Personal Finance Risk Management. Net Worth The amount by which assets exceed liabilities. One of...
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Transcript of Personal Finance Risk Management. Net Worth The amount by which assets exceed liabilities. One of...
![Page 1: Personal Finance Risk Management. Net Worth The amount by which assets exceed liabilities. One of the most important calculations one can make. Look for.](https://reader036.fdocuments.us/reader036/viewer/2022070406/56649e0c5503460f94af5383/html5/thumbnails/1.jpg)
Personal Finance
Risk Management
![Page 2: Personal Finance Risk Management. Net Worth The amount by which assets exceed liabilities. One of the most important calculations one can make. Look for.](https://reader036.fdocuments.us/reader036/viewer/2022070406/56649e0c5503460f94af5383/html5/thumbnails/2.jpg)
Net Worth
• The amount by which assets exceed liabilities.
• One of the most important calculations one can make.
• Look for increasing trends.
• US median = $101,000 (2003)
![Page 3: Personal Finance Risk Management. Net Worth The amount by which assets exceed liabilities. One of the most important calculations one can make. Look for.](https://reader036.fdocuments.us/reader036/viewer/2022070406/56649e0c5503460f94af5383/html5/thumbnails/3.jpg)
Insurance Terms
• Assets = property owned by a person having value and available to meet debts, commitments, or legacies.
• Liability = the state of being legally responsible for something
• Loss = an amount of money lost by a business or organization.• insurance can protect you against financial loss or liability
![Page 4: Personal Finance Risk Management. Net Worth The amount by which assets exceed liabilities. One of the most important calculations one can make. Look for.](https://reader036.fdocuments.us/reader036/viewer/2022070406/56649e0c5503460f94af5383/html5/thumbnails/4.jpg)
Health Care
• insurance against the risk of medical bills among individuals.
• insurer develops a routine finance structure to pay for benefits specified in the insurance agreement.• Individual risk
• System expenses
• Monthly premium
• Insured contributions
![Page 5: Personal Finance Risk Management. Net Worth The amount by which assets exceed liabilities. One of the most important calculations one can make. Look for.](https://reader036.fdocuments.us/reader036/viewer/2022070406/56649e0c5503460f94af5383/html5/thumbnails/5.jpg)
Health Insurance Terms
• Pre-existing Condition = a health condition or illness that you have had before your first day of coverage on a new plan; may be denied coverage
• Disability = a physical or mental condition that limits a person's movements, senses, or activities; can receive temporary or long-term benefits
• Co-Pay = a payment made by a beneficiary in addition to that made by an insurer; out-of-pocket expenses at an office or pharmacy
![Page 6: Personal Finance Risk Management. Net Worth The amount by which assets exceed liabilities. One of the most important calculations one can make. Look for.](https://reader036.fdocuments.us/reader036/viewer/2022070406/56649e0c5503460f94af5383/html5/thumbnails/6.jpg)
Fraud
• Wrongful or criminal deception intended to result in financial or personal gain; insurance, securities, identity, etc.
• Passwords: lengthen, differ, depersonalize, and keep them confidential
• Account Freezes: action initiated by either the account holder, bank or brokerage, or a third party that prevents any transactions from occurring; used when irregularities occur
• Identity Theft: fraudulent acquisition and use of a person's private identifying information; insurance, careful transactions, built in monitoring
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Personal Finance ConversationInterview and Summary Essay
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Details for the essay Not extra credit! Google form
Share content from class Ask questions Listen carefully
Topics Same as class Different from class Complete checklist Spend time!!!
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Rubric Income – 2 Expenses – 2 Savings – 2 Investing – 2 Credit – 2
Budgeting – 2 Insurance - 2 Same – 3 Different – 3 Due: Wednesday