You have a friend, Icahn Betitall, who just started a small business. He is paying a hefty premium for insurance.

1.  You have a friend, Icahn Betitall, who just started a small business. He is paying a hefty premium for insurance. Icahn’s insurance agent told him that he is insuring against the risk of loss on fire, theft, liability, and business interruption. Icahn also has policies for life, health, and automobiles. Icahn is planning a trip to Las Vegas. He plans to contact his agent and obtain a policy on the risk of losing his money at the blackjack table.

a. What types of risk would Icahn be able to transfer?

b. Name two ways that can you transfer risk?

2.  Larry Kraft owns a restaurant that is open 7 days a week. He has 25 full-time employees, but he has fairly high employee turnover. He believes that he can stabilize his workforce if he has a pension plan for his employees. Larry hears about a small business retirement plan called the SIMPLE IRA.   

a. What is another type of plan that he could offer and how would that work

b. What are the pros and cons of the SIMPLE IRA vs the other plan you discussed?

3.  What is the difference between a financial plan and a retirement plan?

4.  What is one behavior that you could change to help you create more wealth?

Q1 a. He should assess the potential risk based on the experience with others and accordinglyrisk should be covered in the Insurance Policy. In addition to that he should also buy the theft…

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