Insurance

Insurance

By the end of the lesson, students will be able to identify various types of insurance and their purposes and completing an EXIT TICKET with a 70% level of accuracy 

Multiple Choice

By the end of this lesson, you will? Just ONE is correct.

• Do an exit ticket

• Receive minimum grade of 70% on my exit ticket

• All alternatives

• Identify various types of insurance and their purposes.

Why is important our today's objective?

This lesson's focus is how insurance can help protect your financial future. To reach an understanding of the importance of insurance, we'll look at how insurance helps you manage risk, the costs of insurance, as well as its benefits, and the types of insurance available and how you can use them.

https://www.investopedia.com/financial-edge/0212/4-types-of-insurance-everyone-needs.aspx

Multiple Choice

_______ helps you manage risk, the costs of insurance, as well as its benefits, and the types of insurance available and how you can use them.

• Insurance

• Policy

Poll

By far, how will be your Online Participation today?

• 1

  Excellent! I will take notes, participate using chat, and reply to my teacher's oral questions

• 2

  I will participate in learning something new today, but my mood is being quiet today.

• 3

  I promise I will catch up on everything today during Office hours

Social awareness

The concept of social awareness is fairly simple; it's a person's ability to consider other individuals, groups, or communities' perspectives and apply that understanding to interactions with them.

Scenario: Brayden is an amazing dancer! He's been dancing since he was 2 years old. Dancing is a strength that comes naturally for Brayden.

Type in the Chat your answer to the following questions

1) Your TOP STRENGTH?

2) What comes naturally for you?

3) How do you use this strength daily?

Insurance

Without insurance, if you have an automobile accident – even if it were someone else’s fault – you can lose your car and have no way to replace it. You may have to pay for damages to cars of others in the accident. Then, consider how costly it could be if there were property damage to buildings. And what about medical care for drivers and passengers? Unless you have an unlimited supply of money, paying these kinds of expenses at the time of an accident could be a real hardship. In addition, you will need automobile insurance to buy a car. That is because 49 U.S. states and the District of Columbia require minimum amounts of automobile insurance coverage. Only the State of New Hampshire does not have coverage minimums and is called a non-compulsory state; but N.H. drivers still have personal liability or responsibility. Consumers buy automobile insurance to manage risk. Risk management is a way to handle a possible personal or financial loss. Insurance transfers part of the risk from the customer to an insurance company. By paying a small amount of money each month (or year) to an insurance company, you guarantee that a certain amount of the costs of an accident will be assumed by your insurer. The premiums lower your risk of financial disaster. Why can’t I decide whether or not to take the risk? Most states require drivers and car owners to have insurance because accidents can involve “third parties.” For example, the passenger would not know if the driver who gives him or her a ride is insured. Because the risks we assume as individuals can affect others, most states insist that we minimize the risk to others as well as ourselves. 

Open Ended

Why is car insurance important?

Multiple Choice

Insurance is a financial service that allows a

• consumer to share liability with a company.

• consumer NOT share liability with a company.

Multiple Choice

An entrepreneur keeps backup funds in a savings account so that if their business experiences a loss, they will be able to recuperate. What type of risk management is this an example of?

• reducing risk.

• NOT reducing risk.

Multiple Choice

Under which circumstance would someone need disability insurance?

• A person was in a car accident and cannot work for several months.

• A person was NOT in a car accident and can work for normally.

Multiple Choice

Which type of insurance policy would someone get to protect others only?

• life insurance

• Health Insurance

Multiple Choice

In what circumstance would a property insurance claim be rejected?

• The insurance company finds that a homeowner intentionally caused damage.

• The insurance company finds that a homeowner its normal

Multiple Choice

Most people prefer to pay health insurance premiums rather than pay out-of-pocket for medical expenses because

• medical costs can be extremely high, and insurance is more affordable than paying out-of-pocket for a hospital stay.

• medical costs can be extremely low, and insurance is very affordable than paying out-of-pocket for a hospital stay.

Multiple Choice

How can an insurance company make a profit by taking in premiums and making payouts?

• The value of the premiums the company takes in is higher than the value of the payouts it makes.

• The value of the premiums the company takes in is lowest than the value of the payouts it makes.

Multiple Choice

In what way does a deductible help an insurance company?

• It lowers the payout the company has to make.

• It get higher the payout the company has to make.

Multiple Choice

Which is always a cost when buying insurance?

• premium

• NO premium

Multiple Choice

Why does insurance often provide "peace of mind"?

• People are less worried when they know they have protection from risk.

• People are MORE worried when they know they have protection from risk.

Multiple Choice

The basic purpose of insurance is to provide

• protection.

• prevention.

Open Ended

Exit Ticket (70% to pass)

1) Write a quiz question and answer over today's learning.

Poll

I realize that today my synchronous participation was?

• 1

  Meets Expectations

  Cam on, reply orally, used chat, logged on time, asked questions

• 2

  Needs Improvement

  Cam off, I had some stuffs distracting me, but after while I asked questions and used the chat

• 3

  Fails Meets Expectations

  Cam off, come lately, did not contributed to class or my learning. I will do better next time.