Posted: February 7th, 2015

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Group Project Risk Management and Insurance for Hypothetical Family The class will be divided into groups of about 4-6 students. Each group will prepare a risk management and insurance [RMI] portfolio for a hypothetical family residing in Virginia. Each project requires a description of two loss scenarios. Throughout the semester, during the development process of the project, each group will give a presentation of ONE risk management topic. At the conclusion of the semester, each group will submit a written report of the complete RMI portfolio of the family. The presentations and the final written project are designed to (1) provide hands-on experience with each risk and it RMI solution and the decision process regarding the portfolio, (2) lead to discussions, and (3) improve the understanding of each part of the holistic risk management of the family. The risk management portfolio for the hypothetical families should include the following: • Home risk: homeowners’ or renters’ insurance • Automobile risk: auto insurance • Mortality risk: Life insurance (Employer provided and individual) • Accident and illness risk: Disability income insurance (Employer provided and individual) • Long Term Care risk: LTC coverage • Accident and illness risk: Health Insurance (Employer provided and/or individual) • Longevity risk: Retirement arrangement from personal savings and from employer • Business coverage for the family business if applicable (extra credit of up to 10 points depending on the quality of the work) Each report should include: 1. Table of Content 2. Introduction 3. Separate explanation of each risk and its RMI solution including justification for the choice in light of the family budgetary limitations (if the family decides not to select certain coverage such as Long Term Care, please, explain the reasons). For each RMI solution [coverage] the group should show at least two alternate options regarding price, selection of an insurance company and selection of an agent (or shopping on the Internet). In particular the group should respond to the following questions: • Why a particular solution or coverage was selected? • Why a certain amount was selected? • What is the plan design? What are the benefits? • What companies were selected and why (describe the type of companies selected and include the A. M. Best rating of each insurer selected) • What agencies or Internet sites were selected (describe the type of agents selected) • What rates were charged for each RMI [coverage] and what was the total annual cost [premium and savings] for the family (include any surcharges and discounts)? • What is the final cost of RMI [insurance and retirement planning] for the family as a percent of total budget (in a chart format)? 4. Two hypothetical incurred losses. Please describe the loss, the way the claim was settled and amounts paid. In particular, you should respond to the following questions: • What was the loss, when did it happen, and how did it occur? • When was a claim report filed with the insurer? • What was the insurer’s response and in what time frame? • What amount was paid to the family? • Did the family receive the benefits expected under the insurance contract? If not, why? What actions could the family take to recover the expected benefits? What actions did the family take? What were the results? 5. A summary of all coverages and an overall cost as a percentage of the family budget. Students are encouraged to interview family members, risk managers, insurance agents, employee benefits specialists in creating the holistic RMI portfolios and the two loss scenarios. The project should not exceed 20 pages.. The use of tables and charts is recommended. Note that there should be 7 coverages addressed in your project (Homeowners, Auto, Longevity, Disability, Health, Life Insurance and Long Term Care). Please note that no paper will receive an A if any of these coverages are omitted. Refer to Case #1 in Chapter 23 as a starting point for your finished project. Note: i will upload the class sample and our version of the class sample which the presentation should be based on. My part of the presentation is (Incurred Insurance Losses AND Budget Analysis). Textbook used :Risk Management for Enterprises and Individualsless

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