Unit 8 - 9

​Outline for 12 : Bias & Care

Bias​

• Business Ethics : Bias

• ​Vocabulary Related to Bias

• ​Reading Comprehension Practice

• ​Critical Thinking Skills: Detect bias

Care​

• Business Ethics : Bias

• ​Vocabulary Related to Bias

• ​Reading Comprehension Practice

​

​​Business Ethics: Bias

Bias is the tendency people have to be more confident in their own abilities, such as driving, teaching, or spelling, than is objectively reasonable. Because of the overconfidence bias, people will often take ethical issues lightly. They simply assume that they have good character and will therefore do the right thing when they encounter ethical challenges. In fact, studies show that the overconfidence bias causes people to overestimate how much and how often they will donate money or volunteer their time to charities, and sometimes can cause to act without proper reflection.

​​Related words for Bias

prejudice (n.)   : an unfair and unreasonable opinion or feeling, especially when formed without enough thought or knowledge

leaning (n.)           : a preference for a particular set of beliefs, opinions, etc.

mindset (n.)          : a person’s way of thinking and their opinions

preference (n.)     : when you like something or someone more than  another person or thing

bigot (n.)    : a person who has strong, unreasonable beliefs and who thinks that anyone

  who does not have the same belief  is wrong

narrow-minded (adj.)    : not willing to accept ideas or ways of behaving that are different from your own

Guided Questions

You have one minute to find the answer for the three questions​.

Open Ended

What if life insurance?

Open Ended

What are the reasons for someone to buy life insurance?

Open Ended

Why do people complain about the premiums

Reading Time

​There is Only One Undisputable Reason to Buy Life Insurance

By Russ Alan Prince, Contributor

Nov 21, 2013

 

P.1 Life insurance is a very versatile product in the hands of experts. “There are a number of ways life insurance can be used to replenish the estate to cover various taxes, as well as create wealth,” notes Evan Jehle, partner, Rothstein Kass Family Office Group. Nevertheless, while many advanced planning strategies incorporating life insurance are viable for some individuals, across the board, there’s only one certain reason to purchase life insurance.

​Why should you buy life insurance?

P.2 You should buy life insurance when you care deeply for someone or want to make a difference in the world, and your financial resources aren’t able to fill the financial gap if you were to die. There are people you love, your children, for example. You want to ensure they have a solid financial base (however you define it), the best answer is very often life insurance.

P.3 For some people, the proceeds would be used to pay estate taxes. This translates into the children or other loved ones having monies that would otherwise be owed to the government. Business owners, for example, regularly use life insurance to fund buy/sell agreements. Again, this ensures their families are going to get appropriate value for the efforts they’ve made to build a business.

P.4 Many people want to do something consequential, which entails supporting worthwhile charitable causes. “A number of our clients incorporate life insurance into their overall charitable giving strategies,” notes Jennifer Santaniello, partner at Abrams Fensterman. “This way they can be sure they can fulfill their commitments to the philanthropic organizations they believe in and support.”

P.5 A lot of people complain about having to pay the premiums. And, their complaints get louder and more persistent as the years go by and the premium payments add up. The premiums adding up are a really good thing considering the alternative. “The objective is to lessen futures financial burdens when someone dies,” explain Frank Seneco, President, Seneco & Associates. “It’s to deal with unexpected and definitely unwanted situations.”

​ P.6 There’s noquestion that capable professionals can provide very sophisticated ways of using life insurance in a number of scenarios. Sometimes acquiring life insurance is the best option, and at other times it isn’t. Nevertheless, when you care deeply about someone, or there’s a charitable cause that’s very important to you, and your death will deprive them of the financial resources you want them to have, the answer is life insurance.

Reading Comprehension Questions

Multiple Choice

1.      According to the passage, who does the author want to address the message to?

• Those who are studying

• Those who have problems

• Those who are in a business organization

• Those who have someone or something they care about

Multiple Choice

2.      What is the main point of the passage?

• What life insurance is

• How to buy life insurance

• Strategies of life insurance

• Why we should buy life insurance

Multiple Choice

3. In paragraph 1, which of the following is NOT true about life insurance?

• It shows your status.

• It is good for experts.

• It could be used to cover taxes.

• It could be used to create wealth.

Multiple Choice

4.   In paragraph 2, what is the main reason that someone should buy life insurance?

• To show how much you care about your loved ones

• To make sure that your loved ones will be wealthy

• To guarantee that your children will get educated

• To ensure that your loved ones have a solid financial base

Multiple Choice

5.  In paragraph 3, what does “they” refer to?

• business owners

• some people

• children

• monies

Multiple Choice

6.  In paragraph 4, some people might transfer life insurance benefits to …

• business organizations

• shareholders

• supporters

• charities

Multiple Choice

7.     In paragraph 5, why do many people complain about the premiums?

• Higher cost of the premium payment

• Complicated process for claiming

• Bad returns from the premiums

• Enclosed health insurance

Multiple Choice

8. In paragraph 5, what is the closest meaning of the word “lessen” in the context?

• To develop something

• To become less strong

• To use or spend time on something

• To think that someone should behave in a particular way

Multiple Choice

9.  In paragraph 5, which of the following is NOT true about the premiums?

• When someone dies, it could lessen future financial burdens of loved ones.

• it could protect you from unexpected and unwanted situations.

• It could help you to deal with unexpected situations.

• It gets more expensive as the years go by.

Multiple Choice

10.  In paragraph 6, what is the main idea of the paragraph?

• Charitable causes are very important to you.

• The best opinion for everyone is life insurance.

• Life insureance is used in a number of scenarios.

• Life insurance is a financial resource for the ones or something you care about.

​Critical Reading Skills:

How to detect bias

​How to detect bias

1. Look for certain words used in the text. Find out if the author uses inflammatory language: in the most extreme cases, racial, epithets, slurs, etc.

2. Ask yourself the questions:

-          Are there double standards?

-          Do stereotypes skew coverage?

-          Is the language loaded?

-          Does the author feel strongly about or favor one side of the issue?

-          Is the author acting as a reporter- presenting facts- or as salesperson-providing only favorable information?

-          How well are the author’s opinions supported? Or are they unsupported?

-          Does the author seem to deliberately create a positive or negative image?

-          Does the author seem emotional about the issue?

​How to detect bias

   Is there a lack of diversity?

-          Does the author offer two types of valid opinion: informed opinion and expert opinion?

-          Does the author develop an informed opinion by gathering and analyzing evidence?

-          Does the author develop an expert opinion through much training and extensive knowledge in a given field?

-          What kind of publication is this? Often, people turn to factual sources to find the factual details needed to form informed opinions and expert opinion. A medical dictionary, an English handbook, and a world atlas are a few excellent examples of factual sources.