In this chapter, we will be learning about risk and insurance coverage. We will understand what risk means and why insurance coverage is important. We will also explore the different types of life insurance and general insurance that can protect us from various risks. Additionally, we will learn how to investigate, interpret, and calculate insurance rates and premiums. By the end of this chapter, we will have a better understanding of how insurance works and how it can help us manage risks in our lives.
• Explain the meaning of risk and the importance of insurance coverage, hence determine the types of life insurance and general insurance for protecting a variety of risks.
• Investigate, interpret and perform calculations involving insurance rates and premiums.
• Solve problems involving insurance including deductible and co-insurance.
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