Insurance Primer for Nonspecialists

Abstract

This paper provides a base level of insurance knowledge, sufficient for those seeking first-time employment in the industry, and for non-insurance specialist financial planners and other professionals who, in the context of their professional relationships with clients, make referrals to insurance specialists. The paper discusses the economics of the insurance industry and the nuances of the most common insurance policies offered in the industry. The goal of the paper is to equip financial planners and other professionals with basic information that should help them help clients develop portfolios of insurance policies that protect against the financial loss associated with various risks individuals and families face in their work and home lives. These risks include liability for injury to others, as well as risks associated with the individual’s property and health.