Identification should include
- explanation of how insurance is a risk-management strategy
- types of insurance, such as
- vehicle
- property
- life (term vs. whole-life)
- health
- business/professional liability
- workers’ compensation
- product liability
- business interruption
- home-based businesses
- cyberliability.
Process/Skill Questions:
- How are insurance needs and policies for business different from those for an individual? How are they similar?
- From a business perspective, what factors impact insurance rates and the ability to purchase insurance?
- How do specific changes in deductibles and coverage affect the insurance premium?
- In what ways can a life insurance policy serve the purposes of both insurance and investment?