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Exercise On Insurance Vocabulary and Insurance Planning PDF
Exercise On Insurance Vocabulary and Insurance Planning PDF
The Malhotra family, consisting of husband, wife and two children, has just
moved to Gurgaon after living in a small township near Pune for many years.
They have just moved to Gurgaon, and have purchased a new home, complete
furnishings and personal effects including personal computer, and purchased a
new car. Malhotra and his wife work in Delhi. The family is completely
unfamiliar with the concepts of exposure to loss, liability, and risk
management.
Insurance needs change based on where you are in life. Preparing to purchase life
insurance is an opportunity to take stock of your current situation and future plans. Who
relies on you now and how secure will their futures be? Are you planning on starting a
family soon? Take into account your goals when determining which type of insurance is
for you.
No Yes
1. Do you understand the individual coverages, protection types, and amount of each
insurance policy you have?
2. Does your current insurance protection make sense given your current financial
situation (as opposed to your situation when you bought the existing policies)?
3. If you wouldn’t be able to make it financially without your income, do you have
adequate long-term disability insurance coverage?
4. If you have family members who are dependent on your continued income, do you
have adequate life insurance coverage to replace your income should you die?
6. Do you carry enough liability insurance on your home, car and business to protect
your assets?
7. Have you recently (in the last year or two) shopped around for the best price on your
insurance policies?
8. Do you know whether your insurance company has good track records when it comes
to paying claims and keeping customers satisfied?