What forms of insurance coverage do you currently carry and pay for?

Personal Financial Planning Week 6 Discussion Questions (6)

Experts only! Scholarly responses are required.

*Please answer each question individually and accurately. Must cite any and all references in APA format. Label each solution with the corresponding question. Copy and pasted solutions will NOT be accepted. Minimum 2-3 quality paragraphs per question. Firm Deadline.

Personal Financial Planning Week 6 Discussion Questions (6)
Experts only! Scholarly responses are required.
*Please answer each question individually and accurately. Must cite any and all references in APA format.
Label each solution with the corresponding question. Copy and pasted solutions will NOT be accepted.
Minimum 2-3 quality paragraphs per question
Part A:
1. What forms of insurance coverage do you currently carry and pay for? As a percentage of your
estimated monthly disposable income, what proportion do these coverages represent? Are there areas
where you feel you are underinsured? Over insured? What trade-offs are involved in determining the
amount of insurance coverage you currently carry?
2. Give a list of the top 3 types insurances you find most valuable and explain why.
3. When it comes to car insurance, please explain what does 50/100/15 coverage mean? What does your
own state or residence mandate for coverage?
Part B:
1. What strategies might you implement to lower your insurance costs, while at the same time
minimizing the risks involved in lowering such coverage? For example, in the area of health insurance,
ask whether you are a smoker. In the area of auto insurance, how could your driving habits change?
2. What is the definition of insurance deductible? Which option is better: a lower deductible or a higher
one?
3. What is meant by replacement value when it comes to insurance? What amount would it cost an
insurance company to replace a family’s personal property that originally cost $10,000 if the
replacement costs for the items have increased 10 percent?