Title: Explain the roles of insurance in financial planning.
Course: Economics and Personal Finance (19262-36) > Section: Demonstrating Knowledge of the Role of Insurance in Risk Management

Explanation should include the following insurance roles:

- Protection against the risk of financial loss due to disability, unemployment, long-term care, death, or other occurrences
- Provision for retirement income
- Accumulation of savings (e.g., for family expenses)
- Provision of cash value that can be borrowed
- Understanding the benefits of Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA)

Explanation should also emphasize the need for periodic reviews of insurance coverage to reflect life changes.