•No.
Some losses are not as critical as others. Insure against the critical or serious losses
üCan you classify your risks?
•Yes.
I like two thoughts:
•Frequency of loss
•How often does the loss happen?
•Severity of loss
•How severe are the results if the
loss happens?
•What is the key to insurance?
•You need to balance the cost of
reducing risk with the severity of the loss
•Insure against high severity losses
that rarely occur—those that could have a major impact on the financial
condition of you and your family
•Reduce and avoid those other risks
that you can
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