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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.