Part I: Short Answer Questions 1. Complete the table below to briefly describe the purpose of each type of insurance and whether it is mandatory or optional. Write at least one complete sentence for each Type of insurance Purpose Mandatory or optional? Health insurance Homeowner's insurance Auto insurance Life insurance 2. Write a paragraph (3 - 4 sentences) comparing auto insurance coverage that is required by law with auto insurance coverage that is optional. Your response should provide at least two examples of each and explain what each type of insurance covers. 3. Describe three things that could happen to a driver if they are underinsured. 4. Complete the table with a brief description of each right from the 1962 Bill of Consumer Rights. Write one sentence for each. Right Description Right to be safe Right to choose freely Right to be heard Right to be informed Right to education Right to redress 5. Write a paragraph describing three possible outcomes of identity theft. Your response should also include three protective measure people can take to avoid becoming the victim of identity theft. 6. Briefly describe three important personal qualities that the executor of a will should have, and explain why each quality is important Part II: Application and Critical Thinking Write at least three paragraphs (2 - 3 sentences each) to address each part of this prompt: What is risk? Why is it important to learn to manage risk? Specifically, give examples of how insurance, consumer protections, strategies to reduce fraud and identity theft, and estate planning help you manage risk