Questions: Which of the following questions is not important to ask when developing a risk management plan? What do I need to insure? How much should I insure something for? What kind of insurance should I buy? Whom should I buy insurance from? How much will I need to save for retirement?

Which of the following questions is not important to ask when developing a risk management plan?

What do I need to insure?
How much should I insure something for?
What kind of insurance should I buy?
Whom should I buy insurance from?
How much will I need to save for retirement?
Transcript text: Which of the following questions is not important to ask when developing a risk management plan? What do I need to insure? How much should I insure something for? What kind of insurance should I buy? Whom should I buy insurance from? How much will I need to save for retirement?
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Solution

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The answer is the last one: How much will I need to save for retirement?

Explanation for each option:

  1. What do I need to insure? - This is important because identifying the assets and liabilities that need insurance is a fundamental step in risk management.
  2. How much should I insure something for? - This is crucial to ensure that the coverage is adequate to cover potential losses.
  3. What kind of insurance should I buy? - This is necessary to determine the appropriate type of insurance that matches the risk profile.
  4. Whom should I buy insurance from? - This is important to ensure that the insurance provider is reliable and offers good terms.
  5. How much will I need to save for retirement? - This question is related to financial planning rather than risk management, making it less relevant in the context of developing a risk management plan.

Summary: The question "How much will I need to save for retirement?" is not important to ask when developing a risk management plan, as it pertains to financial planning rather than risk management.

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