Insurance and Risk Protection
Understand why risk pooling: 10,000 people each pay 50,000 in local currency into a pool (500,000,000 in local currency total).
5
Lessons in this module
What insurance is
Understand why risk pooling: 10,000 people each pay 50,000 in local currency into a pool (500,000,000 in local currency total).
Health insurance (NHIA/HMOs)
Understand why nHIA vs HMOs: NHIA is the government-administered scheme — historically underfunded and limited in coverage, but expanding.
Life insurance basics
Understand why life insurance necessity: the question is 'who suffers financially if I die?' If the answer is nobody, life insurance has no financial purpose (though other instruments have value).
Business insurance
Understand why small business insurance types: (1) Professional/product liability — covers claims from customers whose property or business was harmed.
Cost of NOT insuring
Understand why the expected value calculation: if a 2,000,000 in local currency medical event has a 5% annual probability, expected annual cost = 100,000.
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