Question

FIN355MilestoneOneGuidelinesandRubric1 fin355_milestone_one_case_study Feedbackfor3-2FinalProjectMilestoneOneDraftofGeneralContractProvisionsPersonalLiabilityandLifeInsurancePlans-FIN-355-H7385RiskMgmtandInsurancePlan22EW4-SouthernNewHampshireUniversity

FIN 355 Milestone One Guidelines and Rubric

Overview: For the final project, you will create an insurance plan for fictitious clients described in the provided scenarios. This plan will include analyses of the
clients’ current coverage, recommendations to improve their coverage, and recommendations on future insurance options. To do this, you will review and
analyze the clients’ information and goals. Upon completing this assessment, you will have demonstrated your expertise in general insurance planning and social
benefit programs and the role these products and benefits play in financial planning.

For Milestone One, you will submit a draft of the general contract provisions, personal liability, and life insurance sections of the insurance plan. John and Jenny
Smith have requested your help in evaluating both their insurance needs and the insurance coverage they already have. Responses should be thoughtful and
professional and include detailed recommendations that you would make to John and Jenny based upon your findings and analysis of their situation.

Prompt: Review the case notes and background of your new clients and address the assigned critical elements regarding principles of risk and general contract
revisions, life insurance, and personal liability insurance.

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.

http://snhu-media.snhu.edu/files/course_repository/undergraduate/fin/fin355/fin355_milestone_one_case_study

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.

Rubric
Guidelines for Submission: Your draft should adhere to the following formatting requirements: 3–4 pages, double-spaced, using 12-point Times New Roman
font, one-inch margins, and be in APA format.

Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value
Principles of Risk and

General Contract
Provisions: Risks to

the Clients

Identifies risks to the clients for
which they should have insurance
coverage by analyzing the clients’
information, and supports
identification with relevant client
information

Identifies risks to the clients for
which they should have insurance
coverage by analyzing the clients’
information, but response is cursory
or illogical or contains inaccuracies,
or supporting client information is
irrelevant or nonexistent

Does not identify risks to the clients
for which they should have insurance
coverage

10

Principles of Risk and
General Contract

Provisions: General
Contract Provisions

Recommends general contract
provisions the clients should include
in their auto and home insurance
policies based on the identified risks

Recommends general contract
provisions the clients should include
in their auto and home insurance
policies, but recommendations are
cursory, illogical, or not based on the
identified risks

Does not recommend general
contract provisions the clients should
include in their auto and home
insurance policies

10

Principles of Risk and
General Contract

Provisions:
Considerations

Determines considerations the
clients should make when selecting
an insurance company and supports
discussion with relevant principles of
risk

Determines considerations the
clients should make when selecting
an insurance company, but
determination is cursory or illogical,
or supporting principles of risk are
not relevant or are nonexistent

Does not determine considerations
the clients should make when
selecting an insurance company

10

Personal Liability
Insurance: Auto
Insurance Needs

Determines the clients’ auto
insurance needs by analyzing the
clients’ information and supports
determination with relevant client
information

Determines the clients’ auto
insurance needs by analyzing the
clients’ information, but
determination is cursory or illogical,
or supporting client information is
irrelevant or nonexistent

Does not determine the clients’ auto
insurance needs

7

Personal Liability
Insurance: Current

Auto Coverage

Discusses the ability of the clients’
current auto coverage to meet their
insurance needs, making
recommendations to improve
coverage where necessary, and
supports response with relevant
client information

Discusses the ability of the clients’
current auto coverage to meet their
insurance needs, making
recommendations to improve
coverage where necessary, but
response is cursory or illogical or
contains inaccuracies, or supporting
client information is irrelevant or
nonexistent

Does not discuss the ability of the
clients’ current auto coverage to
meet their insurance needs

7

Personal Liability
Insurance:

Homeowners
Insurance Needs

Determines the clients’ homeowners
insurance needs by analyzing the
clients’ information and supports
determination with relevant client
information

Determines the clients’ homeowners
insurance needs by analyzing the
clients’ information, but
determination is cursory or illogical,
or supporting client information is
irrelevant or nonexistent

Does not determine the clients’
homeowners insurance needs

7
Personal Liability
Insurance: Current

Homeowners Policy

Discusses the ability of the clients’
current homeowners policy to meet
their insurance needs, making
recommendations to improve
coverage where necessary, and
supports response with relevant
client information

Discusses the ability of the clients’
current homeowners policy to meet
their insurance needs, making
recommendations to improve
coverage where necessary, but
response is cursory or illogical or
contains inaccuracies, or supporting
client information is irrelevant or
nonexistent

Does not discuss the ability of the
clients’ current homeowners policy
to meet their insurance needs

7

Personal Liability
Insurance: Impact

Describes the impact the purchase of
a trampoline and a dog would have
on the clients’ homeowners
insurance, making appropriate
recommendations for additional
riders the clients should consider

Describes the impact the purchase of
a trampoline and a dog would have
on the clients’ homeowners
insurance, making recommendations
for additional riders the clients
should consider, but description is
cursory or contains inaccuracies, or
recommendations for additional
riders are inappropriate or illogical

Does not describe the impact the
purchase of a trampoline and a dog
would have on the clients’
homeowners insurance

7

Life Insurance Policy:
Life Insurance Needs

Analysis

Determines the clients’ life insurance
needs by conducting a needs analysis
using an appropriate needs analysis
model

Determines the clients’ life insurance
needs by conducting a needs
analysis, but determination is illogical
or contains inaccuracies, or model
used is inappropriate

Does not determine the clients’ life
insurance needs by conducting a
needs analysis

10

Life Insurance Policy:
Current Life Insurance

Discusses the ability of the clients’
current life insurance policies to
meet their coverage needs and
supports discussion with relevant
client information

Discusses the ability of the clients’
current life insurance policies to
meet their coverage needs, but
discussion is cursory or illogical or
contains inaccuracies, or supporting
client information is irrelevant or
nonexistent

Does not discuss the ability of the
clients’ current life insurance policies
to meet their coverage needs

10

Life Insurance Policy:
Appropriate Changes

Recommends appropriate changes
for the clients regarding their life
insurance based on the results of the
needs analysis and supports
recommendations with relevant
client information

Recommends changes for the clients
regarding their life insurance, but
recommendations are illogical, not
appropriate, or not based on the
results of the needs analysis, or
supporting client information is
irrelevant or nonexistent

Does not recommend changes for
the clients regarding their life
insurance

10

Articulation of
Response

Submission has no major errors
related to citations, grammar,
spelling, syntax, or organization

Submission has major errors related
to citations, grammar, spelling,
syntax, or organization that
negatively impact readability and
articulation of main ideas

Submission has critical errors related
to citations, grammar, spelling,
syntax, or organization that prevent
understanding of ideas

5

Total 100%

FIN 355 Milestone One Guidelines and Rubric
Rubric

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 John’s 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 Jenny’s 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 spouse’s 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

John’s 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.

FIN 355 Milestone One Rubric
Activity: 3‐2 Final Project Milestone One: Draft of General Contract Provisions, Personal Liability, and Life

Insurance Plans

Course: FIN‐355‐H7385 Risk Mgmt and Insurance Plan 22EW4

Name: Cierra Bogan

Criteria Proficient
Needs
Improvement

Not Evident Criterion Score

Principles of Risk

and General

Contract

Provisions: Risks

to the Clients

1

0 / 10

Principles of Risk
and General
Contract

Provisions:

General Contract

Provisions

7.5 / 10

7.

5 points

Identifies risks to

the clients for which

they

should have

insurance coverage

by

analyzing the

clients’ information,

but response is

cursory or

illogical

or contains

inaccuracies, or

supporting client

information is

irrelevant or

nonexistent

0 points

Does not identify

risks to the clients

for which they

should have
insurance coverage

10 points

Recommends

general contract

provisions the

clients should

include in their auto

and home

insurance

policies based on

the

identified risks

0 points

Does not

recommend general

contract provisions

the clients should

include in their auto
and home insurance

policies

10 points
Identifies risks to

the clients for

which they should

have insurance

coverage by

analyzing the
clients’ information,

and

supports

identification with

relevant client

information

7.5 points
Recommends
general contract
provisions the
clients should
include in their auto
and home insurance

policies,

but

recommendations

are cursory, illogical,

or not based on the

identified risks

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Criteria Proficient
Needs
Improvement
Not Evident Criterion Score
Principles of Risk
and General
Contract
Provisions:

Considerations

10 / 10

Personal Liability

Insurance: Auto

Insurance Needs

5.25 / 7

7.5 points

Determines

considerations the

clients should make

when selecting an

insurance company,

but

determination is

cursory or illogical,

or supporting

principles of risk are

not relevant or are

nonexistent
0 points

Does not determine

considerations the
clients should make
when selecting an

insurance company

7 points

Determines the

clients’ auto

insurance needs by

analyzing the

clients’ information

and supports

determination with

relevant client
information
0 points
Does not determine

the clients’ auto

insurance

needs

10 points
Determines
considerations the
clients should make
when selecting an
insurance company
and supports

discussion with

relevant principles

of risk

5.25 points

Determines the
clients’ auto
insurance needs by
analyzing the
clients’ information,
but determination is
cursory or illogical,

or supporting client

information is
irrelevant or
nonexistent
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Criteria Proficient
Needs
Improvement
Not Evident Criterion Score
Personal Liability

Insurance:

Current Auto

Coverage

0 / 7

Personal Liability
Insurance:

Homeowners

Insurance Needs
5.25 / 7
7 points

Discusses the ability

of the

clients’

current auto

coverage to meet

their insurance

needs,

making

recommendations

to improve coverage

where necessary,

and supports

response with

relevant client
information
5.25 points
Discusses the ability
of

the clients’

current auto
coverage to meet
their insurance
needs, making
recommendations
to improve coverage
where necessary,
but response is

cursory or illogical

or contains
inaccuracies, or
supporting client
information is
irrelevant or
nonexistent
7 points
Determines the
clients’

homeowners

insurance needs by
analyzing the
clients’ information
and supports
determination with
relevant client
information
0 points
Does not determine
the clients’
homeowners

insurance needs

0 points

Does not discuss

the ability of the

clients’ current auto

coverage to meet
their insurance
needs
5.25 points
Determines the
clients’
homeowners
insurance needs by
analyzing the
clients’ information,
but determination is
cursory or illogical,
or supporting client
information is
irrelevant or
nonexistent
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Criteria Proficient
Needs
Improvement
Not Evident Criterion Score
Personal Liability
Insurance:

Current

Homeowners

Policy

0 / 7
Personal Liability
Insurance:

Impact

5.25 / 7
7 points
Discusses the ability

of the clients’

current

homeowners policy

to meet their

insurance needs,

making
recommendations
to improve coverage
where necessary,
and supports
response with
relevant client
information
5.25 points
Discusses the ability
of the clients’
current
homeowners policy
to meet their
insurance needs,
making
recommendations
to improve coverage
where necessary,
but response is
cursory or illogical
or contains
inaccuracies, or
supporting client
information is
irrelevant or
nonexistent
7 points

Describes the

impact the purchase

of a trampoline and

a dog would have

on the clients’

homeowners

insurance, making

appropriate

recommendations

for additional riders

the clients should

consider

0 points

Does not describe

the impact the

purchase of a

trampoline and a

dog would have on

the clients’
homeowners
insurance
0 points
Does not discuss
the ability of the

clients’ current

homeowners policy
to meet their
insurance needs
5.25 points
Describes the
impact the purchase
of a trampoline and
a dog would have
on the clients’
homeowners
insurance, making
recommendations
for additional riders
the clients should

consider, but

description is

cursory or contains

inaccuracies, or
recommendations
for additional riders

are inappropriate or

illogical
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Criteria Proficient
Needs
Improvement
Not Evident Criterion Score

Life Insurance

Policy: Life

Insurance Needs

Analysis

0 / 10
Life Insurance

Policy: Current

Life Insurance
0 / 10
Life Insurance

Policy:

Appropriate

Changes

0 / 10
10 points
Determines the

clients’ life

insurance needs by

conducting a needs

analysis using an

appropriate needs

analysis model

7.5 points
Determines the
clients’ life
insurance needs by
conducting a needs

analysis, but

determination is

illogical or contains

inaccuracies, or

model used is

inappropriate

10 points
Discusses the ability
of the clients’

current life

insurance policies to

meet their coverage

needs and supports

discussion with
relevant client
information
7.5 points
Discusses the ability
of the clients’
current life
insurance policies to
meet their coverage

needs, but

discussion is

cursory or illogical
or contains
inaccuracies, or
supporting client
information is
irrelevant or
nonexistent
10 points
Recommends

appropriate changes

for the clients

regarding their life

insurance based on

the results of the

needs analysis and

supports
recommendations

with relevant client

information
7.5 points
Recommends

changes for the

clients regarding

their life insurance,

but
recommendations

are illogical, not

appropriate, or not

based on the results

of the needs

analysis, or

supporting client
information is
irrelevant or
nonexistent
0 points
Does not determine

the clients’ life

insurance needs by
conducting a needs

analysis

0 points
Does not discuss
the ability of the

clients’ current life

insurance policies

to meet their

coverage needs

0 points
Does not

recommend

changes for the
clients regarding

their life insurance

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Total 48.25 / 100

Overall Score

Criteria Proficient
Needs
Improvement
Not Evident Criterion Score

Articulation of

Response

5 / 5
3.75 points

Submission has

major errors related

to citations,

grammar, spelling,

syntax, or

organization that

negatively impact

readability and

articulation of main

ideas

0 points
Submission has

critical errors

related to citations,

grammar, spelling,
syntax, or
organization that

prevent

understanding of

ideas

Proficient
76 points minimum

Instructors should not modify

this row (it will automate from

the scores above). This score

represents the average

evaluation across all rubric

criteria.

Needs Improvement
1 point minimum

Instructors should not modify
this row (it will automate from
the scores above). This score
represents the average
evaluation across all rubric
criteria.

Not Evident
0 points minimum

Instructors should not modify
this row (it will automate from
the scores above). This score
represents the average
evaluation across all rubric
criteria.
5 points

Submission has no

major errors related
to citations,
grammar, spelling,
syntax, or

organization

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