1. Compare the risk of fire with the risk of war in terms of how well they meet the requirements of an ideally insurable risk.
2. 1. a. Private insurers provide social and economic benefits to society. Explain the following benefits of insurance to society.
      1. Indemnification for loss
      2. Enhancement of credit
      3. Source of funds for capital accumulation
   2. Explain the major costs of insurance to society.
3. Buildings in flood zones are difficult to insure by private insurers because the ideal requirements of an insurable risk are difficult to meet.
   1. Identify the ideal requirements of an insurable risk.
   2. Which of the requirements of an insurable risk are not met by the flood peril?
4. Private insurance provides numerous coverages that can be used to meet specific loss situations. For each of the following situations, identify a private insurance coverage that would provide the desired protection.
   1. Emily, age 28, is a single parent with two dependent children. She wants to make certain that funds are available for her children’s education if she dies before her youngest child finishes college.
   2. Danielle, age 16, recently obtained her driver’s license. Her parents want to make certain they are protected if Danielle negligently injures another motorist while driving a family car.
   3. Jacob, age 30, is married with two dependents. He wants his income to continue if he becomes totally disabled and unable to work.
   4. Tyler, age 35, recently purchased a house for $200,000 that is located in an area where tornadoes frequently occur. He wants to make certain that funds are available if the house is damaged or destroyed by a tornado.
   5. Nathan, age 40, owns an upscale furniture store. He wants to be protected if a customer is injured while shopping in the store and sues him for the bodily injury.

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