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Insurance
• Insurance: an arrangement where a company or
government agency provides guaranteed
compensation in case of a certain event for a
premium (payment).
• This provides you with a certain financial
protection.
• Types of insurance:
– Car, health, renters, life, liability (lawsuits), travel,
disability, long-term care (aid), and natural disaster
(various kinds)
Estate Planning
• Estate planning: the process of legally
structuring and planning the future outlook of
current assets.
• Types of estate planning:
– Last will and testament, living trust, power of
attorney, gifting, and nomination of guardian.
Mitigation
• Insurance companies will assess to insure you or
not.
• Companies will decide your risk level and if you will
be too costly or not.
• The higher the risk you are, the higher the premium
(payment) will be.
• Mitigate: minimize degree of any loss or harm.
• An insurance company will mitigate for you (and
them) in a certain event.