PERSONAL FINANCE:  THE INSURANCE BASICS CHALLENGE QUESTIONS THINKING SHEET.
We have been discussing Insurance for a couple of weeks now.  Let's see what we have learned with some difficult challenge questions.

Please answer the questions below, using complete sentences and proper grammar, as needed.
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Name: *
Personal Finance Class: *
What are examples of unexpected events that may result in a FINANCIAL LOSS?
Try to list at least a few of these!  If anyone lists an event that is CORRECT and NOT LISTED by anyone else, they will receive 10 extra credit points!
Experts say that buying insurance is buying financial security.  What exactly does this mean?  Is it true?  Why or why not?
How does an insurance company make money?
Why is the best outcome to have insurance but never collect on it?
Could you maybe get insurance for your junker car, but then leave it with the keys in it in a bad neighborhood so that it gets stolen, then use the insurance money to buy a new car?  Explain why or why not...
In the case of FRED:  How much does FRED have to pay?  How much does his INSURANCE COMPANY have to pay?
Many young adults think they don’t need disability or long-term care insurance because they feel ‘invincible.’

Explain why these types of insurance can still be important for young adults. Give at least two examples of situations where a young person might need them.
How much life insurance do you need- if you are a young, single person?

If you are a married person with 3 children, ages 2, 4 and 6?

Explain the amounts in both situations.
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