November, 2009:

Which doesn't belong and why?

      A. Homeowner's Insurance
      B. Term Life Insurance
      C. Automobile Insurance
      D. Health Care Insurance

Your kids probably do not have the slightest idea. Perhaps you do. Allow me to explain briefly how insurance works. Following my explanation, the one that sticks out like a sore thumb will be obvious. Of course that will not be the end of the lesson. It will be only the beginning.

What is Insurance?

This is simple. But please pay close attention. Insurance is a scheme to compensate you financially in the event of an unlikely, catastrophic event. The key words there are "unlikely, "catastrophic," and "financially." Homeowner's insurance does not protect your home from being destroyed by a hurricane. Term life insurance does not protect you from dying. But it reimburses you (or your heirs) financially in the event of an unlikely, catastrophic event.

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