This month the boys are participating in the Jenks skills and team play camp. They love the sport and have played it since they were little. They hope to follow in Mike's footsteps and play in HS. Beau made the 8th grade team; we are very proud of him. He played on Franchise last season which played 3 games almost every Saturday in order to be ready for this year. Jack lead his team to a playoff victory in Owasso last Spring. Looks like Julie and I better find some comfy seats at the basketball gym!
So far we have reviewed Requirements and how certain lines of insurance can help you Risk manage different situations. Another "R" to understand is retention which can really take two forms-high deductible or NO insurance at all. Again looking at the simple example of car insurance and the photo attached, consider this scenario. Let's assume this vehicle rear ended another vehicle and is at fault. Depending on the driver's decision for physical damage coverage, specifically collision, will determine how his vehicle is repaired. Since we assume he is at fault, any damages paid will be from a "first party" coverage which means the individual needed to make a choice beforehand to have coverage (and choose deductible) or not. Finally, "Rest Easy" is the most important and fourth "R". You must understand and make the right decision amongst the other "Rs"-Required, Risk manage, and Retention in order to attain the fourth. Call today and let's discuss your scenario (918)293-7115.
Picture by Taste of Home
We had Julie's 3rd grade teacher, Miss Walker, over for dinner and cooked this! Ingredients
RECIPE HINT: I couldn't find unsweetened apple juice so I used Canvas Chardonnay and it was delicious! This week I am heading up crafts for the K - 2nd graders at VBS. We have over 500 children attending the program from 9-12. I have been blessed to have my own children help me prepare the craft for the next day. We were up till midnight one night filling paint daubers and counting friendship beads. There are many volunteers to assist me during the day. I am so impressed with the organization and how smooth the day seems to flow. Today we talked about God's promises! We are reminded about God's promise to Abraham that he would have decendants as many as there are grains of sand and stars in the sky. We made these darling keychains. Julie attends with me everyday while Jack is at basketball camp and Beau is in Honduras! Train up a child in the way he should go, Even when he is old he will not depart from it. - Proverbs 22:6
Continuing with the theme of Four Rs, today we visit Risk Management. Having discussed requirements, we now focus on what you will CHOOSE to purchase to mitigate risk or losses from certain events. From the perspective of auto insurance which most people are familiar with but may not realize that physical damage to your vehicle is known as a "first party" coverage and you must choose comprehensive and collision to be covered in the case of a loss. Additionally, you will choose a deductible, starting as low as $500 that will apply to any damages paid. Obviously your premium will reflect whether you choose this coverage and how high your deductible is. Not to confuse the issue, but comp/collision will be REQUIRED by most lenders if you finance the vehicle.
Well of course my new car is financed, Mike, so what coverage do I really have a choice? Probably the biggest area a good agent can assist you in this area is understanding common Exclusions. For instance, jewelry has a low limit on your homeowners policy and most people will need a Floater policy for such items. In commercial insurance, many businesses would need an Inland Marine policy for items that are excluded from most property policies. Give me a call to review your current policies and be sure you are practicing good risk management. |
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