Insurance and Estate planning

Instructions

Week 5: Purchasing Insurance & Estate PlanningCourse Objective:CO5:  Assess the insurance coverage and policy types available to homeowners and renters.Assignment Instructions:How do auto insurance rates in your state compare with rates in other states? Rates are based partly on the rates of accidents, injuries, and deaths in your state. Look at your state statistics concerning highway fatalities from the National Highway Traffic Safety Administration at http://www-nrd.nhtsa.dot.gov/departments/nrd-30/ncsa/STSI/USA%20WEB%20REPORT.HTM. What minimum auto insurance must you carry by law in your state? You will find state-by-state minimum car insurance data at http://personalinsure.about.com/cs/vehicleratings/a/blautominimum.htm. What optional insurance do you carry over the minimum, and why? What do you pay for car insurance, and how can you reduce your premium?

Answer

Insurance and Estate PlanningAccording to reports from the National Highway Traffic Safety Administration, the city of New York has had several fatalities and accidents that have prompted a high insurance cover. According to statistics, the fatality rates in 2017 in the state was 11 per 100, 000 populations, this was as compared to the previous year where the fatality rate was 5 per 100, 000 populations. The blood alcohol concentration in 2017 was higher than in 2016. These statistics were similar to motorcyclists by age. The number of those who had experienced an accident in 2017 was higher than in any other years. These rates define why the minimum auto insurance has to be high. New York does full coverages that include bodily injury liabilities and property damage liabilities (Araujo, 2...
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