1. Consumers purchase insurance because they are required and to manage risk. Describe briefly at least three of the following types of insurance: homeowner or renter, auto, healthcare, life, and disability.
2. Which types are you required to purchase?
3. Which types have you chosen to manage your risk?
4. When choosing between insurance policies with higher payments but lower deductibles versus those with lower payments but higher deductibles, which are you more likely to choose? Why?
5. Provide rationale and examples to support your thoughts.