Insurance

PART 1: Insurance

After this lesson, you will:

Understand how everyone risks financial loss and how insurance shares that risk
Identify factors that impact insurance premiums and the relationship between premiums, deductibles, and coverage limits
Explain how the insurance industry uses risk pooling and math to provide insurance coverage and make a profit

Copy of Insurance QoD #16: What is the cost to repair an iPhone screen?

LIFE INSURANCE:

Provides a tax-free, lump sum of money to your loved ones in the event of your death.

Covers medical expenses for illnesses, injuries, or conditions.

Protects you in the event of a car accident or theft.

Covers losses & damages to a person’s home and to assets in the home; Can also provide liability coverage.

Protects your personal property in a rented apartment, condo, or home for unexpected circumstances; Can also provide liability coverage.

In this activity, you will be given a set of cards containing different factors that affect insurance.

With your partner, you will match them to the type(s) of insurance which that factor affects.

Note: There are duplicate factors because they can affect different types of insurance.

Complete this worksheet about the activity.

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After this lesson, you will:

Copy of Insurance QoD #19: How much does a texting while driving ticket increase auto insurance premiums?

Watch this video and answer these questions.

Copy of PLAY: Types of Car Insurance -- Slide Deck

In Michigan, there is a certain minimum amount of auto insurance that every driver needs.

This excerpt is from the State of Michigan's Auto Insurance Law Guidelines.

⛔ ⛔ ⛔ ⛔ ⛔ ⛔ ⛔ STOP ⛔ ⛔ ⛔ ⛔ ⛔ ⛔ ⛔

After this lesson, you will:

Copy of Insurance QoD: How much does an average overnight hospital stay cost?

Watch this video and answer these questions.

⏪ Watch this video (it will stop part-way through)

Complete Part 1 of this activity concerning the concept of metals.

Continue the video to the end, then complete Parts 2 and 3 of this activity concerning types of plans.

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