1. Insurance Insurance: an arrangement where a company or government agency provides guaranteed compensation in case of a certain event for a premium (payment). This provides you with a certain financial protection. Types of insurance: – Car, health, renters, life, liability (lawsuits), travel, disability, long-term care (aid), and natural disaster (various kinds)

2. Estate Planning Estate planning: the process of legally structuring and planning the future outlook of current assets. Types of estate planning: – Last will and testament, living trust, power of attorney, gifting, and nomination of guardian.

3. Mitigation Insurance companies will assess to insure you or not. Companies will decide your risk level and if you will be too costly or not. The higher the risk you are, the higher the premium (payment) will be. Mitigate: minimize degree of any loss or harm. An insurance company will mitigate for you (and them) in a certain event.