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.
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.
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