Search Results for: blog controlling and reducing risks

Eliminating Risks

My husband and I are in the middle of moving to our dream home after two years of looking for just the right place. He originally wanted to find some property on the Columbia River I wanted a view. During our long and painful hunting we found some very wonderful homes some filling his dream and some mine. One of our major concerns about our new home is that we can live there for a long time and face minimal risks. It didn’t take a lot of hunting for us to realize living on the river itself was more risk … Continue reading →

Controlling and Reducing Risks

When it comes to personal risk management controlling and reducing our risk is where we have the greatest power over the cost of the worst case scenario. Those who pay attention to the facts that make a risk more or less likely and control what they can will not only avoid some of the risk completely, but may also have discounts on their insurance premiums. Most homeowner insurance companies offer discounts for insureds with alarm systems, or other security devices. Other discounts may be available for homes with fire sprinkler systems. These things not only reduce the risk your home … Continue reading →

Retained or Accepted Risks

I have a friend who likes to climb mountains. I’m not motivated to climb a mountain, but some people are and enjoy doing so as often as possible. I could probably climb a mountain if I had to and I might try if I had no other choice, but for me at this point in my life I just don’t want to take the risk of a broken leg or blisters on my hands. In fact, at this point in my life the risk of breaking my leg is much lower then a friend of mine who does climb mountains … Continue reading →

Halloween Insurance Tips: Are You Inviting Trick-or-Treater’s?

The Trick-or-Treater’s will be knocking on your door tomorrow night! It’s your responsibility as the homeowner and insurance policy owner, to prevent losses. Halloween is a huge liability exposure. By decorating, turning your porch light on, and handing out treats homeowners invite some of the most common, and most expensive liability claims. To make it simple, any injury that any person might suffer while their feet are on you property can be considered your liability. Take a few moments and consider these important issue before inviting the neighborhood to knock on your front door: If you trip over the garden-hose … Continue reading →

Insurance Terms: Q-R

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U-V | W-Z Insurance Terms: Q Qualified Annuity is a form of an annuity purchased with pretax dollars as a part of a retirement plan benefiting from a special tax arrangement like a 401(k) plan. Qualified High-Deductible Health Plans are health plan with lower premiums that cover expenses after the insured has met the large deductible for out of pocket … Continue reading →

What is an Insurance Actuary?

Life is filled with uncertainty. We all face events that are unexpected and happen. “Risk” what is possible–those things that could be horrible–but, might actually happen to us. An Actuary is a person who is an expert in the following skills: Evaluates of the possibility that something horrible might happen in the future. Looks for simple, and creative ways to control, eliminate or reduce the odds of something horrible happening in the future. Finds methods to decrease the impact when something horrible does actually happen. Insurance serves one major function and that’s to help decrease the impact when something horrible … Continue reading →

Personal Liability Umbrella Insurance

Many people believe personal liability insurance is only important for the wealthy. The problem is accidents can happen to anyone and usually when least expected. In a split second any one of us might find ourselves behind the wheel of a car that just hit a bicyclist, a summer backyard ballgame might lead to a neighbor’s broken window and glass in the eye, or the pizza delivery person may slip on the rain soaked porch, break a hip and knock out three teeth. Liability lawsuits are everywhere today and judges are awarding unpredictable amounts of money to injured parties. No … Continue reading →

What is “Risk?”

Benjamin Franklin once said, “In this world nothing is certain but death and taxes.” A wise insurance man I once knew added, “The rest of life is about personal risk management.“ Insurance is a tool we have to help manage our personal risk and an important part of living a life we can control for ourselves. Between death and taxes is our lifetime and each of us manage our lives the way we decide. In our culture the hope is to build wealth, provide for our children and families, plan for our retirement and leave something behind if there is … Continue reading →

Risk Management: Protecting Your Assets.

The first and most important step in Personal Risk Management is to determine what you have and what you need to protect. Insurance is about protecting your assets and deciding what to do in the worst case scenario. The amount of insurance a person or family needs, depends on what they have to lose both in material property and financial security for the future. Success and building a secure financial foundation for you and your families future changes and grows as families learn to manage their risks and plan for life events. What you insure, the value you insure for, … Continue reading →

Personal Risk Management-Part 1

Personal Risk Management is looking around your home and your life, recognizing risk, and planning what to do about it. Corporations recognize that in business, just about the only sure thing is that you will have risk. According to a global study of financial institutions by Deloitte between the years 2002 and 2004, there was a twenty-five percent increase of board-level oversight in corporate risk management. In the corporate world, risk management referrers to a company’s evaluation of its exposure to risk identification. A company may be able to identify risk easily, because it comes in the form of a … Continue reading →