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What can I do, other than buy insurance, to manage my family's risk?

When you buy insurance, you are transferring your risk to someone else, for a price. But there are other ways to control or finance risks, and they are not mutually exclusive. They can be used in addition to insurance.

You can control your exposure to risk by avoiding or reducing it; and you can finance all or part of the risk by retaining it (keeping enough money in savings to cover the financial impact of whatever might happen).




Brenda Procter, M.S.,  Consumer and Family Economics, College of Human Environmental Sciences, University of Missouri-Columbia










If you'd like to learn more about this and other personal finance topics, the University of Missouri offers 'Personal & Family Finance,' a correspondence course, through the Center for Distance and Independent Study (800-609-3727). Information about this course is available at





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Last update: Sunday, July 20, 2008




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