Question

FIN 355 Milestone One Guidelines and Rubric

Overview: For the final project, you will create an insurance plan for fictitious clients described in the provided scenarios. This plan will include analyses of the clients’ current coverage, recommendations to improve their coverage, and recommendations on future insurance options. To do this, you will review and analyze the clients’ information and goals. Upon completing this assessment, you will have demonstrated your expertise in general insurance planning and social benefit programs and the role these products and benefits play in financial planning.

For Milestone One, you will submit a draft of the general contract provisions, personal liability, and life insurance sections of the insurance plan. John and Jenny Smith have requested your help in evaluating both their insurance needs and the insurance coverage they already have. Responses should be thoughtful and professional and include detailed recommendations that you would make to John and Jenny based upon your findings and analysis of their situation.

Prompt: Review the case notes and background of your new clients and address the assigned critical elements regarding principles of risk and general contract revisions, life insurance, and personal liability insurance.

Specifically, the following critical elements must be addressed:

I. Principles of Risk and General Contract Provisions: In this section, you will analyze the clients’ principles of risk and general contract provisions and make insurance recommendations based on your analysis. To effectively address the critical elements in this section, you must use the client information in the first scenario.

A. Identify risks to the clients for which they should have insurance coverage by analyzing the clients’ information. Support your identification with relevant client information.

B. Based on your identified risks, recommend general contract provisions the clients should include in their auto and home insurance policies. C. Determine considerations the clients should make when selecting an insurance company with which they will work. Support your discussion

with relevant principles of risk.

II. Personal Liability Insurance: In this section, you will review the clients’ auto and homeowners insurance and recommend any necessary changes. You must consider the effects that certain purchases may have on the clients’ insurance coverage. To effectively address the critical elements in this section, you must use the client information in the first scenario.

A. Determine the clients’ auto insurance needs by analyzing the clients’ information. Support your determination with relevant client information. B. Discuss the ability of the clients’ current auto coverage to meet their insurance needs, and make recommendations to improve coverage where

necessary. Support your response with relevant client information. C. Determine the clients’ homeowners insurance needs by analyzing the clients’ information. Support your determination with relevant client

information. D. Discuss the ability of the clients’ current homeowners policy to meet their insurance needs, and make recommendations to improve coverage

where necessary. Support your response with relevant client information.

E. Describe the impact the purchase of a trampoline and a dog would have on the clients’ homeowners insurance, and make appropriate recommendations for additional riders the clients should consider.

III. Life Insurance Policy: In this section, you will analyze the clients’ life insurance policies and needs and make appropriate recommendations by utilizing tools, such as the needs analysis model. To effectively address the critical elements in this section, you must use the client information in the first scenario.

A. Conduct a life insurance needs analysis for the clients using an appropriate needs analysis model. Determine the clients’ life insurance needs using the needs analysis model.

B. Discuss the ability of the clients’ current life insurance policies to meet their coverage needs. Support your discussion with relevant client information.

C. Recommend appropriate changes for the clients regarding their life insurance based on your needs analysis. Support your recommendations with specific examples.

Rubric Guidelines for Submission: Your draft should adhere to the following formatting requirements: 3–4 pages, double-spaced, using 12-point Times New Roman font, one-inch margins, and be in APA format.

Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Principles of Risk and

General Contract Provisions: Risks to

the Clients

Identifies risks to the clients for which they should have insurance coverage by analyzing the clients’ information, and supports identification with relevant client information

Identifies risks to the clients for which they should have insurance coverage by analyzing the clients’ information, but response is cursory or illogical or contains inaccuracies, or supporting client information is irrelevant or nonexistent

Does not identify risks to the clients for which they should have insurance coverage

10

Principles of Risk and General Contract

Provisions: General Contract Provisions

Recommends general contract provisions the clients should include in their auto and home insurance policies based on the identified risks

Recommends general contract provisions the clients should include in their auto and home insurance policies, but recommendations are cursory, illogical, or not based on the identified risks

Does not recommend general contract provisions the clients should include in their auto and home insurance policies

10

Principles of Risk and General Contract

Provisions: Considerations

Determines considerations the clients should make when selecting an insurance company and supports discussion with relevant principles of risk

Determines considerations the clients should make when selecting an insurance company, but determination is cursory or illogical, or supporting principles of risk are not relevant or are nonexistent

Does not determine considerations the clients should make when selecting an insurance company

10

Personal Liability Insurance: Auto Insurance Needs

Determines the clients’ auto insurance needs by analyzing the clients’ information and supports determination with relevant client information

Determines the clients’ auto insurance needs by analyzing the clients’ information, but determination is cursory or illogical, or supporting client information is irrelevant or nonexistent

Does not determine the clients’ auto insurance needs

7

Personal Liability Insurance: Current

Auto Coverage

Discusses the ability of the clients’ current auto coverage to meet their insurance needs, making recommendations to improve coverage where necessary, and supports response with relevant client information

Discusses the ability of the clients’ current auto coverage to meet their insurance needs, making recommendations to improve coverage where necessary, but response is cursory or illogical or contains inaccuracies, or supporting client information is irrelevant or nonexistent

Does not discuss the ability of the clients’ current auto coverage to meet their insurance needs

7

Personal Liability Insurance:

Homeowners Insurance Needs

Determines the clients’ homeowners insurance needs by analyzing the clients’ information and supports determination with relevant client information

Determines the clients’ homeowners insurance needs by analyzing the clients’ information, but determination is cursory or illogical, or supporting client information is irrelevant or nonexistent

Does not determine the clients’ homeowners insurance needs

7

Personal Liability Insurance: Current

Homeowners Policy

Discusses the ability of the clients’ current homeowners policy to meet their insurance needs, making recommendations to improve coverage where necessary, and supports response with relevant client information

Discusses the ability of the clients’ current homeowners policy to meet their insurance needs, making recommendations to improve coverage where necessary, but response is cursory or illogical or contains inaccuracies, or supporting client information is irrelevant or nonexistent

Does not discuss the ability of the clients’ current homeowners policy to meet their insurance needs

7

Personal Liability Insurance: Impact

Describes the impact the purchase of a trampoline and a dog would have on the clients’ homeowners insurance, making appropriate recommendations for additional riders the clients should consider

Describes the impact the purchase of a trampoline and a dog would have on the clients’ homeowners insurance, making recommendations for additional riders the clients should consider, but description is cursory or contains inaccuracies, or recommendations for additional riders are inappropriate or illogical

Does not describe the impact the purchase of a trampoline and a dog would have on the clients’ homeowners insurance

7

Life Insurance Policy: Life Insurance Needs

Analysis

Determines the clients’ life insurance needs by conducting a needs analysis using an appropriate needs analysis model

Determines the clients’ life insurance needs by conducting a needs analysis, but determination is illogical or contains inaccuracies, or model used is inappropriate

Does not determine the clients’ life insurance needs by conducting a needs analysis

10

Life Insurance Policy: Current Life Insurance

Discusses the ability of the clients’ current life insurance policies to meet their coverage needs and supports discussion with relevant client information

Discusses the ability of the clients’ current life insurance policies to meet their coverage needs, but discussion is cursory or illogical or contains inaccuracies, or supporting client information is irrelevant or nonexistent

Does not discuss the ability of the clients’ current life insurance policies to meet their coverage needs

10

Life Insurance Policy: Appropriate Changes

Recommends appropriate changes for the clients regarding their life insurance based on the results of the needs analysis and supports recommendations with relevant client information

Recommends changes for the clients regarding their life insurance, but recommendations are illogical, not appropriate, or not based on the results of the needs analysis, or supporting client information is irrelevant or nonexistent

Does not recommend changes for the clients regarding their life insurance

10

Articulation of Response

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

5

Total 100%