Now that you have read the chapter on risk management and property liability insurance, what would you recommend to Nick and Amber in the case at the beginning of the chapter regarding:
1. The risk-management steps they should take to update their insurance coverages?
2. The relationship between severity and frequency of loss when deciding whether to buy insurance?
3. Adequately insuring their home?
4. The use of deductibles and policy limits to keep their automobile insurance premiums at a manageable level while still maintaining vital coverage?