FINANCIAL LITERACY The Money Trail Part 21 What is Insurance? Insurance is “Self-Assurance” -- Students learn that since they cannot predict the future, they are subject to risks every day without warning such as car accidents, personal injuries, illnesses and much more. Therefore, an accident may occur at the most inopportune time and at a great expense. Thus, insurance makes sense for nearly everyone regardless of age – young or old.
Students will also learn that insurance fraud is a serious crime, often a felony. Each year fraud schemes steal at least $80 billion in the United States, and everyone pays! Insurance companies recover their losses by charging higher premium rates to policyholders; businesses pay higher premiums and raise costs on their products, leaving the consumer as the victim of the crime because of higher premium rates and higher prices at the stores!
Violators if insurance fraud can spend years in prison and pay thousands of dollars in fines.
What type of insurance makes sense for a new driver? What is liability insurance? What is Insurance Fraud? Do your students know the consequences of insurance fraud? Insurance Fraud = Prison! Do your students know that insurance fraud is a crime is all 50 states!
Then, Financial Literacy: The Money Trail Series
is just what you are looking for! In each part of the series, students will develop a working knowledge of the financial decisions that they need to make now and in the future. The Financial Literacy Parts are reinforcement activities using current research stats that parallel the standards. They are not intended as stand-alone units rather they are interactive activities between the teacher and students.
The Money Trail Series supports the National Standards for Financial Literacy in the following: Earning Income, Buying Goods and Services, Saving Money, Using Credit, Investing, Protecting and Insuring.
Here are the links to all FINANCIAL LITERACY categories where you can find the products that are of interest to you. These links include 24 Chapters and Activities, Instructional PowerPoints for ALL Chapters, Checkpoints (Tests), 3 in 1 Package Deals, Bundles "Galore, and the "Flip of the Die" Budgeting Simulation. For more information, click on these links below:
FINANCIAL LITERACY - Individual Chapters & Activities
FINANCIAL LITERACY - PowerPoints for ALL Individual Chapters
FINANCIAL LITERACY - Checkpoints (Tests)
FINANCIAL LITERACY - 3 in 1 Package Deals (Chapter, Test & PPT)
FINANCIAL LITERACY - Bundles "GALORE"
FINANCIAL LITERACY - FLIP OF THE DIE "`14-Day Budgeting Simulation."
This activity fits nicely with the FINANCIAL LITERACY - "The Money Trail" series. It is a hands-on computerized (EXCEL spreadsheet) unit that reinforces what students learn when they finish or during the "The Money Trail" Parts. Access to computers is essential when teaching this unit. An option could be to use this activity as a final project. "
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