My Financial Literacy

My Financial Literacy

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Level 4 : Lesson 2 – Risk Management and Insurance

https://www.myfili.com/wp-content/uploads/2024/08/level-4-lesson-2-.mp4
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Insurance: A way to transfer risk to an insurance company in exchange for premiums, protecting yourself from financial losses.
Risk management: The process of identifying, assessing, and mitigating potential financial risks.
Types of insurance: Life, health, property, liability, disability, etc., each covering specific risks.
Premiums: The periodic payments made to an insurance company for coverage.
Deductible: The amount you pay out of pocket before your insurance kicks in.
Coinsurance: Sharing a portion of the covered loss with the insurance company.
Underwriting: The process by which an insurance company assesses risk and sets premiums.
Risk mitigation: Strategies to reduce or avoid potential financial losses.
Insurance
Risk Management
Types of Insurance
Premiums
Deductible
Coinsurance
Underwriting
Risk Mitigation
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Introduction

Life throws curveballs, and understanding risk management and insurance is like having a superhero cape for your finances! Here’s why:

Future Friend 

Identifying potential risks, like accidents or illness, and planning for them is like building a financial shield. Insurance acts as your shield’s superpower, protecting your savings and loved ones from unexpected blows.

Peace of Mind Champion 

Knowing you’re prepared for the unexpected brings calmness and security, letting you focus on enjoying life without constant worry. It’s like having a superhero sidekick always ready to back you up.

Informed Decision Maker 

Understanding different types of insurance, like health, car, or property, empowers you to choose the right coverage for your needs. It’s like choosing the perfect weapon for each villain you might face.

Budgeting Buddy

Factoring insurance costs into your budget helps you plan responsibly and avoid financial stress if disaster strikes. It’s like having a map of potential hazards with clear detours to keep you on track.

Risk Tamer

Learning about risk management goes beyond just insurance. It teaches you to assess risks, take precautions, and plan for the future, making you a proactive hero in your own financial story.

Wrap Up

Remember, risk management and insurance aren’t boring topics – they’re superpowers for navigating life’s uncertainties with confidence and resilience. Embrace them, equip yourself with knowledge, and watch your financial journey become a thrilling adventure where you’re always in control!