually. To be safe from the risks two main steps are taken:

Insurance: Insurance purchased help to cover the loss or damage of the individual’s property to maintain a normal life with sufficient survival necessities.
Contingency plan: Appropriate contingency plan helps to prepare beforehand with necessary utilizes, finances and an alternative place to reside at time of natural disaster or other insured disasters in the economy.

Conclusion

Therefore, it can be concluded that the risk on dwelling and content is secured with appropriate insurance policy and plans by the individuals.

Answer 8

Expert Solution & Answer

Summary Introduction

To think critically about: The insurance for residence and other assets and steps taken to reduce the risk. Also, determine the cost to buy the house insurance if the risk has to be avoided with several factors.

Introduction:

Personal risk refers to the risk of loss in life and other assets of an individual and families due to natural disasters in the economy such as floods, hurricanes and tornadoes.

Insurance on the contrary refers to the guarantee to an individual or company against the loss or damage caused due to various factors.

Explanation of Solution

The residence and other useful assets are insured under the home insurance cover. It helps to reduce the risk related to the loss or damage of the property and assets due to fire, light or other insured disasters. Insurance cover is the most familiar measure to reduce the risk of the loss or damage of assets.

The risk covers in the form of insurance purchased cause a payment of $1,083 annually. To be safe from the risks two main steps are taken:

Insurance: Insurance purchased help to cover the loss or damage of the individual’s property to maintain a normal life with sufficient survival necessities.
Contingency plan: Appropriate contingency plan helps to prepare beforehand with necessary utilizes, finances and an alternative place to reside at time of natural disaster or other insured disasters in the economy.

Conclusion

Therefore, it can be concluded that the risk on dwelling and content is secured with appropriate insurance policy and plans by the individuals.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Summary Introduction

To think critically about: The insurance for residence and other assets and steps taken to reduce the risk. Also, determine the cost to buy the house insurance if the risk has to be avoided with several factors.

Introduction:

Personal risk refers to the risk of loss in life and other assets of an individual and families due to natural disasters in the economy such as floods, hurricanes and tornadoes.

Insurance on the contrary refers to the guarantee to an individual or company against the loss or damage caused due to various factors.

Answer 12

Explanation of Solution

The residence and other useful assets are insured under the home insurance cover. It helps to reduce the risk related to the loss or damage of the property and assets due to fire, light or other insured disasters. Insurance cover is the most familiar measure to reduce the risk of the loss or damage of assets.

The risk covers in the form of insurance purchased cause a payment of $1,083 annually. To be safe from the risks two main steps are taken:

Insurance: Insurance purchased help to cover the loss or damage of the individual’s property to maintain a normal life with sufficient survival necessities.
Contingency plan: Appropriate contingency plan helps to prepare beforehand with necessary utilizes, finances and an alternative place to reside at time of natural disaster or other insured disasters in the economy.