Develop a profile of risk management and insurance needs for a client. You will be given a write-up of a hypothetical client?s profile, including information on the client?s family situation, professional life, home ownership, car ownership, etc.

 

 

Project: The semester project for the class is the preparation of a risk assessment and management plan for a hypothetical client. The plan will take the form of a report detailing the risks a hypothetical client faces and realistic strategies to manage them.The project has two phases:Project Phase 1: Develop a profile of risk management and insurance needs for a client. You will be given a write-up of a hypothetical client?s profile, including information on the client?s family situation, professional life, home ownership, car ownership, etc. In phase 1, your task will be to identify all the risks that thypothetical client faces, given his/her situation. The risk assessment must be submitted by Friday, April 10th at the beginning of class. Tpart of the project should be no more than three pages in length using 1« line spacing. It will constitute the first section of your final report, and should be titled Risk Assessment Summary. Project Phase 2: Develop a plan for the client recommending risk management strategies to deal with the risks that she faces (as identified in phase 1). In particular, but not exclusively, you must identify the kinds and amounts of insurance coverage that are relevant for the client?s situation. Identify and justify specifically all coverages, including optional ones, that you recommend to the client. All insurance recommendations must be accompanied by a copy of an insurance quote illustrating the specific policy that you recommend to your client. The quote must be commented, and augmented when necessary; texercise is NOT about making up a quote online. Your recommendations shall fit in no more than ten pages of text (not counting the insurance quotes), using 1« line spacing.The final report should include the following items: 1. A title page (must include your name, the course number, and a concise title; the formatting is up to you but must be professional) 2. Risk assessment summary (phase 1) 3. Recommendations for risk management strategies, organized by risk that each strategy addresses: a. life-related risks b. home-related risks c. liability-related risks d. auto-related risks e. health-related risks f. any other risk 4. Insurance quotes as appendices (your report, particularly point 3 above, should refer to thquotes in the appendix). The final report is due by the last day of scheduled classes: Friday, May 1st at the beginning of class. Failure to abide by the deadlines (for the risk assessment and the final report) will result in up to 25 points being subtracted from your score on the final project. For example, if you miss both deadlines, you may only be able to score up to 50 points instead of 100 for the final project.Evaluation of the project: The project will contribute up to 100 points toward your final grade for the course (50 percent). The final project is the culmination of everything that you have learned in tclass. As such, it is the most important piof work that you will do for tclass and represents a large portion of the overall course grade. I?ll grade the project in a fair and strict manner. I will not hesitate to deduct a large amount of points for incomplete or hasty reports, and for failing to follow instructions (such as failing to include insurance quotes).Good projects are those that present clear, feasible, justified and relevant strategies, with enough details and realism that a real client would be able to act upon your recommendations. Timplies that you must provide all relevant data to justify your recommendations: the risk assessment and insurance quotes are parts of the data, but you are encouraged to ensure that all recommendations are properly documented and justified. Keep in mind that more is not always better, but you must be thorough. Theplan should be based on online insurance quotes, and any other necessary data. Finally, the evaluation will also take into account the professionalism of the final document: presentation, spelling, grammar, etc.The project is to be done individually. The analysis and writing must be yours alone. You may NOT use financial planning software packages or commercially-marketed planning software for you plan. Doing any of ththings will render the project invalid. That being said, you are free to discuss the material covered in the class with classmates, and to use help and suggestions from selected websites, such as the Insurance Information Institute: https://www2.iii.org/consumer/life-stages/.