Risk Management and Insurance Case Study:

Mrs. Gemma Cedeno is a 40-year-old woman who is currently employed with the government of Jamaica as an Accountant. She and her husband, Mr. Paul Cedeno, have been married for 10 years and have two children together: a 7-year-old daughter named Havana and a 4-year-old son named Cairo. Mr. Cedeno works as a teacher at the Ardenne High School. Mrs. Cedeno and her husband have recently renovated their home and now have an overall mortgage of $90 000. They posses two cars: one is a 5-year-old Kia Sportage SUV and the other a 13-year-old Nissan Teana. The couple has together amassed $25 000 in savings, and their home is currently valued at $159 000. Due to her age Mrs. Cedeno does not believe that she needs to take out life insurance as yet and based on her knowledge her husband also does not have a life insurance policy. The couple plans to fund their both children through college and plan to do so through their savings.

Scenario One:

Mr. Cedeno has been in a severe accident and has brain damage. He has been deemed unfit to return to work.

Identify and discuss two risk exposures this family is now privy to.

Scenario Two:

A recession has hit the Jamaica and as a result the government has had to send home a few workers. Mrs. Cedeno unfortunately was one of those workers.

Identify and discuss the risk exposure the family must now endure;

Scenario Three:

Mrs. Cedeno suffered an aneurism at work and passed away hours after being hospitalized.

Identify and discuss the exposure the Cedeno family must face in the untimely death of Mrs. Cedeno.