overview: learning outcomes and...

OVERVIEW: LEARNING OUTCOMES AND ACTIVITIES

Module 6: Insurance

©2014 National Endowment for Financial Education www.hsfpp.org Overview: Outcomes and Activities

High School Financial Planning Program June 2014 Module 6: Insurance

Module Target Learning Outcome

Protect personal property and financial resources.

Lesson Target Competencies

and Supporting Objectives Activities Pages

6-1

Manage Risk

Justify reasons to be insured.

Discuss ways that teens face risks that

can be costly.

Give examples of ways that teens can

manage the risk of financial loss.

Describe consequences of not being

sufficiently insured.

Task: Global Consequences

Activity 6.1: Teens at Risk

Assessment Challenge 6-A: Case for

Insurance

Taking it Home: Survey Insurance

Coverage

3-11

6-2

How

Insurance

Works

Investigate how insurance works.

Describe how to get insurance coverage

(application, premiums).

Give examples of information provided in

an insurance policy.

Describe how to file a claim.

Summarize the rights and responsibilities

of an insurance policyholder.

Activity 6.2: Read the Fine Print

Activity 6.3: From Memory

Assessment Challenge 6-B: Taking an

Inventory

Taking it Home: Compare Current

Value and Replacement Costs

8-17

6-3

Selecting

Insurance

Choose insurance for specific needs and

situations.

Give examples of types of insurance.

Identify types of insurance coverage that

are relevant for teens and young adults.

Discuss how insurance needs and costs

differ depending on personal situation.

Note Taking Guide: Insurance Study

Check Quiz: What Insurance Covers

That?

Assessment Challenge 6-C: Cellphone

Insurance? YOU Decide!

Taking it Home: Study an Active Policy

Taking it Home: Create Emergency Kit

16-25

OVERVIEW: LEARNING OUTCOMES AND ACTIVITIES

Module 6: Insurance

©2014 National Endowment for Financial Education www.hsfpp.org Overview: Outcomes and Activities

High School Financial Planning Program June 2014 Module 6: Insurance

Introduction to Lessons

Lesson 6-1: Manage Risk

Everyone thinks the odds of something bad happening are small—until something bad happens. Accidents and

disasters can be frightening as well as have a negative impact your financial situation.

It’s not just a matter of chance, either. Actions and choices you’re making right now will affect your ability to

deal with the unexpected costs when something unfortunate occurs.

In this lesson, students learn about strategies to protect their health, money, and property to minimize the

potential for financial difficulties.

Lesson 6-2: How-Insurance-Works

Do you know what to do if your cellphone, car, bike, or other personal property is stolen, lost, or damaged?

Would you be able to pay to replace or repair the item? Is the item covered by insurance?

Before you can be a savvy insurance consumer, you need to crack the code on a few common terms and how

insurance works. This will help you when deciding what type of insurance you need or if you need to collect

insurance payments. When you are ready to talk to an insurance company representative, you will be prepared

to answer and ask questions with confidence.

In this lesson, students prepare to apply for insurance or to file a claim.

Lesson 6-3: Selecting Insurance

You have many life changes ahead of you. Along the way you’re going to need different kinds of insurance

protection for yourself, your loved ones, and your property.

Maybe you don’t have to worry about buying your own insurance right now because your family has insurance

that covers you. But soon you will Taking on the responsibilities to purchase your own insurance. Do you know

about the various types of insurance that are available (and in some cases required) to share the risk of

financial hardship due to unfortunate events?

In this lesson, students learn about common types of insurance to select insurance for specific circumstances.

TEACHER LESSON PLAN


©2014 National Endowment for Financial Education www.hsfpp.org Lesson 6-1: Manage Risk

High School Financial Planning Program 1 June 2014

OVERVIEW

Everyone thinks the odds of something bad

happening are small—until something bad happens.

Accidents and disasters can be frightening as well

as have a negative impact your financial situation.

It’s not just a matter of chance, either. Actions and

choices you’re making right now will affect your

ability to deal with the unexpected costs when

something unfortunate occurs.

In this lesson you will learn about strategies to

protect your health, money, and property to

minimize the potential for financial difficulties.

PREPARATION

Order a Module 6 Student Guide for each

student. (The Guide is also available online to

download.)

Preview the lesson PowerPoint presentation,

learning tasks, and the Module 6 Student

Guide, particularly pages 3-11.

Print or download the Student Learning Plan

for this lesson so each student has a copy.

Gather ideas for Learning Task 2. Create a list

of recent disasters that have occurred in the

community or country.

WHAT YOU WILL NEED

Module 6 Student Guide (pages 3-11)

PowerPoint Presentation 6-1

Student Learning Plan 6-1



Challenge 6-A: Case for Insurance

Internet access

NOTES:

Approximate time: 45 minutes (minimum) - 90 minutes (with extension activities)

Resources:

National Association of Insurance Commissioners, naic.org/index_consumer.htm

(Consumer Guides, InsureUonline.org, link to state insurance departments)

Insurance Information Institute: www.iii.org (insurance statistics, glossary)

BeAnActuary.org, sponsored by the Society of Actuaries and the Casualty Actuarial Society (actuary

careers, training, employment)

LEARNING OUTCOMES

In this lesson students justify reasons to be

insured. Along the way they will do the following:

Discuss ways that teens face risks which

can lead to costly consequences.



Describe potential consequences of not

being sufficiently insured.

Students will use what they learn to inform

others about reasons to be insured.

http://naic.org/index_consumer.htm

http://www.iii.org/

http://beanactuary.org/

TEACHER LESSON PLAN




Learning Tasks Teaching Notes Materials

1. You’ve read about

Katie, a forward on her

high school soccer

team who has a torn

ligament in her knee.

What are the common

types of injuries in your

community?

Research the most

common injuries for a

sport that is popular in

your school or

community.

PROCEDURE TIME ESTIMATE: 5-10 minutes

[Slide 2] Brainstorm a list of the five most popular sports in the

school and community. Include in the list both contact and non-

contact sports as well as cheerleading if applicable.

Divide the class into five groups, assigning one sport to each

group. Have each group perform an Internet search of the three most

frequent injuries for their assigned high school sport. (If they are

having trouble finding information on high school sports data, have

them widen the search to professional sports.) The easiest method

for this search is to perform a Google search using the phrase “most

frequent high school [type of sport] injuries,” and Google will compile

data from a variety of sites to list injuries common to that sport. If

Internet is not available, have the students generate a list from their

observations and experiences.

Have the class compare documented injuries and decide on the

one most common type of injury across sports. Survey the class to

identify who might have suffered any of the mentioned injuries.

EXTENSION (now or after Learning Task #2): Have students research

the average medical costs to repair or recuperate from the injuries

that were identified in the previous activity.

[Slide 3] Preview the Learning Outcomes in the Student Learning

Plan. By the end of this lesson, the students should be able to

explain to others the benefits of being adequately insured.

[Slide 4] Introduce Aaron and Katie as the young people featured

in the Student Guide. The students will follow Aaron (Grade 12) and

Katie (Grade 9) as they learn about protecting their health, money,

and property.

Module 6 Student

Guide

Student Learning

Plan

STUDENT GUIDE

Pages 3-4

SLIDES

2 – The Painful Side

of Sports

3 – Preview

4 – Meet Aaron and

Katie

ACTIVITY

Internet access

2. Find out how the

unexpected can come

with a big price tag by

researching the costs

to repair or replace

property.

PROCEDURE TIME: 10-20 minutes

[Question, Student Guide] Ask students to recall a situation when

they or a family member had property damaged, were in an accident,

or were a victim of theft. Without sharing actual dollar amounts,

select one or two situations to facilitate a discussion about the types

of unexpected costs and other inconveniences that resulted from the

situation(s). Point out how unexpected events can put a strain on an

individual’s or family’s spending plan. Also identify inconveniences

that might not have indirect monetary impact such as needing

alternative transportation until a damaged car is repaired or taking

time off work to get to injury therapy appointments.

STUDENT GUIDE

Pages 4

SLIDE

5 – Disasters:

Destructive and

Expensive

ACTIVITY

Internet access

Details about recent

disasters

TEACHER LESSON PLAN





Either in advance of class or as a whole class, identify several

expensive insurance loss events in United States (or local state or

community) in recent history. Arrange for students to work in small

groups to gather information about these events. [Slide 5] Guide

each group to document and share the following for each event:

nature of the event and the date

area that was affected

estimated total losses in dollars

information source

ALTERNATIVE: Assign specific types of disasters or events to each

group, such as: tornados, hurricanes, extreme winter weather,

drought, fire, flood, theft, etc. The most common types of disasters

will depend on your particular region or state.

EXTENSION: Expand to a global search for the most expensive

insurance losses in the world, and talk about the losses both in terms

of human lives as well as financial losses. You can also have

students search for the most expensive insurance losses in your

state in recent history. Use this list to discuss types of insurance that

would most benefit local residents.

3. Identify four ways to

manage your risk of

financial loss.

Complete Activity 6.1:

Teens at Risk to

recommend risk

management

strategies.

PROCEDURE TIME: 10-20 minutes

[Slide 6] As you transition into the next task, share statistics about

financial losses. Ask students to brainstorm ideas on how to cover

the unexpected costs of property damage, property loss, injuries,

disasters, or illnesses. Specifically ask them how they would cover

the costs for something in their possession that was stolen, lost, or

damaged, such as a cellphone, friend’s bike that was borrowed, a

school-owned tablet/laptop, or the car used for driver’s education.

[Slide 7, Student Guide page 6] Point out four ways that

individuals and businesses can deal with risks that have the potential

for unexpected costs:

Avoid taking on the risk

Reduce the possibility of risk

Accept the consequences of any risk

Share the risk by pooling financial resources to recover costs

Arrange for the students to study the samples in Figure 6.1

[Student Guide, page 6]. Either in pairs or as a whole class, have the

students respond to the question about the option(s) they would

choose and why.

STUDENT GUIDE

Pages 6-8

SLIDES

6 – What are the

Average Costs?

7 – 4 Ways to

Manage Risk

ACTIVITY

Activity 6.1: Teens

at Risk

TEACHER LESSON PLAN





To illustrate the concept of sharing the financial burden due to an

unexpected loss, facilitate an activity to survey the costs of a

particular type of incident that several students have experienced.

(Note: This is a simplistic example to illustrate the concept of

insurance. Insurance providers use additional types of statistics and

more complex formulas to establish insurance costs and payouts.)

1. As a whole class, determine the number of students in the room

who wear glasses or contact lenses (A).

2. Estimate the average cost to replace a pair of glasses or a set of

contacts if lost or damaged (B).

3. Survey the number of times anyone in class has lost or damaged

a pair of glasses or a contact in the past 12 months (C).

4. Multiply the average replacement cost (B) times the number of

loss incidents (C) that occurred over the past 12 months. Use this

number to represent the total monetary loss that will potentially

occur in the next 12 months (D).

5. Divide this total estimated loss amount (D) by the total number of

students (A) who wear corrective lenses to estimate how much

each person might be responsible to pay (aka premium) into a

shared fund (aka insurance). A student who loses his/her glasses

next week might not have the full amount (B) on hand to

immediately buy new glasses. However, if s/he had contributed to

the shared fund, s/he could request to receive money from the

fund (aka payout) to buy new glasses.

Debrief by asking if students to comment on whether or not the

shared concept is fair. Facilitate a discussion about the fairness of

pooling funds when some “insured” individuals might make multiple

insurance claims while others might never have needed to make a

claim. Explain that deductibles are applied as a way for insured

people to take on some responsibility to cover financial losses before

the insurance pays out on a claim. Read page 7 in the Student Guide

for an additional explanation about insurance.

ALTERNATIVE: After demonstrating how insurance is used to share

the financial burden of a loss, divide the class into groups so each

group calculates the odds of an incident and the average “premium”

to be paid if the class were to offer insurance to cover claims for

specific types of incidents such as any of the following:

Lost or damaged cellphone, retainer, bike, or ______

Injury

Automobile or motorcycle accident

TEACHER LESSON PLAN





Prepare students to complete Activity 6.1: Teens at Risk, either

individually or with partner. Review the four ways to minimize risk to

point out that insurance coverage is not the only way to minimize risk.

Provide an example of how a person might combine strategies such

as sharing risk by buying homeowner’s insurance that requires the

insured to pay a deductible before the insurance company covers fire

damage expenses and reducing the risk of loss by proactively taking

steps to reduce the potential for fire damage (i.e. installing fire

alarms and a sprinkler system, or living in a brick house with a

Class A metal roof). As time allows, ask students to share responses.

EXTENSION: Assign students to research ways they can minimize the

risk of financial loss due to sport-related injuries, either in general or

for a specific type of activity (i.e. skateboarding, skiing, running,

biking, hockey, cheerleading, golf, basketball, surfing, etc.)

4. Imagine a world

without insurance.

Describe at least five

changes to our lives

and society without a

particular type of

insurance.

PROCEDURE TIME: 15 minutes

Divide the class into five small groups and assign one of the

following topics to a group:

Health care (health insurance)

Housing (home insurance, renter’s insurance)

Employment (unemployment insurance, disability insurance)

Businesses/Commerce (property insurance, general liability)

Transportation (auto/motorcycle insurance)

Tell students that in their groups, they will predict what “a world

without insurance” might look like, focusing on the specific topic

assigned. For example, what would our health care system look like if

there were no health insurance? How would that impact families?

It would help if students had a better understanding of the type of

insurance(s) that cover their assigned topic. If students need

assistance with this assignment, allow them to use their Student

Guide (pages 16, 19, 21) and the Internet to define their insurance

topic before addressing the questions.

Distribute at least one copy of the Global Consequences Task to

each group. Have each team generate at least five different

descriptive consequences that would describe their world without

their assigned type of insurance. The questions provided are meant

to help guide group work. Arrange for each group to present the

imagined world to the rest of the class. Note: An example is provided

on the Task handout.

STUDENT GUIDE

Page 11

SLIDE

8 – We All Feel the

Impact

ACTIVITY

Task: Global

Consequences

REFLECTION

List ways you can avoid

or reduce risk in your

daily routine.

PROCEDURE In- class or out-of-class assignment

[Slide 9] Ask the students to think about their daily routines and

misfortune that could happen throughout the day. Have them list at

least two actions they can take to reduce the potential for risks.

SLIDE

9 – Reflection

TEACHER LESSON PLAN





5. Complete

Challenge 6-A: A

Case for Insurance.

Create an ad to

convince your peers

of the value of using

insurance. Your ad

should include other

risk management

strategies to

minimize unexpected

costs due to

misfortune.


[Slide 10] Schedule time for the students to complete Challenge

6-A: A Case for Insurance. Either independently or in small groups,

challenge the students to create a persuasive advertisement to

convince their peers to become insured and reduce risk.

Groups need to decide on the most appropriate approach for their

ads: radio ad, skit, television commercial, infomercial or music video

formats. Ads should be roughly 30 second in length.

As time allows now or in a later class session, arrange for

students to share or perform their ads with the whole class.

STUDENT GUIDE

Page 11

SLIDE

10 – Challenge

ACTIVITY

Task: The Need for

Insurance

TAKING IT HOME

Find out what types of

insurance your family

has.


Encourage the students to find out if their families have any of the

following types of insurance: homeowners’, renters’, health, life,

flood, auto, motorcycle, ATV, RV, liability, pet, or cellphone. Note: This

potentially may be a sensitive topic among families. Use discretion

about requiring this task or asking students to report findings.

FURTHER STUDY

Learn more about the

“number ninjas”

referenced in the

Student Guide.


Consider partnering with a math teacher to invite an actuary to

talk to the students about the statistical nature of determining risk in

the insurance industry. Request that the guest feature examples that

relate to teens or the local community and share career information.

RESOURCES: Contact a local insurance agency to invite any actuary

on staff to meet in person or via video conferencing with the

students. Other sources: Society of Actuaries (SOA), an organization

for actuaries working in life and health insurance, employee benefits,

and pensions; or the Casualty Actuarial Society (CAS), the

organization for actuaries working in automobile, fire, and liability

insurance and workers' compensation.

TAKING IT HOME Find out if your family has any of the following types of insurance: homeowners’, renters’, health, life, flood,

auto, motorcycle, ATV, RV, liability, pet, or cellphone.

REFLECTION What risks do you face on a daily basis? Think about your daily routines, and list at least two actions you can

take to avoid or reduce any risk in your daily routine.

FURTHER STUDY If you like math and statistics, learn more about the “number ninjas” referenced in the Student Guide. Go to

BeAnActuary.org to find out what an actuary does and what it takes to get a job in this career.

http://beanactuary.org/

High School Financial Planning Program Lesson 6-1: Manage Risk

©2014 National Endowment for Financial Education | www.hsfpp.org 0

Display this slide as you begin the lesson.



Brainstorm a list of the five most popular sports in the school and community. Include

in the list both contact and non-contact sports as well as cheerleading if applicable.

Divide the class into five groups, assigning one sport to each group. Have each group

perform an Internet search of the three most frequent injuries for their assigned high

school sport. (If they are having trouble finding information on high school sports

data, have them widen the search to professional sports.) The easiest method for this

search is to perform a Google search using the phrase “most frequent high school

[type of sport] injuries,” and Google will compile data from a variety of sites to list

injuries common to that sport. If Internet is not available, have the students generate

a list from their observations and experiences.

Have the class compare documented injuries and decide on the one most common

type of injury across sports. Survey the class to identify who might have suffered any

of the mentioned injuries.

EXTENSION (now or after Learning Task #2): Have students research the average medical

costs to repair or recuperate from the injuries that were identified in the previous activity.



Preview the Learning Outcomes in the Student Learning Plan. By the end of this

lesson, the students should be able to explain to others the benefits of being

adequately insured.


©2014 National Endowment for Financial Education | www.hsfpp.org3

Student Guide, pages 3-4

Introduce Aaron and Katie as the young people featured in the Student Guide. The

students will follow Aaron (Grade 12) and Katie (Grade 9) as they learn about

protecting their health, money, and property.



Student Guide, page 4 (question)

Ask students to recall a situation when they or a family member had property damaged,

were in an accident, or were a victim of theft. Without sharing actual dollar amounts,

select one or two situations to facilitate a discussion about the types of unexpected

costs and other inconveniences that resulted from the situation(s). Point out how

unexpected events can put a strain on an individual’s or family’s spending plan. Also

identify inconveniences that might not have indirect monetary impact such as needing

alternative transportation until a damaged car is repaired or taking unpaid time off work

to get to injury therapy appointments.

Either in advance of class or as a whole class, identify several expensive insurance loss

events in United States (or local state or community) in recent history. Arrange for

students to work in small groups to gather information about these events. Guide each

group to document and share the following for each event:

- nature of the event and the date

- area was affected

- estimated total losses in dollars

- information source

ALTERNATIVE: Assign specific types of disasters or events to each group, such as: tornados,

hurricanes, extreme winter weather, drought, fire, flood, theft, etc. The most common types

of disasters will depend on your particular region or state.

EXTENSION: Expand to a global search for the most expensive insurance losses in the world,

and talk about the losses both in terms of human lives as well as financial losses. You can

also have students search for the most expensive insurance losses in your state in recent

history. Use this list to discuss types of insurance that would most benefit local residents.



As you transition into the next task, share statistics about financial losses. Ask

students to brainstorm ideas on how to cover the unexpected costs of property

damage, property loss, injuries, disasters, or illnesses. Specifically ask them how they

would cover the costs for something in their possession that was stolen, lost, or

damaged, such as a cellphone, friend’s bike that was borrowed, a school-owned

tablet/laptop, or the car used for driver’s education.



Student Guide page 6

Point out four ways that individuals and businesses can deal with risks that have the potential for

unexpected costs:

- Avoid taking on the risk.

- Reduce the possibility of risk.

- Accept the consequences of any risk.

- Share the risk by pooling financial resources to recover costs.

Arrange for the students to study the samples in Figure 6.1. Either in pairs or as a whole class,

have the students respond to the question about the option(s) they would choose and why.

To illustrate the concept of sharing the financial burden due to an unexpected loss, facilitate an

activity to survey the costs of a particular type of incident that several students have experienced.

(The activity details and an alternative activity are outlined in the Teacher Lesson Plan, page 4.)

Debrief by asking if students to comment on whether or not the shared concept is fair. Facilitate a

discussion about the fairness of pooling funds when some “insured” individuals might make

multiple insurance claims while others might never have needed to make a claim. Explain that

deductibles are applied as a way for insured people to take on some responsibility to cover

financial losses before the insurance pays out on a claim. Read page 7 in the Student Guide for an

additional explanation about insurance.

Prepare students to complete Activity 6.1: Teens at Risk, either individually or with partner. Review

the four ways to minimize risk to point out that insurance coverage is not the only way to minimize

risk. Provide an example of how a person might combine strategies such as sharing risk by buying

homeowner insurance that requires the insured to pay a deductible before the insurance company

covers fire damage expenses and reducing the risk of loss by proactively taking steps to reduce the

potential for fire damage (i.e. installing fire alarms, installing a sprinkler system, or living in a brick

house with a Class A metal roof). As time allows, arrange for some or all students to share

responses.



Divide the class into five small groups and assign one of the following topics to a group:

- Health care (health insurance)

- Housing (home insurance, renter’s insurance)

- Employment (unemployment insurance, disability insurance)

- Businesses/Commerce (property insurance, general liability)

- Transportation (auto/motorcycle insurance)

Tell students that in their groups they will predict what “a world without insurance” might

look like, focusing on the specific topic assigned. For example, what would our health care

system look like if there were no health insurance? How would that impact families?

It would help if students had a better understanding of the type of insurance(s) that cover

their assigned topic. If students need assistance with this assignment, allow them to use

their Student Guide (pages 16, 19, 21) and the Internet to define their insurance topic

before addressing the questions.

Distribute at least one copy of the Global Consequences Task to each group. Have each

team generate at least five different descriptive consequences that would describe their

world without their assigned type of insurance. The questions provided are meant to help

guide group work. Arrange for each group to present the imagined world to the rest of the

class. Note: An example is provided on the Task handout.



Ask the students to think about their daily routines and misfortune that could happen

throughout the day. Have them list at least two actions they can take to reduce the

potential for risks.



Student Guide, page 11

Schedule time for the students to complete Challenge 6-A: A Case for Insurance.

Either independently or in small groups, challenge the students to create a persuasive

advertisement to convince their peers to become insured and reduce risk.

Groups need to decide on the most appropriate approach for their ads: radio ad, skit,

television commercial, infomercial or music video formats. Ads should be roughly

30 seconds in length.

As time allows now or in a later class session, arrange for students to share or

perform their ads with the whole class.



STUDENT LEARNING PLAN



High School Financial Planning Program June 2014

OVERVIEW

Everyone thinks the odds of something bad

happening are small—until something bad happens.

Accidents and disasters can be frightening as well as

have a negative impact your financial situation.

It’s not just a matter of chance, either. Actions and

choices you’re making right now will affect your ability

to deal with the unexpected costs when something

unfortunate occurs.

In this lesson you will learn about strategies to protect

your health, money, and property to minimize the

potential for financial difficulties.

LEARNING TASKS These tasks match pages 3-11 in Student Guide 6.

__ 1. You’ve read about Katie, a forward on her high school soccer team who has a torn ligament in her

knee. What are the common types of injuries in your community? Research the most common injuries

for a sport that is popular in your school or community.

__ 2. Find out how the unexpected can come with a big price tag by researching the costs to repair or

replace property.

__ 3. Identify four ways to manage your risk of financial loss. Complete Activity 6.1: Teens at Risk to

recommend risk management strategies.

__ 4. Imagine a world without insurance. Describe at least five changes to our lives and society without a

particular type of insurance.

__ 5. Complete Challenge 6-A: Case for Insurance. Create an ad to convince your peers of the value of using

insurance. Include other risk management strategies to minimize unexpected costs due to misfortune.

REFLECTION

What risks do you face on a daily basis? Think about your daily

routines, and list at least two actions you can take to avoid or

reduce any risk in your daily routine.

TAKING IT HOME

Find out if your family has any of the following types of insurance:

homeowners’, renters’, health, life, flood, auto, motorcycle, ATV,

RV, liability, pet, or cellphone.

FURTHER STUDY

If you like math and statistics, learn more

about the “number ninjas” referenced in

the Student Guide. Go to

http://BeAnActuary.org to find out what

an actuary does and what it takes to get

a job in this career.

LEARNING OUTCOMES

In this lesson you will justify reasons to be

insured. Along the way you will:

Discuss ways that teens face risks which

can lead to costly consequences.



Describe the potential consequences of

not being sufficiently insured.

Use what you learn today to inform others

about reasons to be insured.


©2014 National Endowment for Financial Education www.hsfpp.org Activity 6.1: Teens at Risk


NAME: DATE:

Directions:

What hazards do you and other teens face each day?

A. Think about your daily routine, and list at least three different ways you are open to risk of injury,

property loss or damage, or other events that might result in unexpected costs.

B. Recommend a strategy to reduce or avoid each risk you list.

Teen Risk Strategy to Avoid or Reduce the Risk


Example: Imagine a world without water.

Some possible consequences:

People would have to change how they eat and bathe.

The price of fruit and vegetables containing high amount of water would sky rocket.

People might horde or steal rainwater.

People might use water-like imagery when wishing someone well (“May your buckets always be full.”) or ill (“I hope your wells run dry.”).

©2014 National Endowment for Financial Education www.hsfpp.org Task: Global Consequences


NAME: ______________________________________ DATE: ________

Directions:

Generate at least five different descriptive consequences that would describe our world without a

specific type of insurance. Be prepared to present the imagined world to the rest of the class. (A

sample is provided for you at the bottom of this page.)

To complete this task, think about the following questions.

1. Insurance companies share the risk of loss with you. There are three other ways to manage risk.

What would they look like without insurance for the topic assigned to you? What would people do

to avoid that type of risk? To reduce it? If they accepted it?

2. How would people prioritize their money and spending in this world you imagine?

3. What would become “valuable” to people in this imagined world?

4. What would become feared above all else?

5. How would this impact the way people interact with one another socially? Professionally?

6. How would this impact how we speak? What expressions or terminology would become popular?

7. What might be any cultural impacts, such as how we dress, the music we listen to, or the movies

we watch.

8. What about any economic impacts? Would anything become more valued than money? Would

we stop using money?


©2014 National Endowment for Financial Education www.hsfpp.org Challenge 6-A: Case for Insurance


NAME: ______________________________________________ DUE DATE: ____________

For this challenge, create an ad to inform your peers about the value of purposefully managing potential

risks to minimize unexpected costs later. Your instructor will provide more detail about the ad style and

how the ad will be shared with your peers.

Directions

1. Create a 30- to 60-second ad to convince your peers of the value of purposefully managing

potential risks to minimize unexpected costs later. Your ad should make a case for having

insurance coverage and also include other risk management strategies that were presented in

Lesson 6-1: Managing Risk. Use research and your group work imagining a world without

insurance to brainstorm a list of reasons to be insured.

2. Be sure to preview the required performance criteria to plan your work. Be prepared to present

your ad in any of the following formats as specified by your instructor. (Examples: radio ad, skit,

television commercial, infomercial, or music video.)

3. Prior to sharing your ad, self-assess your work using the Scoring Guide.


©2014 National Endowment for Financial Education www.hsfpp.org Challenge 6-A: Case for Insurance


NAME: ______________________________________________ DUE DATE: ____________

Required Criteria Status

Content

1. Ad features a specific type of risk that is relevant to teen life situations. acceptable not acceptable

2. Ad reveals how the featured risk can lead to unexpected costs. acceptable not acceptable

3. Ad points out at least one recommendation or alternative action to

avoid taking on the risk as a risk management strategy. acceptable not acceptable

4. Ad points out at least one way to reduce the possibility of a negative

financial impact as a risk management strategy. acceptable not acceptable

5. Ad includes at least two examples of potential consequences that may

result due to not being sufficiently insured. acceptable not acceptable

6. Ad includes logical reasoning for being insured. acceptable not acceptable

7. Ad includes at least two verifiable examples and/or credible statistics

to support the message. acceptable not acceptable

8. Ad messaging is accurate. acceptable not acceptable

Presentation

9. Presentation is at least 30 seconds and no more than 60 seconds in

length (or) one full-page ad. acceptable not acceptable

10. Props, staging, and/or acting used in group presentation were

appropriate and effective. acceptable not acceptable

11. Presentation delivery was effective and did not detract from the overall

message. acceptable not acceptable

12. Presentation was organized logically and effectively to enhance

persuasion. acceptable not acceptable

13. Presentation was appropriate in content and language for the intended

audience. acceptable not acceptable

14. Presentation language was clear and audible to the entire audience. acceptable not acceptable

15. There is evidence that each group member made essential

contribution to the preparation and delivery of the presentation. acceptable not acceptable

Feedback: Score: _______ /_______

TEACHER LESSON PLAN

Lesson 6-2: How Insurance Works

©2014 National Endowment for Financial Education www.hsfpp.org Lesson 6-2: How Insurance Works High School Financial Planning Program 1 June 2014

OVERVIEW

Do you know what to do if your cellphone, car, bike, or

other personal property is stolen, lost, or damaged?

Would you be able to pay to replace or repair the item?

Is the item covered by insurance?

Before you can be a savvy insurance consumer, you

need to crack the code on a few common terms and

how insurance works. This will help you when deciding

what type of insurance you need or if you need to collect

insurance payments. When you are ready to talk to an

insurance company representative, you will be prepared

to answer and ask questions with confidence.

In this lesson you will become familiar with the language

of insurance as you learn about how to get insurance

and how to file claims.

PREPARATION

Order a Module 6 Student Guide for each

student. (The Guide is also available online to

download.)



Guide, particularly pages 8-12, 23.

Print or download the Student Learning Plan

for this lesson so each student has a copy.

Consider asking a local insurance agent to

speak to the class about specific topics

marked with an asterisks (*), including

providing examples that students can relate to.

WHAT YOU WILL NEED

Module 6 Student Guide (pages 8-17, 23)



Samples of insurance policies specific to your

state (Colorado sample provided for Activity 6.2)

Activity 6.2: Read the Fine Print (Parts A and B)


Challenge 6-B: Take an Inventory

(optional with this lesson or Lesson 6-3)

Challenge 6-C: Cellphone Insurance? YOU Decide!

NOTES:

Approximate time: 45 minutes (minimum) - 90 minutes (with extension activities)

National Association of Insurance Commissioners, naic.org

(Consumer Guides, InsureUonline.org, link to state insurance departments)


LEARNING OUTCOMES

In this lesson students investigate how

insurance works. Along the way they will also

learn the following:

Describe how to get insurance coverage.


the insurance policy.

Describe how to file an insurance claim.

Summarize the rights and

responsibilities of an insurance

policyholder.

Students will use what they learn today to

prepare to apply for insurance or to file an

insurance claim.

http://naic.org/index_consumer.htm

http://www.iii.org/

TEACHER LESSON PLAN




1. Do you know what to

do if your cellphone,

car, bike, or other

personal property is

stolen, lost, or

damaged? Is the item

covered by insurance?

Would you be able to

pay to replace or repair

the item?

PROCEDURE TIME ESTIMATE: 5 minutes

To lead into the lesson, ask students to volunteer what they

would do if they discovered that something they own was stolen,

lost, or damaged. Students who have experienced this type of loss

might be willing to volunteer how they handled the problem. If they

don’t have (or know that they have) insurance coverage on the

items, ask if they would be willing or able to pay for replacement or

repair of the item, or would they just go without the item.


Plan. By the end of this lesson, the students should be able to

prepare to apply for insurance or to file a claim.

Module 6 Student

Guide

Student Learning

Plan

SLIDE

2 –Preview

2. Although insurance

is available for nearly

every type of

misfortune, you cannot

get insurance for

everything that you

want protected. Find

out the qualities to be

INSURE-able, and then

decide if the qualities

apply to scenarios

provided by your

teacher.

PROCEDURE* TIME: 10-15 minutes

[Slide 3, Student Guide page 8] By a show of hands, ask

students to vote “yes” or “no” to answer the insurability questions

about Katie and also about Aaron’s dad.

[Slide 4] Point out that while there is insurance coverage for

nearly every type of misfortune, certain requirements need to be

met to obtain insurance coverage. Show the INSURE-able qualities

that help determine whether or not something can be insured. In

general, to get insurance coverage, the loss must be unintentional

and unexpected, you must be directly impacted financially, and

there must be a way to provide evidence of loss.

[Slide 5] Display the scenarios, and arrange for students to work

in pairs (2-3 minutes) to decide whether or not each situation meets

the INSURE-able guidelines. Ask the teams to defend their answers

as you display each scenario. All scenarios are insurable except the

coverage for lost pens or pencils. This is too trivial to bother with

coverage. However, a business that sells large quantities of pens or

pencils would insure the pen/pencil inventory because it has a

significant value and a loss will financially impact the business.

EXTENSION: Students may find it interesting to discuss examples of

strange insurance coverage for unusual circumstances. For

example, a professional ice cream taster has his taste buds insured

as does a coffee bean taster. Search online for more examples of

“strange insurance” or “unusual insurance.” Debrief by discussing

the reasons for these types of unique insurance policies.

Topic for insurance

agent guest speaker.

STUDENT GUIDE

Pages 8-9

SLIDES

3 – What Do You

Think?

4 – INSURE-able

5 – Yes or No?

TEACHER LESSON PLAN




3. Be prepared so you

don’t have a situation

similar to when Katie

planned to replace her

stolen phone.

Complete Part A of

Activity 6.2: Read the

Fine Print to find

specific details about

insurance coverage

and conditions in an

insurance policy.

PROCEDURE* TIME: 10 minutes

Lead into this section by using the Learning the Lingo story on

page 12 to point out the value of knowing what is agreed to when

buying insurance.

[Slide 6] Outline the process to get insurance coverage as you

introduce students to common insurance terminology. NOTE: At this

time, only outline the process. More details about how insurance

companies review applications and establish premiums are

addressed in Lesson 6-3.

[Slide 7] Give examples of how coverage limits and conditions

might appear on a policy. Guide the students to examine an

insurance policy as they complete Part A of Activity 6.2: Read the

Fine Print. Note: They will complete Part B later in the lesson.

RECOMMENDED: The samples provided are state specific. If

possible, obtain sample policies that apply to your state.

Topic for insurance

agent guest speaker

STUDENT GUIDE

Pages 12-13

SLIDES

6 – Get Covered

7 – Coverage and

Conditions

ACTIVITY

Activity 6.2a: Read

the Fine Print

4. Aaron has a problem

after he discovers

damage to his car.

Learn from his

experience to prepare

yourself to deal with

any similar situation.

Finish Activity 6.2 to

become familiar with

the steps to file a

claim.

Would you be able to

tell an agent what was

missing or damaged if

your home was

damaged? Complete

Activity 6.3: From

Memory to test your

memory.


Arrange for the students to read about Aaron’s car damage

situation (Student Guide, page 14). [Slide 8] Refer to Aaron’s

situation as you outline the common phases to recover losses from

a misfortunate event. Introduce students to insurance terminology

(page 15) as you summarize the claim process.

[Slide 9] Point out that an insurance policy is a formal contract

between the insured and the insurer. The person who purchases an

insurance policy agrees to take on responsibilities and also can

expect the insurer to agree to certain behaviors.

Give students a specific amount of time (2-3 minutes) to

complete Activity 6.3: From Memory. Debrief by asking students

whether they found this to be an easy task or a difficult task. Relate

this activity to any property loss incidents that students may be

familiar with from personal experience or news reports, such as

homes lost due to fire, hurricane, tornado flooding, or mud slides. If

any students have access to cars, they can try the same activity to

inventory what is currently in their cars.

EXTENSION: Ask a claims adjuster to speak to the class about how

an insurance company determines what is paid out for a claim.

Topic for insurance


STUDENT GUIDE

Pages 14-17, 23

SLIDES

8 – Cover a Loss

9 – Law and Order of

Insurance

ACTIVITIES

Activity 6.2b: Read

the Fine Print

Activity 6.3: From

Memory

TEACHER LESSON PLAN




REFLECTION

What are two habits

you can take on now so

you are ready to

manage your own

insurance paperwork

and tasks?

PROCEDURE* In-class or out-of-class assignment

[Slide 10] Ask the students to reflect on what they think are

positive habits to apply now so they are in a position to manage

their own insurance business and procedures. Examples might

include thoroughly reading insurance policies, setting up a filing

system for insurance-related information, keeping an inventory of

personal property.

Topic for insurance


SLIDE

10 - Reflection

5. Put the finishing

touches on your

personal property

inventory as you

complete Challenge

6-B: Take an Inventory.

PROCEDURE In-class or out-of-class assignment

* [Slide 11] Assign the students to independently complete

Challenge 6-B: Take an Inventory. Preview the scoring criteria to

guide the students in their work.

It is also appropriate to assign Challenge 6-C: Cellphone

Insurance? YOU Decide! with this lesson or with Lesson 6-3: Choose

Insurance.

Topic for insurance


STUDENT GUIDE

Page 17

SLIDE

11 – Challenge

ACTIVITIES

Challenge 6-B: Take

an Inventory

Challenge 6-C:

Cellphone Insurance?

YOU Decide!

(optional)

TAKING IT HOME

Compare the current

value of three items

you own to how much it

would cost to replace

each item.


Guide the students to conduct research to find out the

replacement cost for items they value. Arrange to keep this

information private; students should not share their responses with

classmates.

Topic for insurance


FURTHER STUDY

Look for interesting

insurance-based facts

and statistics for your

state such as the

likelihood of car

striking a deer or the

chance that you might

be bitten by a dog.


Direct the students to search the Internet to look for insurance-

based facts and statistics in your state. Arrange for students to

share what they have learned. In particular, ask students what they

found surprising.

RESOURCE: Statistics can be found at the Insurance Information

Institute website: www2.iii.org/features/factsandstats/index.cfm.

Topic for insurance


ACTIVITY

Internet access

http://www2.iii.org/features/factsandstats/index.cfm

TEACHER LESSON PLAN



REFLECTION

What are two habits you can take on now so you are ready to manage your own insurance paperwork

and tasks?

TAKING IT HOME

Identify three of your most valued, or valuable, possessions. Research the current value of each item, and

then compare that value to how much it would cost you to replace each item.

For example, if you have a gaming system, how much do you think you could get for it right now in a “used”

condition? Keep in mind that the value of the system will be reduced over time due in part to real or

anticipated wear and tear. Get an idea of how much money similar systems are selling for now by conducting

a search on an online selling website.

FURTHER STUDY*

Check out the Insurance Information Institute’s website for interesting insurance-based facts and statistics

for your state such as the likelihood of car striking a deer or your being bitten by a dog:

www2.iii.org/features/factsandstats/index.cfm.


High School Financial Planning Program Lesson 6-2: How Insurance Works


Display this slide as you kick off the opening activity.


1©2014 National Endowment for Financial Education | www.hsfpp.org

To lead into the lesson, ask students to volunteer what they would do if they

discovered that something they own was stolen, lost, or damaged. Students who have

experienced this type of loss might be willing to volunteer how they handled the

problem. If they don’t have (or know that they have) insurance coverage on the items,

ask if they would be willing or able to pay for replacement or repair of the item, or

would they just go without the item.


lesson, the students should be able to prepare to apply for insurance or to file a

claim.




By a show of hands, ask students to vote “yes” or “no” to answer the insurability

questions about Katie and also about Aaron’s dad.

NOTE: The answers will be revealed as you present content from Slides 4 and 5.




Point out that while there is insurance coverage for nearly every type of misfortune,

certain requirements need to be met for obtaining insurance coverage. Show the

INSURE-able qualities that help determine whether or not something can be insured.

In general, to get insurance coverage, the loss must be unintentional and unexpected,

you must be directly impacted financially, and there must be a way to provide

evidence of loss.

NOTE: More detail is displayed on page 9 of the Student Guide.




Display the scenarios, and arrange for students to work in pairs (2-3 minutes) to

decide whether or not each situation meets the INSURE-able guidelines.

Ask the teams to defend their answers as you display each scenario. All scenarios are

insurable except the coverage for lost pens or pencils. This is too trivial to bother with

coverage. However, a business that sells large quantities of pens or pencils might

insure the pen/pencil inventory because it has a significant value and a loss will

financially impact the business.

EXTENSION: Students may find it interesting to discuss examples of strange insurance

coverage for unusual circumstances. For example, a professional ice cream taster has his

taste buds insured as does a coffee bean taster. Search online for more examples of

“strange insurance” or “unusual insurance.” Debrief by discussing the reasons for these

types of unique insurance policies.




Lead into this section by using the Learning the Lingo story on page 12 to point out

the value of knowing what is agreed to when buying insurance.

1. Submit an application (hard copy or online) for insurance coverage.

2. When approved, insurance company will set specific coverage limits and

conditions. The policyholder may have some flexibility in setting limits, but the

conditions are typically set by the insurance company as they are standard for all

policyholders. Point out that a policyholder can add “riders” for additional

coverage of specific items. (Refer to Insuring Treasures for more information

about riders.)

3. Policyholder makes regular premium payments to continue insurance coverage.

Outline the process to get insurance coverage as you introduce students to common

insurance terminology. NOTE: At this time, only outline the process. More details

about how insurance companies review applications and establish premiums are

addressed in Lesson 6-3.




Give examples of how coverage limits and conditions might appear on a policy. Guide

the students to examine an insurance policy as they complete Part A of Activity 6.2:

Read the Fine Print. Note: They will complete Part B later in the lesson.

RECOMMENDED: The samples provided are state specific. If possible, obtain sample

policies that apply to your state.




Arrange for the students to read about Aaron’s car damage situation (Student Guide,

page 14). Refer to Aaron’s situation as you outline the common phases to recover

losses from a misfortunate event. Introduce students to insurance terminology

(page 15) as you summarize the claim process.

1. Policyholder files claim form to describe details of a qualifying event.

2. An insurance claims adjuster will investigate the event to determine if the claim is

payment. If payable, the adjuster will establish the settlement amount.

3. If the claim is approved, the insurance company will settle the claim by paying the

policyholder with a check. If a claim is denied, the insurance company will notify

the policyholder of why the claim was denied.




Point out that an insurance policy is a formal contract between the insured and the

insurer. The person who purchases an insurance policy agrees to take on

responsibilities and also can expect the insurer to agree to certain behaviors.


Give students a specific amount of time (2-3 minutes) to complete Activity 6.3:

From Memory. Debrief by asking students whether they found this to be an easy task

or a difficult task. Relate this activity to any property loss incidents that students may

be familiar with from personal experience or news reports, such as homes lost due to

fire, hurricane, tornado flooding, or mud slides. If any students have access to cars,

they can try the same activity to inventory what is currently in their cars.

EXTENSION: Ask a claims adjuster to speak to the class about how an insurance company

determines what is paid out for a claim.



Ask the students to reflect on what they think are positive habits to apply now so they

are in a position to manage their own insurance business and procedures. Examples

might include thoroughly reading insurance policies, setting up a filing system for

insurance-related information, keeping an inventory of personal property.




Assign the students to independently complete Challenge 6-B: Take an Inventory.

Preview the scoring criteria to guide the students in their work.


It is also appropriate to assign Challenge 6-C: Cellphone Insurance? YOU Decide! with

this lesson or with Lesson 6-3: Choose Insurance.





©2014 National Endowment for Financial Education www.hsfpp.org Lesson 6-2: How Insurance Works


OVERVIEW

Do you know what to do if your cellphone, car, bike, or other

personal property is stolen, lost, or damaged? Would you be

able to pay to replace or repair the item? Is the item insured?

Before you can be a savvy insurance consumer, you need to

crack the code on a few common terms and how insurance

works. This will help you when deciding what type of

insurance you need or if you need to collect insurance

payments. When you are ready to talk to an insurance

company representative, you will be prepared to answer and

ask questions with confidence.

In this lesson, become familiar with the language of insurance

as you learn how to get insurance and how to file claims.

LEARNING TASKS These tasks match pages 8-17, 23 in Student Guide 6.

__ 1. Do you know what to do if your cellphone, car, bike, or other personal property is stolen, lost, or damaged?

Is the item covered by insurance? Would you be able to pay to replace or repair the item?

__ 2.

Although insurance is available for nearly every type of misfortune, you cannot get insurance for everything

that you want protected. Find out the qualities to be INSURE-able, and then decide if the qualities apply to

scenarios provided by your teacher.

__ 3.

Be prepared so you don’t have a situation similar to when Katie planned to replace her stolen phone.

Complete Part A of Activity 6.2: Read the Fine Print to find specific details about insurance coverage and

conditions in an insurance policy.

__ 4.

Aaron has a problem after he discovers damage to his car. Learn from his experience to prepare yourself to

deal with any similar situation. Finish Activity 6.2 to become familiar with the steps to file a claim.

Would you be able to tell an agent what was missing or damaged if your home was damaged? Complete

Activity 6.3: From Memory to test your memory.

__ 5. Put the finishing touches on your personal property inventory as you complete Challenge 6-B: Take

an Inventory.

TAKING IT HOME Identify three of your most valued, or valuable, possessions.

Research the current value of each item, and then compare

that value to how much it would cost you to replace each item.

For example, if you have a gaming system, how much do you

think you could get for it right now in a “used” condition?

Keep in mind that the value of the system will be reduced

over time due in part to real or anticipated wear and tear. Get

an idea of how much money similar systems are selling for

now by conducting a search on an online selling website.

REFLECTION What are two habits you can take on now so you

are ready to manage your own insurance

paperwork and tasks?

FURTHER STUDY Check out the Insurance Information Institute’s

website for interesting insurance-based facts

and statistics for your state such as the

likelihood of car striking a deer or the chance

that you might be bitten by a dog: www2.iii.org.

LEARNING OUTCOMES

In this lesson you will investigate how

insurance works. Along the way you will also

learn the following:

Describe how to get insurance coverage.


an insurance policy.

Describe how to file an insurance claim.

Summarize the rights and responsibilities

of an insurance policyholder.

Use what you learn today to prepare to apply

for insurance or to file a claim.


Activity 6.2: Read the Fine Print

©2014 National Endowment for Financial Education www.hsfpp.org Activity 6.2: Read the Fine Print


NAME: DATE:

Directions:

A. Read an insurance policy to highlight and summarize what is covered, the coverage limit, and

two or three conditions for coverage.

Type of policy

Brief description of what

is covered

Coverage amount

Two or three conditions

for coverage

B. Aaron is grateful that his dad and agent walked him through what to do after his car was

damaged in the parking lot. Read the same policy used for Part A or scan through a different

insurance policy to find out what to do to file a claim for that policy coverage.

Type of policy

Requirements to be

eligible to file a claim

Steps to file a claim

Time limit to file the claim

(if any)


©2014 National Endowment for Financial Education www.hsfpp.org Activity 6.3: From Memory


NAME: DATE:

Directions:

Imagine that your home was destroyed today and your insurance agent asked for a list all of your

belongings kept in your room.

A. From memory, create a list of the items in your room.

B. Take the list home, and add to the list if you missed anything.


©2014 National Endowment for Financial Education www.hsfpp.org Challenge 6-B: Take an Inventory


NAME: ______________________________________________ DUE DATE: ____________

For this challenge, put the finishing touches on the personal property inventory you started for

Activity 6.3: From Memory. Once or twice a year throughout your lifetime, adjust the inventory to keep the

information up to date so you can quickly retrieve details if ever needed for an insurance claim.

Directions

1. Devise a system to keep an inventory record for at least 20 of your personal possessions. For the

items you would want to replace, write down the year you got each item, and record the cash

value. Create a way to easily maintain your inventory and preserve any evidence you might need

to file an insurance claim.

2. Be sure to preview the required performance criteria to plan your work. Your instructor may have

additional instructions and criteria for this assessment.

3. Self-assess your work using the Scoring Guide. Optional: Ask a family member to assess your work

using the Scoring Guide.

IMPORTANT: Your inventory details should be safeguarded and only shared for need-to-know reasons.


©2014 National Endowment for Financial Education www.hsfpp.org Challenge 6-B: Take an Inventory


NAME: ______________________________________________ DUE DATE: ____________


Content

1. Inventory includes a list of at least 20 personal property items and

property categories such as “clothing” or “books.” acceptable not acceptable

2. Inventory lists the year when each was purchased or received. A range of

years is provided for multiple items in categories. acceptable not acceptable

3. Inventory includes an approximate current replacement cost for each

item or category. acceptable not acceptable

4. Inventory includes a description of each item or category (including the

make, model, and serial number if applicable). acceptable not acceptable

5. Inventory indicates whether or not a receipt is available for each item or

category. acceptable not acceptable

6. Inventory indicates whether or not a photo or video of each item is

available for each item or category. acceptable not acceptable

General

7. Documentation is organized logically either in writing or in electronic

format so information can be accessed upon demand if necessary. acceptable not acceptable

8. Documentation is neat and easy to read. acceptable not acceptable

9. Documentation can be stored in duplicate at another location as a back-

up measure in the event the original is destroyed. acceptable not acceptable

10. Learner provides explanation of the process that will be used to regularly

manage the inventory when new items are added or items are removed. acceptable not acceptable

Feedback: Score: _______ /_______

TEACHER LESSON PLAN


©2014 National Endowment for Financial Education www.hsfpp.org Lesson 6-3: Selecting Insurance


OVERVIEW

You have many life changes ahead of you. Along the way

you’re going to need different kinds of insurance


Maybe you don’t have to worry about buying your own

insurance right now because your family has insurance

that covers you. But soon you will take on the

responsibilities to purchase your own insurance. Do you

know about the various types of insurance that are

available (and in some cases required) to share the risk of


In this lesson you learn about common types of insurance

with different coverage for specific circumstances.

PREPARATION

Order a Module 6 Student Guide for each student.

(The Guide is also available online to download.)



Guide, particularly pages 16-25.

Print or download the Student Learning Plan for

this lesson so each student has a copy.

Preview Learning Task 2 to determine if this lesson

will be completed during one or two sessions.

Create stations around the classroom where a

member from each group can meet to research

the type of insurance that has been assigned.

There should be brochures, books, the Student

Guide, computer with Internet access, and other

resources students can use to address the

questions presented in Learning Task 2.

Topics marked with an asterisk (*) can also be

addressed by a guest speaker insurance agent.

WHAT YOU WILL NEED

Module 6 Student Guide (pages 16-25)



Notetaking Guide: Insurance Study (Learning

Task 2)

Check Quiz: What Insurance Covers That?

Challenge 6-C: Cellphone Insurance? YOU

Decide!

Insurance literature (Learning Task 2) and/or

Internet access

(Optional) Sample insurance policies (Taking It

Home task)

NOTES:

Approximate time: 45 minutes (minimum) - 90 minutes (if Learning Task 2 is extended into another session)

Coverage for All: Foundation for Health Coverage Education, coverageforall.org (public and private health

insurance eligibility information, Health Coverage Eligibility Quiz to identify free and low-cost insurance)


LEARNING OUTCOMES

In this lesson students make a decision

about insurance coverage. Along the way they

will do the following:




Discuss how insurance needs and

coverage differ depending on personal

situations.

Students will use what they learn today to

decide on insurance coverage for a specific

circumstance.

http://coverageforall.org/

http://www.iii.org/

TEACHER LESSON PLAN





1. Take a guess about

a few insurance-

related statistics.

PROCEDURE TIME ESTIMATE: 5 minutes

Display Slide 2 and arrange for students to respond

independently, in pairs, or as a whole class to the three Do You Know

questions.

Share the responses and ask students what they find interesting

or surprising about the statistics.

The five most expensive states for car insurance are (in order):

Michigan, Montana, Washington D.C., Louisiana, and Florida)

Source: Car Insurance Rates by State, 2015 Edition, April 13,

2015, www.insure.com/car-insurance/car-insurance-

rates.html. This report is updated annually and includes details

about how the information is collected and compared.) Point out

that where a person lives can be a factor that impacts insurance

costs, particularly auto insurance, renters’ insurance, and

homeowners’ insurance. More details will be explored later in

this lesson.

One in five filers of new long-term disability claims are in their

20’s and 30’s. (Source: The 2014 Council for Disability

Awareness Long-Term Disability Claims Review, www.disability

canhappen.org/research/CDA_LTD_Claims_Survey_2014.asp)

Point out that while people might not consider the value of

having disability insurance coverage, this can be a valuable

option as a way to have income in the event a person is unable

to work due to a health issue or injury. This is a good time to

read “The Odds” statistics and the story about Katie’s aunt

(Student Guide, page 20). More details about disability

insurance will be explored later in this lesson.

Thirty-three percent of all business bankruptcies are due to

employee theft. (Source: Statistic Brain, Employee Theft

Statistics, September 18, 2012, www.statisticbrain.com-

employee-theft-statistics.) Point out that businesses can carry

insurance to cover losses due to theft, but the cost of coverage

is passed on to customers. This is an example of insurance

coverage that will be explored in more detail later in this lesson.


Plan. By the end of this lesson, the students should be able to make

decisions about insurance coverage for specific circumstances.

Module 6 Student

Guide

Student Learning

Plan

STUDENT GUIDE

Page 20

SLIDES

2 – Do You Know?

3 – Preview

http://www.insure.com/car-insurance/car-insurance-rates.html

http://www.insure.com/car-insurance/car-insurance-rates.html

http://www.disabilitycanhappen.org/research/CDA_LTD_Claims_Survey_2014.asp

http://www.statisticbrain.com-employee-theft-statistics./

http://www.statisticbrain.com-employee-theft-statistics./

TEACHER LESSON PLAN





2. Use your Student

Guide, the Internet,

and any available

brochures to research

different types of

insurance assigned by

your teacher. Follow

the guidelines in the

Note Taking Guide to

become the topic

“specialist” by

gathering information

about who uses the

insurance, for what

the insurance is used,

and the costs of the

insurance.

As the specialist, be

prepared to present

the insurance study

responses to your

group.


(Option: Schedule student presentations for a later date.)

PREPARATION: Divide the class evenly into two groups, labeled

Group A and Group B. A member from each group will be assigned to

research at least one specific type of insurance so all types are

assigned within each group. Should you have fewer than 20

students, consider doubling up insurance topics. They will use the

jigsaw method* to gather information to bring back to the one or two

types of insurance to research.

Create stations around the classroom where a member from each

group can meet to become one of the classroom’s two “specialists”

for each topic by researching the type of insurance that was

assigned. The stations should be stocked with brochures, books, the

Student Guide, computer with Internet access, and other resources

students can use to address the assigned questions.

Inform the students that they will each learn about a specific type

of insurance so they can teach their classmates about the insurance.

By the end of this lesson, all students will use what they have learned

about all types of insurance to complete a check quiz.

Allow students a predetermined amount of time for research and

collaboration to check facts before reconvening the original Group A

and Group B. Arrange for the two groups to meet simultaneously so

each student specialist takes a turn teaching group members about

a type of insurance. The specialist will address each of the five

questions while the others in the group take notes.

*NOTE: The Jigsaw method is a cooperative learning technique in which

students work in small groups. Jigsaw can be used in a variety of ways for a

variety of goals, but it is primarily used for the acquisition and presentation

of new material, review, or informed debate. In this method, each group

member is assigned to become a "specialist" on some aspect of a unit of

study by doing independent research. To increase the chances that

information gathered is accurate, the students doing the research do not

immediately take it back to their jigsaw group. Instead, they meet first with

students who have the identical assignment (one from each jigsaw group).

We call this the "specialist" group. It is particularly useful for students who

might have initial difficulty learning or organizing their part of the

assignment, for it allows them to hear and rehearse with other "specialists."

Once each presenter is up to speed, the jigsaw groups break up so the topic

specialists reconvene in their initial heterogeneous configuration. Each

student in each group educates the whole group about her or his specialty.

Students are then evaluated on what they have learned from their fellow

group member.

Topic for insurance


STUDENT GUIDE

Pages 16-21

SLIDES

4 – Specialist

Insurance Topics

5 – Specialist Report

Outline

ACTIVITIES

Notetaking Guide:

Insurance Study

NOTE: Decide in

advance whether or

not to use the entire

list, whether or not to

remove auto from

this lesson if students

will focus on auto

insurance in more

detail in Lesson 6-4,

or whether or not to

combine any topics

such as homeowners’

and renters’ or dental

and vision.

Set up research

stations for specific

types of insurance

with literature for

different types of

insurance:

- auto

- dental

- disability

- fidelity bond

- health

- homeowners’

- liability

- life

- renters’

- unemployment

- vision

- workers’

compensation

Suggested insurance

websites

TEACHER LESSON PLAN





3. Use what you

learned from the

insurance

“specialists” to

complete a check

quiz (What Insurance

Covers That?). Match

insurance coverage

with scenarios. Check

your responses with a

partner.


Have students complete the What Insurance Covers That? check

quiz. This can be done as a quiz show, in partners, or individually.

Optional: Arrange for students to use their notes from the specialist

reports. Or arrange for students to complete the check quiz in pairs

and then compare responses with another pair group.

Extension: Have students revisit the lists of risks they brainstormed in

an earlier lesson (Lesson 6-1, Task 2). For every risk they identified

earlier, have the students categorize the type of insurance (if any)

that would cover that risk. For those risks that they (or you) do not

know the answer to, add it to a list titled “X Files.” Once all risks have

been accounted for, share the X File list with a local insurance agent

for professional feedback.

Extension: Assign the Taking It Further activity so students research

types of specialty insurance coverage.

Topic for insurance

agent guest speaker

STUDENT GUIDE

Pages 16-21

(optional)

ACTIVITY

Check Quiz: What

Insurance Covers

That?

(optional) Taking It

Further: Specialty

Insurance Coverage

REFLECTION

4. What two or three

types of insurance

coverage do you think

are most important

for teens and young

adults? Why?


[Slide 6] Ask the students to reflect on what the types of

insurance they think are most relevant for teens and young adults.

Examples of family insurance that covers teens: health, dental,

vision, automobile, motorcycle, renters’, or homeowners’.

If not yet presented to students from the presentations, point out

in a follow-up discussion that some types of insurance are required

by law, by employers, and by lenders. For example, states have

different requirements for minimum auto insurance coverage, a

lender might require mortgage insurance as terms for taking out a

home loan, and some professions such as physicians and contractors

have liability coverage requirements. As of 2014, all Americans are

expected to have health insurance. With few exceptions, people who

aren’t insured will pay a penalty. [Student Guide, page 33] Find out

more about the Patient Protection and Affordable Care Act at

www.healthcare.gov.

EXTENSION: Explain that under federal law, COBRA (Consolidated

Omnibus Budget Reconciliation Act) coverage allows for the

temporary continuation of health insurance for people who no longer

have employer-sponsored benefits due to specific life circumstances.

Provide students with individual or family situation scenarios to

decide whether or not an individual is eligible to apply for COBRA

coverage. Source: Department of Labor,

www.dol.gov/ebsa/cobra.html.

Topic for insurance


STUDENT GUIDE

Pages 16-21

SLIDE

6 - Reflection

http://www.healthcare.gov/

http://www.dol.gov/ebsa/cobra.html

TEACHER LESSON PLAN





5. Do you have a plan

to cover the cost of a

lost or damaged

cellphone? Is

insurance a good

option, or might you

have another plan to

avoid, reduce, or

accept the financial

loss? Complete

Challenge 6-C:

Cellphone Insurance?

You Decide! to decide

the option that best

fits your situation.

PROCEDURE In-class or out-of-class assignment

Assign Challenge 6-C: Cellphone Insurance? YOU Decide!

Encourage students to consider options other than sharing the risk

via insurance as they weigh the costs to replace a phone, insurance

premiums and deductibles, insurance coverage and claim conditions,

and their current life situations. This exercise prompts students to

compare the costs and value of paying for insurance coverage

compared to taking responsibility to reduce or avoid the risk of

financial loss and/or accepting any consequences by covering costs

with their own funds that they might purposefully set aside or have

on hand in some type of emergency fund.

Optional: Rather than weigh the benefits and costs of cellphone

insurance, give students the option to assess ways to manage the

risk for another situation that may be more relevant to their own lives

or their family circumstances such as whether or not to pay for pet

insurance, emergency road service, or travel insurance.

STUDENT GUIDE

Page 25

SLIDE

7 – Challenge

ACTIVITY

Challenge 6-C:

Cellphone Insurance

TAKING IT HOME

Read an active

insurance policy to

find out what is

covered, what isn’t

covered, and any

responsibilities the

policyholder may have

to keep coverage.


Encourage students to read an actual active homeowners’,

renters’, or health insurance policy. Ideally, this should be a family

policy so students are familiar with their own coverage terms and

conditions. However, if this is not possible, be prepared to provide

students with sample policies that don’t reveal any personal data.

Depending on the student circumstances, encourage students to

find specific coverage information. Examples are provided below:

Graduating students: What is the coverage for personal items in

dorm rooms or apartments?

Students who drive: What is the coverage for personal items

kept in a family-owned car? In someone else’s car?

Golfers: What is the coverage while driving a golf cart on a golf

course?

Pet owners: What is the coverage if a pet causes damage to

someone or someone’s property?

Topic for insurance


TEACHER LESSON PLAN





FURTHER STUDY

Research special

types of insurance to

define each and

identify who uses the

insurance and why.


EXTENSION: Have students complete the Taking It Further activity

to research types of insurance for very specific types of coverage.

Prompt the students to define the insurance, give examples of when

this type of insurance is used, and explain why it is used.

Crop Insurance

Defense Base Act (DBA) Insurance

Flood Insurance

Livestock Insurance

Malpractice Insurance

Non-Appearance Insurance

Pet Insurance

Primary Mortgage Insurance (PMI)

Title Insurance

Travel Insurance

Tuition Insurance

Topic for insurance


ACTIVITY

Internet access

TAKING IT HOME*

Read an active homeowners’, renters’, health, or another insurance policy. Find out what is covered, what isn’t

covered, and any responsibilities the policyholder may have to keep coverage. If this is a policy for your family,

discuss any adjustments that may help reduce the premium costs or reduce the risk of filing a claim.

TAKING IT HOME*

Having adequate insurance coverage is one way to plan for disaster. But your family will have more immediate

needs in the event of an unplanned tragedy such as a car accident, flood, or long-term power outage. Create a

road-side, evacuation, or blackout emergency kit for your family. Find emergency preparedness tips at

www.ready.gov.

FURTHER STUDY*

Research any of these types of insurance to define each and identify who uses the special insurance and why:

Crop Insurance

Defense Base Act (DBA) Insurance

Flood Insurance

Livestock Insurance

Malpractice Insurance

Non-Appearance Insurance

Pet Insurance

Primary Mortgage Insurance (PMI)

Title Insurance

Travel Insurance

Tuition Insurance

http://www.ready.gov/

High School Financial Planning Program Lesson 6-3: Selecting Insurance


Display this slide as you kick off the opening activity.




Arrange for students to respond independently, in pairs, or as a whole class to the three Do You

Know questions.

Share the responses and ask students what they find interesting or surprising about the statistics.

1. The five most expensive states for car insurance are: Michigan, Montana, Washington D.C.,

Louisiana, and Florida. (Source: The Most and Least Expensive States for Car Insurance, April 13,

2015, www.insure.com/car-insurance/car-insurance-rates.html. This report is updated annually

and includes details about how the information is collected and compared.) Point out that where a

person lives can be a factor that impacts insurance costs, particularly auto insurance, renters’

insurance, and homeowners’ insurance. More details will be explored later in this lesson.

2. One in five filers of new long-term disability claims are in their 20’s and 30’s. (Source: The

2014 Council for Disability Awareness Long-Term Disability Claims Review, www.disability

canhappen.org/research/CDA_LTD_Claims_Survey_2014.asp) Point out that while people might

not consider the value of having disability insurance coverage, this can be a valuable option as a

way to have income in the event a person is unable to work due to a health issue or injury. This is a

good time to read “The Odds” statistics and the story about Katie’s aunt (Student Guide, page 20).

More details about disability insurance will be explored later in this lesson.

3. Thirty-three percent of all business bankruptcies are due to employee theft. (Source: Statistic

Brain, Employee Theft Statistics, September 18, 2012, www.statisticbrain.com-employee-theft-

statistics.) Point out that businesses can carry insurance to cover losses due to theft, but the cost

of coverage is passed on to customers. This is an example of insurance coverage that will be

explored in more detail later in this lesson.




lesson, the students should be able to make decisions about insurance coverage for

specific circumstances.




PREPARATION: Divide the class evenly into two groups, labeled Group A and Group B. A

member from each group will be assigned to research at least one specific type of

insurance so all types are assigned within each group. Should you have fewer than 20

students, consider doubling up insurance topics. They will use the jigsaw method* to

gather information to bring back to the one or two types of insurance to research.

Create stations around the classroom where a member from each group can meet to

become one of the classroom’s two “specialists” for each topic by researching the

type of insurance that was assigned. The stations should be stocked with brochures,

books, the Student Guide, computer with Internet access, and other resources

students can use to address the assigned questions.

Inform the students that they will each learn about a specific type of insurance so

they can teach their classmates about the insurance. By the end of this lesson, all

students will use what they have learned about all types of insurance to complete a

check quiz.

Allow students a predetermined amount of time for research and collaboration to

check facts before reconvening the original Group A and Group B. Arrange for the two

groups to meet simultaneously so each student specialist takes a turn teaching group

members about a type of insurance. The specialist will address each of the five

questions while the others in the group take notes.




Arrange for “topic specialists” to meet at their respective topic stations to research the type of

insurance that was assigned. The stations should be stocked with brochures, books, the Student

Guide, computer with Internet access, and other resources students can use to address the

assigned questions.

Inform the students that they will each learn about a specific type of insurance so they can teach

their classmates about the insurance. By the end of this lesson, all students will use what they have

learned about all types of insurance to complete a check quiz.

Allow students a predetermined amount of time for research and collaboration to check facts before

reconvening the original Group A and Group B. Arrange for the two groups to meet simultaneously so

each student specialist takes a turn teaching group members about a type of insurance. The

specialist will address each of the five questions while the others in the group take notes.

Have students complete the What Insurance Covers That? check quiz. This can be done as a quiz

show, in partners, or individually. Optional: Arrange for students to use their notes from the

specialist reports. Or arrange for students to complete the check quiz in pairs and then compare

responses with another pair group.

Extension: Have students revisit the lists of risks they brainstormed in an earlier lesson (Lesson 6-1,

Task 2). For every risk they identified earlier, have the students categorize the type of insurance (if any)

that would cover that risk. For those risks that they (or you) do not know the answer to, add it to a list

titled “X Files.” Once all risks have been accounted for, share the X File list with a local insurance agent

for professional feedback.

Extension: Assign the Taking It Further activity so students research types of specialty insurance

coverage.



Ask the students to reflect on what the types of insurance they think are most

relevant for teens and young adults. Examples of family insurance that covers teens:

automobile, dental, health, homeowners’, renters’, motorcycle, and vision.

If not yet presented to students from the presentations, point out in a follow-up

discussion that some types of insurance are required by law, by employers, and by

lenders. For example, states have different requirements for minimum auto insurance

coverage, a lender might require mortgage insurance as terms for taking out a home

loan, and some professions such as physicians and contractors have liability

coverage requirements. As of 2014, all Americans are expected to have health

insurance. With few exceptions, people who aren’t insured will pay a penalty. [Student

Guide, page 33] Find out more about the Patient Protection and Affordable Care Act

at www.healthcare.gov.

EXTENSION: Explain that under federal law, COBRA (Consolidated Omnibus Budget

Reconciliation Act) coverage allows for the temporary continuation of health insurance for

people who no longer have employer-sponsored benefits due to specific life

circumstances. Provide students with individual or family situation scenarios to decide

whether or not an individual is eligible to apply for COBRA coverage. Source: Department

of Labor, www.dol.gov/ebsa/cobra.html.




Assign Challenge 6-C: Cellphone Insurance? YOU Decide! Encourage students to

consider options other than sharing the risk via insurance as they weigh the costs to

replace a phone, insurance premiums and deductibles, insurance coverage and claim

conditions, and their current life situations. This exercise prompts students to

compare the costs and value of paying for insurance coverage compared to taking

responsibility to reduce or avoid the risk of financial loss and/or accepting any

consequences by covering costs with their own funds that they might purposefully set

aside or have on hand in some type of emergency fund.

Optional: Rather than weigh the benefits and costs of cellphone insurance, give students

the option to assess ways to manage the risk for another situation that may be more

relevant to their own lives or their family circumstances, such as whether or not to pay for

pet insurance, emergency road service, or travel insurance.







OVERVIEW

You have many life changes ahead of you. Along the way

you’re going to need different kinds of insurance


Maybe you don’t have to worry about buying your own

insurance right now because your family has insurance

that covers you. But soon you will take on the

responsibilities to purchase your own insurance. Do you

know about the various types of insurance that are

available (and in some cases required) to share the risk of


In this lesson you learn about common types of insurance

with different coverage for specific circumstances.

LEARNING TASKS These tasks match pages 16-25 in Student Guide 6.

__ 1. Take a guess about a few insurance-related statistics.

__ 2.

Use your Student Guide, the Internet, and any available brochures to research different types of

insurance assigned by your teacher. Follow the guidelines in the Note Taking Guide to become the

topic “specialist” by gathering information about who uses the insurance, for what the insurance is

used, and the costs of the insurance.

As the specialist, be prepared to present the insurance study responses to your group.

__ 3. Use what you learned from the insurance “specialists” to complete a check quiz (What Insurance

Covers That?). Match insurance coverage with scenarios. Check your responses with a partner.

__ 4. What two or three types of insurance coverage do you think are the most important for teens and

young adults? Why?

__ 5. Do you have a plan to cover the cost of a lost or damaged cellphone? Is insurance a good option, or

might you have another plan to avoid, reduce, or accept the financial loss? Complete Challenge 6-C:

Cellphone Insurance? You Decide! to decide the option that best fits your situation.

TAKING IT HOME Read an active homeowners’, renters’, health, or another

insurance policy. Find out what is covered, what isn’t

covered, and any responsibilities the policyholder may

have to keep coverage. If this is a policy for your family,

discuss any adjustments that may help reduce the

premium costs or reduce the risk of filing a claim.

TAKING IT HOME Having adequate insurance coverage is one way to plan

for disaster. But your family will have more immediate

needs in the event of an unplanned tragedy such as a

car accident, flood, or long-term power outage.

Create a road-side, evacuation, or blackout

emergency kit for your family. Find emergency

preparedness tips at www.ready.gov.

FURTHER STUDY Research any of the following types of insurance

to define each and identify who uses the special

insurance and why: Crop, Defense Base Act (DBA),

Flood, Livestock, Malpractice, Non-Appearance,

Pet, Primary Mortgage Insurance (PMI), Title,

Travel, and/or Tuition.

LEARNING OUTCOMES

In this lesson you will make a decision about

insurance coverage. Along the way you will do

the following:




Discuss how insurance needs and coverage

differ depending on personal situations.

Use what you learn today to decide on insurance

coverage for a specific circumstance.


©2014 National Endowment for Financial Education www.hsfpp.org Check Quiz: Which Insurance Covers That?


NAME: DATE:

Directions:

Each of the scenarios below involves an unexpected cost. From the insurance list, select the primary type of

insurance that would cover the claim in each of the following situations, if covered at all.

Auto

Dental

Disability

Fidelity Bond

Health

Homeowners’

Liability

Life

Renters’

Unemployment

Vision

Workers’ Compensation

1. You were texting while driving and slam the car into a guardrail.

2. You hit and damaged a parked car while riding your bike.

3. Your house was damaged in a flood.

4. Someone broke into your car and stole your gym bag that had your wallet in it.

5. While painting a customer’s house, one of your employee’s accidentally broke a window.

6. While recovering from a stroke, you are unable to work at your full-time job for six months.

7. You injured yourself while using the slicer at work.

8. Therapy treatment is recommended after being diagnosed with anxiety.

9. Someone took your credit card, maxed it out, and then skipped town.

10. While riding your bike you were injured when hit by a car.

11. A coworker stole expensive merchandise from the employer.

12. Someone broke into your apartment and made off with all of your electronics.

13. You received a concussion from a fall while skateboarding (without a helmet).

14. A coworker suffered crushed toes when run over by a forklift at work.

15. The factory where you work closed, and you lost your full-time job.

16. Your house suffered water damage when a frozen water pipe burst.

17. While tasting delicious cherry pie, you cracked a tooth on a cherry pit.

18. Your car windshield cracked when a rock flew off a truck in front of you.

19. Surgery is required to fix a broken jaw received during a soccer game collision.

20. You are tired of wearing glasses so you consider LASIK (aka laser eye surgery).


©2014 National Endowment for Financial Education www.hsfpp.org Check Quiz: Which Insurance Covers That? - Key


NAME: KEY DATE:

Directions:

Each of the scenarios below involves an unexpected cost. From the insurance list, select the primary type

of insurance that would cover the claim in each of the following situations, if covered at all.

Auto

Dental

Disability

Fidelity Bond

Health

Homeowners’

Liability

Life

Renters’

Unemployment

Vision

Workers’ Compensation

Auto 1. You were texting while driving and slam the car into a guardrail.

Homeowners’/Liability 2. You hit and damaged a parked car while riding your bike.

N/A—out of luck 3. Your house was damaged in a flood.

[This is not covered by homeowners’; separate flood insurance is needed.]

homeowners’/renters’ 4. Someone broke into your car and stole your gym bag that had your wallet in it.

Fidelity 5. While painting a customer’s house, one of your employee’s accidentally broke a window.

Disability 6. While recovering from a stroke, you are unable to work at your full-time job for six months.

Workers’ Comp 7. You injured yourself while using the slicer at work.

Health 8. Therapy treatment is recommended after being diagnosed with anxiety.

N/A—out of luck 9. Someone took your credit card, maxed it out, and then skipped town.

Auto/Health 10. While riding your bike you were injured when hit by a car.

Fidelity 11. A coworker stole expensive merchandise from the employer.

Renters’ 12. Someone broke into your apartment and made off with all of your electronics.

Health 13. You received a concussion from a fall while skateboarding (without a helmet).

Workers’ Comp 14. A coworker suffered crushed toes when run over by a forklift at work.

Unemployment 15. The factory where you work closed, and you lost your full-time job.

Homeowners’ 16. Your house suffered water damage when a frozen water pipe burst.

Dental 17. While tasting delicious cherry pie, you cracked a tooth on a cherry pit.

Auto 18. Your car windshield cracked when a rock flew off a truck in front of you.

Health 19. Surgery is required to fix a broken jaw received during a soccer game collision.

Vision 20. You are tired of wearing glasses so you consider LASIK (aka laser eye surgery).

Note Taking Guide: Insurance Study

©2014 National Endowment for Financial Education www.hsfpp.org Note Taking Guide: Insurance Study


NAME: DATE:

Directions:

You have been assigned to become the knowledge “specialist” about a certain type of insurance.

Use available resources to answer the questions below, including content from pages 16-21 in the

Module 6: Insurance Student Guide.

Be prepared to teach others in your group about the insurance purpose and costs. The information you

share with your group will be helpful when the group members complete a check quiz as a follow-up activity.

Insurance Specialty: __________________________________________

To complete this task, think about the following questions:

1. What is the purpose of the insurance?

2. Who is the logical candidate to purchase the insurance?

3. What factors impact the cost of this type of insurance?

4. Do you think that the insurance is worthwhile? Why or why not?

5. What are some ways to keep costs down for this type of insurance?

Challenge 6-C: Cellphone* Insurance? YOU Decide!

©2014 National Endowment for Financial Education www.hsfpp.org Challenge 6-C: Cellphone Insurance


NAME: _________________________________ DATE: ________

Should you insure your cellphone?* Or might you use different strategies to reduce, avoid, or accept the risk for

any unexpected cost to replace or repair your cellphone? For this challenge, decide whether or not to purchase

cellphone insurance.

*Your instructor might alter the type of insurance to investigate for this challenge.

Directions

1. Conduct an investigation to decide whether or not it is worthwhile to purchase cellphone insurance.

Preview the scoring criteria to guide your work as you complete the following tasks.

Look into how much it would cost to replace or repair your phone.

Investigate the cost of cellphone insurance, the terms, any deductible, and conditions for coverage.

Find out whether or not your cellphone is covered by an existing family homeowners’ or renters’ policy.

Decide whether or not it is worthwhile to insure your cellphone.

Consider alternative ways to reduce, avoid, and/or accept the financial risk of unexpected costs.

2. Write a summary of your findings along with your decision to accept, reduce, avoid, and/or share the

financial risk if something happens to your cellphone.

3. Self-assess your work using the Scoring Guide. Optional: Ask a classmate or family member to peer

assess your work using the Scoring Guide

Challenge 6-C: Cellphone* Insurance? YOU Decide!

©2014 National Endowment for Financial Education www.hsfpp.org Challenge 6-C: Cellphone Insurance


NAME: _________________________________ DATE: ________


1. Summary contains predicted replacement or repair cost. acceptable not acceptable

2. Summary contains at least one suggestion to reduce the risk of financial loss. acceptable not acceptable

3. Summary contains at least one suggestion to avoid the risk of financial loss. acceptable not acceptable

4. Summary contains a prediction of what might happen if a decision is made to

accept the risk of financial loss rather than purchase insurance coverage. acceptable not acceptable

5. Summary contains costs for relevant insurance coverage, including annual

premium and any deductible amounts. acceptable not acceptable

6. Summary contains conditions to obtain coverage and maintain coverage. acceptable not acceptable

7. Summary includes list of what is covered and what is not covered. acceptable not acceptable

8. Summary contains statement about whether or not similar claims are covered

under an existing family homeowners’ or renters’ insurance policy. acceptable not acceptable

9. Summary contains a statement of about whether or not this type of insurance is

worthwhile. acceptable not acceptable

10. Summary includes a statement about decision to either purchase or not

purchase insurance with an explanation to support the reason for the decision. acceptable not acceptable

11. Final decision is consistent and sensible based on existing circumstances and

evidence that is presented. acceptable not acceptable

12. Summary data is realistic and relevant to existing circumstances. acceptable not acceptable

13. Summary is organized logically and effectively to support the decision. acceptable not acceptable

Feedback: Score: _______ /_______

overview: learning outcomes and...

Documents