RMI 4115: Life/Health Products

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Presentation transcript:

RMI 4115: Life/Health Products a.k.a. Personal Risk Management

What course of action will help me maximize my standard of living – in the smoothest way possible – over the rest of my life?

Objectives Demonstrate an understanding of the mechanics of the financial planning process and proficiency with time value of money concepts. Derive a personal balance sheet and explain how human capital may be included. Demonstrate how to derive optimal consumption and savings over one’s lifetime. Identify the characteristics and features of the types of insurance contracts used by individuals to protect against the economic losses caused by poor health, death, disability, or longevity.

Objectives Explain how mortgage financing works, the advantages and shortcomings of investment loans, and the benefits of debt consolidation. Understand how to calculate personal income taxes and explain how different types of investment income are taxed. Discuss the theoretical foundation of insurance with consideration from both the buyers’ and sellers’ perspectives. Explain the necessity of having life insurance and the appropriate amount of coverage.

Objectives Identify the component parts of the life insurance premium and calculate net single and level premiums. Discuss the basic principles of investment and explain how investment decisions are related to the concept of consumption smoothing. Describe the concept of diversification and construct a portfolio that is optimal given a specific risk preference and risk/return trade-off. Explain how to decide between buying a renting a house.

Objectives Discuss how longevity risk is dealt with in a consumption-smoothing framework and calculate immediate and deferred annuity payments.

Math? Practical aspects of the techniques (e.g., time value of money) NOT Mathematical rigor

Insurance Products Life insurance Health insurance Disability Income Products: whole, term, etc. Uses: death benefit, estate planning, etc. Health insurance Disability Income Homeowners and Automobile Long Term Care Annuities

For next time Read SFPL Chapter 2 Start reviewing problems in Chapter 2 Read DA Chapter 1 (posted on schedule) Class exercises

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