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Assessing Insurance Needs

Assessing Insurance Needs
Project description
This module has introduced you to the many different entities and people that may have a need for aviation insurance coverage. In your work in the aviation industry, it will be important for you to recognize the need for insurance and make appropriate recommendations. On the consumer end, you’ll need to know if you should call a broker or agency. As an insurance professional, you’ll begin to learn the appropriate questions to ask your clients to determine if there is a need. This assignment will help you begin to develop the skill of recognizing a potential insurance need.
Study the material found in chapter 2 of your textbook.
Read each scenario found below.
Create a document that addresses the following elements for each scenario:
Identify at least 3 persons or entities that need insurance coverage or should be added on to an insurance policy.
For each of the persons or entities you identified, explain why they need the coverage. What should be covered and why is there a risk?
Format your document using this template. Note that this is not a narrative; you can simply identify the persons or entities. However, use complete sentences to explain their coverage needs.
Make sure your name and UVID is located on the document.
Submit your document according to the submission instructions below.
This assignment is worth 35 points and will be graded according to the following rubric:
6 Points – Identification. You have correctly identified 3 persons or entities needing insurance in each scenario (worth 1 point each).
24 Points – Explanation. You have adequately explained why there is a need for coverage. An adequate explanation includes what should be covered and why there is a risk.
5 Points – Formatting. You have formatted your document using the template. The document uses complete sentences and contains correct spelling and grammar.
35 Total Points
Click on the “My Submissions” tab above to submit your assignment. Your assignment should be submitted as a Word Doc or as a PDF. The assignment should be uploaded by the due date. Late assignments will not be accepted!
Scenario 1
Business is booming at XYZ Corp. In order to properly service their clientele, opting for personal face-to-face meetings rather than phone or email, XYZ Corp decides to purchase its first aircraft. After an exhaustive effort, XYZ Corp decides to purchase a Twin Turbo-Prop Beech King Air 200. XYZ Corp is planning on financing the purchase with the First Utah Bank. XYZ Corp is located within 2 miles of Salt Lake City International (SLC), so they decided to hangar the aircraft at SLC’s Million Air.
XYZ was able to locate and hire 2 professional, full-time pilots that will manage and pilot the aircraft for XYZ. Captain Bob, the more experienced of the 2, advises XYZ Corp that this aircraft will likely require annual training. Captain Bob then schedules initial King Air training at Flight Safety International.
XYZ Corp located and purchased an aircraft, but decided to have Kings Avionics upgrade the panel. Kings will pick up the aircraft from its current location, taking it back to SLC, where they will spend the next two weeks upgrading the avionics.
XYZ is so excited at prospect of having an aircraft ready within the next two weeks that the sales department schedules a meeting with their newest clients in Chimalhuacán, Mexico.
Scenario 2
Mike is so happy about being a newly-minted CFI that he goes out and buys an aircraft of his own so he can start instructing and renting his aircraft out right away. He had to borrow $50,000 from his dad to finance the aircraft. He rented a hangar at Provo Municipal Airport, where he will not only hangar his aircraft, but will also conduct classroom instruction and have a little lobby area, in case business takes off.
Being a UT native, he enjoys sharing his passion for UT so much that he also wants to conduct aerial tours with his new aircraft. Mike also enjoys taking pictures so he has a camera port installed, allowing him to have an aerial photography side-job. Not being one to turn down money, Mike wants to also be able to instruct potential students in their own aircraft as well as his aircraft.

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