SMMC News & Events Blog

Corbin McGhee, Deputy Director of Consumer Education & Protection, Illinois Department of Insurance, joins Kimber & Andrea to talk about insurance as a way to mitigate financial risk across many areas of our financial lives.

You can also listen to this episode on Apple Podcasts & Spotify.

Other Relevant Making Cents of Money Episodes

References

News Article

Associated Press. (2023, July 3). Derecho storm causes widespread power outages in Springfield, Illinois. https://apnews.com/article/derecho-storm-springfield-illinois-power-outage-a489aecfd65393099fbdc5e36fd84037

Academic and Scholarly Sources

Colquitt, L. L., & Hoyt, R. E. (1997). Determinants of corporate hedging behavior: Evidence from the life insurance industry. Journal of Risk and Insurance, 64(4), 649–671.
Cummins, J. D., Phillips, R. D., & Smith, S. D. (1997). Corporate hedging in the insurance industry: The use of financial derivatives by U.S. insurers. Journal of Risk and Insurance, 64(4), 595–640.
Mayers, D., & Smith, C. W. (1987). Corporate insurance and the underinvestment problem. Journal of Risk and Insurance, 54(1), 45–54.
Outreville, J. F. (1998). The meaning of risk in economics of insurance. Journal of Risk and Insurance, 65(3), 459–474.
Santomero, A. M., & Babbel, D. F. (1997). Financial risk management by insurers: An analysis of the process. Journal of Risk and Insurance, 64(2), 231–270.

Professional and Industry Resources

American Risk and Insurance Association. (2024). Journal of Risk and Insurance. Wiley Online Library. https://onlinelibrary.wiley.com/journal/15396975
National Association of Insurance Commissioners. (2024). Glossary of insurance terms. https://content.naic.org/glossary-insurance-terms
Risk Management and Insurance Review. (2024). Risk Management and Insurance Review. Wiley Online Library.
Society of Actuaries. (2024). Actuarial glossary. https://www.soa.org/

Risk Management Strategy Sources

Corporate Finance Institute. (2023, May 23). Accepting risk: Overview, advantages, disadvantages, alternatives. https://corporatefinanceinstitute.com/resources/career-map/sell-side/risk-management/accepting-risk/
Corporate Finance Institute. (2024, July 10). Financial risk management strategies: Overview and examples. https://corporatefinanceinstitute.com/resources/career-map/sell-side/risk-management/financial-risk-management-strategies/
Investopedia. (2024). Accepting risk. https://www.investopedia.com/terms/a/accepting-risk.asp
Investopedia. (2024). Risk management. https://www.investopedia.com/terms/r/riskmanagement.asp
Our Lady of the Lake University. (2024). What is financial risk management? Strategies & importance. https://www.ollusa.edu/blog/financial-risk-management.html
Wall Street Mojo. (2024, December 18). Accepting risks: Definition, examples, pros, cons, alternatives. https://www.wallstreetmojo.com/accepting-risks/

Consumer Education Resources

Acentria Insurance. (2025, January 29). Avoiding common personal insurance coverage gaps. https://acentria.com/avoiding-common-personal-insurance-coverage-gaps/
Insurance Information Institute. (2024). Background on risk-financing. https://www.iii.org/article/background-on-risk-financing
InsuResilience Global Partnership. (2023, July 21). Glossary of climate and disaster risk finance and insurance terms. https://www.insuresilience.org/knowledge/glossary/
New York Life. (2025, May 2). Personal financial risk management. https://www.newyorklife.com/articles/personal-financial-risk-management
OneAdvanced. (2023, June 14). Risk management: Why it's important in finance. https://www.oneadvanced.com/news-and-opinion/risk-management-why-its-important-in-finance/

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Managing Risk with Insurance, Part 1