Personal finance Essay

1.What is a pure risk? (0.5 points)
1)A pure risk is a risk of something negative happening, with no possibility for profit or gain. Either things will remain the same, or something bad will happen.

2.Why do people take speculative risks? (0.5 points)
2)People take speculative risks because it’s usually risks that involved with every day human right, or in living in a particular society.

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3.What is meeting the deductible? (0.5 points)
3) Meeting the deductible is when you have paid the deductible amount and the insurance company now has to pay some or all of the rest of the costs above that amount.

4.What does health insurance help to pay for? (0.5 points)
4)Health insurance helps pay for your medical bills and expenses.

5.What is COBRA? (0.5 points)
5)COBRA is a federal government act that allows employees who lose their health benefits the right to continue participating in the insurance plan for a specific amount of time.

6.What is an insurance claim? (0.5 points)
6)An insurance claim is an application or request sent to your insurance company, so you can receive your benefits.

Lesson 2 (3.0 points)

1.Name at least two types of disability insurance. (1.0 points) 1)Two types of disability insurance would be Governments benefits and workers compensation.

2.What is life insurance? (0.5 points)
2)Life insurance protects your family against the negative financial impact that would be caused by your death.

3.Which tax provides federal funding for unemployment insurance? (0.5 points) 3)A tax that provides federal funding for unemployment is the FUTA

4.What is liability insurance? (0.5 points)
4)Liability insurance protects you by helping to cover costs that are caused by events you’re responsible for.

5.What does property insurance cover? (0.5 points)
5)Property insurance covers property that you own or rent, such as a home or apartment, and the items inside the property.

Lesson 3 (3.0 points)

1.What is identity theft? (0.5 points)
1)Identity theft is when a person steals your personal information, such as your name, Social Security number, or bank or credit card information.

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2.Give at least two examples of types of identity theft. (1.0 points) 2)Two examples of identity theft is either charges to your credit cards and writing checks using your accounts

3.Name at least one way to protect yourself from identity theft. (0.5 points) 3)One way to protect yourself from identity theft would be to shred documents.

4.What does the Gramm-Leach-Bliley Act do? (0.5 points)
4)The Gramm-Leach-Bliley act provides guidelines for how financial institutions must protect your personal information.

5. What is a consumer advocacy group? (0.5 points)

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