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INSURANCE AND RISK MANAGEMENT: KEY CONCEPTS AND AUTO, LIFE, HEALTH COVERAGE 2026 UPDATE

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INSURANCE AND RISK MANAGEMENT: KEY CONCEPTS AND AUTO, LIFE, HEALTH COVERAGE 2026 UPDATE

Institution
Insurance Liscense
Course
Insurance liscense

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INSURANCE AND RISK MANAGEMENT: KEY CONCEPTS AND AUTO, LIFE, HEALTH
COVERAGE 2026 UPDATE



What is a hazard?

Any source of potential harm or damage




What is a risk?

The likelihood that a hazard will cause harm




Hazard vs Risk

Hazard = danger

Risk = chance it causes harm




What are the 4 ways to manage risk?

Risk acceptance

Avoidance

Reduction

Transfer




What is risk acceptance?

Doing nothing and paying for damages yourself

, What is risk avoidance?

Avoiding the activity completely




What is risk reduction?

Taking steps to lower the risk



What is uninsured/underinsured motorist coverage?

Covers you if other driver has no/low insurance




If you cause an accident, what covers your car?

Collision coverage




If you cause an accident, what covers your injuries?

Medical payments




If you cause an accident, what covers the other person's car?

Property damage liability




If you cause an accident, what covers the other person's injuries?

Bodily injury liability
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  • insurance and risk management key concepts and au
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