Economics

Economics

Grade 12

What is this lesson related to?

Chapter3.3:Getting Insurance

Pages 596-597

Objectives

• Categorize the benefits of getting an insurance

• Interpret the types of insurance

• Discuss the selection of an insurance policy

Video

https://www.youtube.com/watch?v=ehvKU5wM0a8

Insurance

Insurance protects people from the financial effects of unexpected losses.

When you buy insurance coverage, your money joins a pool of money from many different people who face similar risks. The system works because the risk is spread over a large group of people. The chances of any one individual suffering a loss are small.​

Open Ended

Imagine that you have not purchased any insurance.You are facing an emergency situation where you have to deposit money to get treatment for a disease. How will you support yourself without an insurance?Discuss the benefits of having an insurance.

Multiple Choice

Insurance

protects you __________against those kinds of losses. ​

• Economically

• Emergency

• Financially

• Carefully

Open Ended

How and why is the size of the deductible

related to the amount of insurance premiums?

Multiple Choice

A __________, which is the amount you pay before the insurance company pays on a loss

• payment

• deductible

Multiple Choice

Payment for a protection or coverage

• Deductible

• Co-Pay

• Premium

Multiple Choice

A _________, an amount you must pay each time you receive health care under your policy

• deductible

• Premium

• Co-pay

Multiple Choice

When you have a loss you submit a _______, which is a request for payment, to the ​insurance company.

• deductible

• claim

• co-pay

• premium

Open Ended

What are the different types of insurance policies?Prepare a slide with the different policies.

Open Ended

What reasons do people cite for getting insurance?

Open Ended

Explain how having insurance could help in each of the following situations.

Case A: Your CD player and 10 CDs are stolen from our

car.

Case B: You have to have emergency surgery for a fractured leg.

Case C: Your car is smashed up by a hit-and-run driver. The damage is well over $2,000

Open Ended

What is meant by premiums?

Why do people pay premiums?

Open Ended

Plenary

Give the main points of the lesson.