Please post your understanding of the concepts presented in this unit's reading assignment.Also, use the Federal Reserve Bank [FRB} assignment.Select an item for presentation and discussion for this unit. The "popular press", or in other words for us the: "www" is also an appropriate resource as well. Although [!] the FRB is a much more highly researched and authentic resource! in conjunction with theunit readings roll-out schedule toweb sites in conjunction with theunit readings roll-out schedule web sitessitsited

reading assignment:

One thing to watch out for, and pertains to insuring household objects.Be VERY careful. We recently had a major household theft. A host of things went wrong. Our agent told us such and such was covered in so and so way. It was not! The agent gave us a copy of what was in the office, ok. But that was not the addendum to the policy. It was a summary, but it did not spell out in detail the procedures. Which of course were a MAJOR pain in the neck to complete. We were also told by our agent, that they were going to keep the loss in house and handle it in the local office. Not so. It went "upstairs". The size of loss was discovered by upper management and we are left in a lurch as the firm refuses to uphold their own policy language as reviewed by two different attorneys!!! We had photos, receipts etc., but over the years things got scattered. We had to dig these up. One of the younger children, teenager no less reminded mom and dad that a video camera was a great tool for this. Which, we had. But who thinks to video the camera, TV, stereo and all those other items such as jewelry? In such a way to provide an identification trail and "proof of ownership"?

I have had numerous attorneys insist that given today's consumer insurance market that one should only have general liability and cover only items that have a loan against them. Now, you probably would still want to cover the house, right? And if one had any big ticket items as far as contents, those should be covered. But the guy who has a $45,000 boat and milk crates for furniture and has his place covered for $60,000 is going to be in trouble. Scary as I have a brother in law like that! Lives at the lake, loves his retirement. But in the case of a major and total loss, he could be in trouble. There are limits in your policy coverage and exceptions too. Read those very carefully!

https://youtu.be/NSSoMafbBqQ