 ……Explain why insurance is an essential part of a healthy financial plan. ……Understand how people manage risk through transfer.

Timeline:  Warm-up: 5 min.  Video 1.1: 10 min.  Video 2.1: 10 min.  Key Terms: 15 min.  The Flaw: 15 min. Warm-up:  Should you carry insurance if money is tight and you’re having a hard time financially? Explain.

 Claim: Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure  Coverage: Applies to the amount of protection you have through an insurance company in the event of a loss  Deductible: Amount you have to pay out of pocket for expenses before the insurance company will begin to cover all or a portion of the remaining costs  Liability: The state or quality of being obligated according to law or equity  Out-of-pocket expense: Specific amount of money that you are required to pay  Policy: Describes the type of coverage in an insurance agreement  Premiums: Amount you pay monthly, quarterly, semiannually, or annually to purchase different types of insurance  Will: A legally enforceable declaration of how a person wishes his or her property to be distributed after death

 ……Distinguish between necessary and unnecessary types of coverage. ……Understand the importance of identity theft insurance in the 21st Century.

Timeline:  Warm-up: 5 min.  Video 2.2: 10 min.  Video 2.3: 10 min.  Auto Liability Limits Activity: 30 min. o Partners Warm-up:  Why is insurance a necessary part of a healthy financial plan?  Insurance transfers risk of life’s major catastrophes.

 ……Define common insurance terms like “premium” and “deductible.” ……Understand the importance of property and liability protection.

Timeline:  Warm-up: 5 min.  Video 2.4: 15 min.  Which Insurance Policies Activity: 30 min.  1,2,3 Cool Down: 5 min. Warm-up:  What could happen to you financially if you do not have the proper amount of insurance?

1. One sentence that summarizes the main idea of today’ s lesson. 2. Two of the most important details. 3. Three questions related to the lesson to quiz your classmates.

 ……Be familiar with policies that offer duplicate coverage. ……Know the types of insurance to avoid.

Timeline:  Warm-up: 5 min.  Video 3.1: 10 min.  Video 4.1: 10 min.  Identify Financial Risk Activity: 30 min. o Groups Warm-up:  Why do you need renter’s insurance, even if you don’t think you have a lot of valuable items?

 Directions o Your group must put together a presentation on renter’s insurance. You can develop an informational presentation or a persuasive presentation (convincing someone to buy renter’s insurance). Use the internet, facts from the lesson, or other resources (contact a local insurance agent) for your presentation. Your presentation must include these items:  The following terms: Deductible Replacement Cost Actual Cash Value Depreciate Personal Injury Liability Property Damage Inventory  Minimum of two statistics referenced  Visual aid  Case study of some kind

 Scenario that you present to the class referencing specific information in the policy. (Jim has renter’s insurance and his apartment is broken into. His TV, computer and stereo are stolen. He figures the replacement cost will be $3,000. His policy has a $250 deductible. How much does he get from the insurance company after they settle the claim?)  Story about someone who did or didn’t have renter’s insurance and the outcome (lost “x” amount or didn’t lose anything because of the policy).  Answers to these questions: What does the policy cover (contents, injury, property damage)? Who needs renter’s insurance (apartment dwellers, college students, military personnel, anyone renting a house)?

 Asses student learning through a quiz.

Timeline:  Warm-up: 5 min.  Test: 30 min.  Check Stocks o Computers  The Flaw: 20 min. Warm-up:  What is the purpose of liability insurance protection?  Liability covers the medical costs and/or property damage of the other person when you are at fault or if the accident occurs on your property.