Using Insurance to Manage Risk


Students learn how insurance can be used to manage risk.

Teaching Objectives:

  • Examine how deductibles affect insurance premiums.
  •  Determine how out-of-pocket expenses impact the cost of using insurance.
  •  Identify ways to save money on insurance premiums.
  •  Demonstrate the ability to select appropriate amounts of insurance in selected situations.

Standard 11: The student will describe and explain how various types of insurance can be used to manage risk.

Suggested Grade Level

7th – 12th Grade

Lesson Excerpt:

Making good choices about insurance is like being wrapped in a protective blanket. Insurance provides protection against catastrophic losses that could have long-term impact on a family’s financial future. While insurance companies pay most of the costs when there is a loss, almost all policies have some type of deductible or other out-of-pocket expenses. Learning how to manage those additional expenses is part of understanding the role of using insurance to manage risk.

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