Insurance Planning & Risk Management

Principles and concepts of risk and insurance, life insurance, disability insurance, long-term care insurance, health insurance, P&C insurance, etc.

Here are the topics covered in the Insurance Planning and Risk Management section:

  • Principles of risk and insurance
  • Insurance Concepts
    • Peril
    • Hazard
    • Law of large numbers
    • Adverse selection
    • Insurable risks
    • Self-Insurance
  • Risk management process
    • Business risk management
    • Personal risk management
  • Response to risk
    • Risk avoidance
    • Risk diversification
    • Risk reduction
    • Risk financing
    • Risk retention
    • Risk transfer
  • Legal aspects of insurance
    • Principle of indemnity
    • Insurable interest
    • Contract requirements
    • Contract characteristics
    • Policy ownership
    • Designation of beneficiary
  • Analysis and evaluation of personal risk exposures
    • Death risk exposure
    • Disability risk exposure
    • Poor health risk exposure
    • Unemployment risk exposure
    • Superannuation risk exposure
  • Analysis and evaluation of property risk exposures
    • Risk Exposures of Real Property
    • Risk Exposures of Personal Property
    • Automobile Risk Exposures
  • Analysis and evaluation of liability risk exposures
    • Risk Exposure due to Negligence
    • Defenses against liability claims
    • Intentional torts
    • Strict liability
    • Insuring against business-related risk exposures
  • Property, casualty and liability insurance
    • Individual insurance
    • Homeowners insurance
    • Auto insurance
    • Umbrella insurance
    • Business insurance
    • Commercial property insurance
    • Commercial Auto liability
    • Commercial Umbrella liability
    • Professional liability
    • Directors and officers liability
    • Workers compensation and employers liability
    • Commercial general liaibility
    • Business owners policy
  • Asset Protection Planning/Bankruptcy planning
  • Health insurance and health care cost management (individual)
    • Hospital, surgical, and physicians expense insurance
    • Major medical insurance and calculation of benefits
    • Continuance and portability
    • Medicare
    • TRICARE and Medicare
    • Medicare Supplement Insurance (Consumer Pages)
    • Taxation of premiums and benefits
    • Overview of national health reform legislation signed into law in 2010
    • Strategies for avoiding the impact of Obamacare
  • Disability income insurance (individual)
    • Needs analysis
    • Definitions of disability for individual disability policies
    • Benefit period of individual disability policies
    • Elimination period of individual disability policies
    • Benefit amount of individual disability policies
    • Provisions of individual disability policies
    • Taxation of premiums and benefits of individual disability policies
  • Long-term care insurance (individual)
    • Needs analysis
    • Individual long-term care insurance: Qualified vs. Non-qualified
    • Individual long-term care insurance: Eligibility
    • Individual long-term care insurance: Services covered
    • Individual long-term care insurance: Medicare limitations
    • Individual long-term care insurance: Benefit period
    • Individual long-term care insurance: Elimination period
    • Individual long-term care insurance: Benefit amount
    • Individual long-term care insurance: Policy provisions
    • Individual long-term care insurance: Taxation of premiums and benefits
  • Life insurance (individual)
    • Needs analysis approaches
    • Individual life insurance: Concepts and personal uses
    • Individual life insurance: Policy types
    • Individual life insurance: Contractual provisions
    • Dividend options
    • Nonforfeiture provisions
    • Settlement options
    • Individual life insurance: Illustrations and Annual Reports
    • Individual life insurance: Policy replacement
    • Individual life insurance: Viaticals, accelerated benefit rider, and life settlements
  • Income taxation of personal life insurance
    • Individual life insurance: Dividend taxation
    • Individual life insurance: Withdrawal and loan taxation
    • Individual life insurance: Death benefit taxation
    • Individual life insurance: Modified endowment contract taxation (MECs)
    • Individual life insurance: Transfer-for-value taxation
    • Individual life insurance: §1035 exchange taxation
  • Business uses of insurance
    • Buy-sell agreements
    • Key employee life insurance
    • Split-dollar life insurance
    • Business overhead expense insurance
  • Insurance Needs Analysis: Personal and Property
    • Life insurance needs analysis
    • Disability income insurance needs analysis
    • Long-term care insurance needs analysis
    • Health insurance needs analysis
    • Property insurance needs analysis
    • Liability insurance needs analysis
  • Insurance policy and company selection
    • Purpose of insurance coverage
    • Duration of insurance coverage
    • Participating or non-participating policies
    • Insurance cost-benefit analysis
    • Types of insurance companies
    • Insurance company selection
    • Insurance company ratings
    • Underwriting of insurance policies
  • Annuity characteristics
    • Annuity types
    • Annuity uses
    • Annuity taxation
  • Group life insurance
    • Types and basic provisions (Group Life)
    • Group term
    • Group permanent
    • Group Dependent coverage
    • Income tax implications (Group Term & Group Permanent)
    • Employee benefit analysis and application (Group Life)
    • Conversion analysis: Group Life
  • Group disability insurance
    • Types and basic provisions (Group Disability)
    • Short-term Group Disability Coverage
    • Long-term Group Disability Coverage
    • Definitions of disability (Group Disability)
    • Income tax implications (Group Disability)
    • Employee benefit analysis and application (Group Disability)
    • Integration of Group Disability Benefits with other income
  • Group medical insurance
    • Overview of national health reform legislation signed into law in 2010
    • Types and basic provisions (Group Medical Insurance)
    • Traditional group medical indemnity insurance
  • Managed care plans
    • Preferred provider organization (PPO)
    • Health maintenance organization (HMO)
    • Point-of-service (POS)
    • Income tax implications (Group Medical Insurance)
    • Employee benefit analysis and application (Group Medical Insurance)
    • COBRA/HIPAA provisions
    • Continuation of Group Medical Insurance
    • High Deductible Health Plan (HDHP) Savings Account Eligibility
    • Health savings account (HSA)
    • Archer medical savings account (MSA)
    • Health reimbursement arrangement (HRA)
  • Other employee benefits
    • §125 cafeteria plans and flexible spending accounts (FSAs)
    • Fringe benefits
    • Voluntary employees beneficiary association (VEBA)
    • Prepaid legal services
    • Group long-term care insurance
    • Dental insurance
    • Vision insurance

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5 Comments

  1. Chris Burns

    In the book, The Retirement Miracle by Patrick Kelly, he writes that Indexed Universal Life is a miracle insurance product for most people. I do not know much about insurance and I know that I shouldn’t believe everything I read but this guy really goes into detail about why it is so great. Do you agree?

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    • Joshua Sheats

      Chris,

      No. It has advantages and significant disadvantages. Just like every single financial product in existence.

      Joshua

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      • J. Donovan

        According to NAPA the four most requested features in a Defined contribution plan are: Steady stream of income in retirement, Diversified choice of investments, Access to money penalty free and protection of principal. If thats you, realize the most used option, the 401(k), offers NONE of those features. I was highly critical of IUL for years but I’ve tested them against clients current accounts with what they actually want and it wins nearly everytime with some considerations. Three categories of buyers understand how to use these very well – Banks (BOLI – Bank owned Life insurance), Corporations (COLI), and the wealthy.

        Know:
        – If it’s for accumulation you must MAX fund it. Keep the expense (Death Benefit) to IRS Minimum and adjust annually if necessary
        – The expense will be more the first 10 years. You get protection of principal, S&P gains based off your crediting options, death benefit, usually chronic, critical, and terminal illness riders and the insurance company has very little of your money to earn off of yet. Fees drop off a cliff after year 10.
        – know your managed funds performance 3,5,10 year and beyond in comparison to the S&P 500 than compare that to an indexed strategy

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  2. Steve

    Hi Joshua,
    As a CLU, what is your take on Index Life Insurance, and do you have a podcast episode that covers that topic?

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    • Joshua Sheats

      I haven’t covered it in a podcast episode. Indexed life insurance contracts face two problems: they’re usually universal life insurance contracts (which can be useful but most mainstream consumers don’t understand them well enough to use them effectively) and they’re indexed (which seems to give the idea of higher growth from stock market surges while pulling out many of the mechanisms of higher growth such as volatility–many indexed policies are capped on the upside, which allows them to limit the downside.)

      I’ve tended to prefer term insurance for death benefit needs and traditional, portfolio-based (meaning investment returns are driven by the insurance company’s general portfolio/account) whole life insurance with a mutual insurance company for permanent death benefit and cash accumulation needs.

      I think it’s a safer strategy which probably comes out winning in the end.

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