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Be sure to check out the hobbyist sections of our site. We're in the process of rolling out sections on photography and everyday gadgets. We don't focus on the cutting edge, new technologies -- we're focusing on how to use new technologies in everyday life.
Gadgets
every day uses for new and old technologies.
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Finplan.com - Insurance Planning Basics
Insurance is an important component of any financial plan. There are many types of insurance and all play a key role. However, all types of insurance have one thing in common, insurance is designed to protect against a particular risk.
There are five ways to deal with risk.
- Avoid the risk. - Don't fly.
- Retain the risk. - Co-payments.
- Transfer the risk. - Insurance.
- Share the risk. - Partnership.
- Reduce the risk. - Safety Improvements.
With insurance, we transfer the risk to another party. That party bears the risk that you are protecting yourself against. This risk may be death, disability, sickness or an accident. However, the party assuming the risk does not accept the risk without compensation. As a result, premiums are charged. The party assuming the risk receives premiums from a large group and is able to provide coverage to the whole group because the odds are that not everyone in the group will suffer the particular risk.
Insurance is important to any personal finance decision. Many events can wipe out assets which have been accumulated over a lifetime. Medical expenses, automobile accidents, natural disasters and legal liability suits are instances that can require a significant amount of resources. Individuals typically do not want to accept the risk that these events may not occur nor are they willing to self-insure against these risks. Therefore, we seek insurance and insurers are willing to provide coverage.
What types of insurance should an individual consider? Oour discussion will focus on the following types which are common to a personal financial plan. Click on a topic for a further discussion.
- Life Insurance
- Disability Insurance
- Health Insurance
- Homeowners Insurance
- Liability Insurance
- Automobile Insurance
- OASDHI
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If you're looking for information on the the FinPlan Divorce Planner (from the other FinPlan company), please continue on to http://www.divorceplanner.com.
Note - FinPlan.com does not offer any information regarding this program nor does it have any relationship with the company offering the software. This link is provided as a service only.
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FinPlan.com offers several online tools and calculators as well as some software programs from FinPlan, Inc. FinPlan started developing software in the 1980s developing 10 programs covering several personal finance topics.
Family Retirement Planner
The FinPlan Family Retirement Planner provides an excellent high-level retirement planning model to help you determine your retirement planning needs which will allow you to develop a strategy to get there.
Financial Toolkit
The FinPlan Financial Toolkit provides a variety of financial tools designed to help you answer many questions on personal finance.
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