I need help contstructing a draft of an insurance plan addressing the assigned critical elements listed below regarding principles of risk and general contract revisions, life insurance, and personal liability insurance using the case notes provided.This plan will include analyses of the clients current coverage, recommendations to improve their coverage, and recommendations on future insurance options

Guidelines for Submission: Your draft should adhere to the following formatting requirements: 34 pages, double-spaced, using 12-point Times New Roman font, one-inch margins, and be in APA format. 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.

FIN 355 Milestone One Case Study

John and Jenny want your help in evaluating both their insurance needs and the insurance coverages they already have. Below is information they have provided for your analysis.

Demographics

Family Members Age Occupation Health

Jenny 34 Dental assistant Treated for mild depression. 5'4", 135 pounds. No other health issues.

John 36 Sales manager Treated for high cholesterol. 6'1", 186 pounds. No other health issues.

Emily (Child) 10 4th grader No health issues

Tiffany (Child) 8 2nd grader No health issues

Incomes Family Income Year John Jenny

2013 $64,000 $42,000

2014 $67,000 $44,000

2015 $71,000 $47,000

2016 $74,000 $50,000

Table 1: Income for the past three years and projected current year income for each spouse

Life Insurance

John: John is the insured and the owner of a $250,000 fifteen-year term policy from Banner Life. Issue date: 8 years ago. The policy has 7 years remaining until maturity. Jenny is the primary beneficiary, while Emily and Tiffany are the secondary beneficiaries. John has employer-provided group term insurance equal to one time his annual earnings of $74,000. Jenny is currently the only beneficiary.

Jenny: Employer-provided group term insurance equal to one time her annual salary. John is the primary beneficiary, while Emily and Tiffany are the contingent beneficiaries.

Auto Insurance

2011 Toyota Camry

Johns vehicle for driving. Owned JTWROS with Jenny. 25/50/15 PL/PD with $3,000 PIP. $500 collision deductible and $250 comprehensive deductible.

2014 Chevy Tahoe

Jennys vehicle for driving. Owned JTWROS with John. 25/50/15 with $3,000 PIP. $500 collision deductible and $250 comprehensive deductible.

Homeowners Insurance

Dwelling (FMV) $360,000

Other structures $36,000

Personal property $216,000

Additional living expenses $72,000

Personal liability umbrella $100,000

Medical liability$5,000

Deductibles for all covered perils: 1% of dwelling coverage.

Additional Client Goals/Notes

John and Jenny would like both daughters to have four years of school funded at the local state university if one of them should die.

They estimate the annual cost to be around $15,000 a year. John and Jenny both agree that if either spouse died, they would need their life insurance to replace the departed spouses income until both children are past the age of 21.

John and Jenny currently have a mortgage of $350,000 and would want the home paid for if a spouse passed away. The home is probably worth close to $500,000.

John and Jenny do not carry any other debt of consequence. John and Jenny have a nice-size savings account with around $40,000 and a 401K through Johns work that has a balance of $265,000. Jenny does not have a retirement account.

John and Jenny recently added a trampoline in their backyard that the neighborhood kids like to play on in addition to adopting a medium-size dog to keep the girls company.