Develop a profile of risk management and insurance needs for a client.

Project: The semester project for the class is the preparation of a risk assessment and
management plan for a hypothetical client. The plan will take the form of a report
detailing the risks a hypothetical client faces and realistic strategies to manage them.

The project has two phases:

Project Phase 1: Develop a profile of risk management and insurance needs for a client.
You will be given a write-up of a hypothetical client’s profile, including information on
the client’s family situation, professional life, home ownership, car ownership, etc. In
phase 1, your task will be to identify all the risks that this hypothetical client faces, given
his/her situation. The risk assessment must be submitted by Friday, April 10th at the
beginning of class. This part of the project should be no more than three pages in length
using 1½ line spacing. It will constitute the first section of your final report, and should
be titled “Risk Assessment Summary.”
Project Phase 2: Develop a plan for the client recommending risk management strategies
to deal with the risks that she faces (as identified in phase 1). In particular, but not
exclusively, you must identify the kinds and amounts of insurance coverage that are
relevant for the client’s situation. Identify and justify specifically all coverages, including
optional ones, that you recommend to the client. All insurance recommendations must be
accompanied by a copy of an insurance quote illustrating the specific policy that you
recommend to your client. The quote must be commented, and augmented when
necessary; this exercise is NOT about making up a quote online. Your recommendations
shall fit in no more than ten pages of text (not counting the insurance quotes), using 1½
line spacing.

The final report should include the following items:
1. A title page (must include your name, the course number, and a concise title; the
formatting is up to you but must be professional)
2. Risk assessment summary (phase 1)
3. Recommendations for risk management strategies, organized by risk that each
strategy addresses:
a. life-related risks
b. home-related risks
c. liability-related risks
d. auto-related risks
e. health-related risks
f. any other risk
4. Insurance quotes as appendices (your report, particularly point 3 above, should
refer to these quotes in the appendix).
The final report is due by the last day of scheduled classes: Friday, May 1st at the
beginning of class. Failure to abide by the deadlines (for the risk assessment and the final
report) will result in up to 25 points being subtracted from your score on the final project.
For example, if you miss both deadlines, you may only be able to score up to 50 points
instead of 100 for the final project.

Evaluation of the project: The project will contribute up to 100 points toward your final
grade for the course (50 percent). The final project is the culmination of everything that
you have learned in this class. As such, it is the most important piece of work that you
will do for this class and represents a large portion of the overall course grade. I’ll grade
the project in a fair and strict manner. I will not hesitate to deduct a large amount of
points for incomplete or hasty reports, and for failing to follow instructions (such as
failing to include insurance quotes).

Good projects are those that present clear, feasible, justified and relevant strategies, with
enough details and realism that a real client would be able to act upon your
recommendations. This implies that you must provide all relevant data to justify your
recommendations: the risk assessment and insurance quotes are parts of the data, but you
are encouraged to ensure that all recommendations are properly documented and
justified. Keep in mind that more is not always better, but you must be thorough. Theplan should be based on online insurance quotes, and any other necessary data. Finally,
the evaluation will also take into account the professionalism of the final document:
presentation, spelling, grammar, etc.

The project is to be done individually. The analysis and writing must be yours alone. You
may NOT use financial planning software packages or commercially-marketed planning
software for you plan. Doing any of these things will render the project invalid. That
being said, you are free to discuss the material covered in the class with classmates, and
to use help and suggestions from selected websites, such as the Insurance Information
Institute: http://www2.iii.org/consumer/life-stages/.