Insurance actuaries work hard to analyze risk and make premium recommendations for customers. There is a careful balance between finding an appropriate value based on the risk and creating profit for the insurance company. In this 21st Century Math Project, students where different hats as an actuary to understand insurance!
This product includes 4 prep assignments that challenge students in expected value and insurance to build their skills and their thinking for the final project.
In this 28 page document you will be given a mapping to the Content Standards, an outline for how to implement the project, 4 prep assignments and one project packet. Download the preview to see it all.
-- In “Hazard Insurance” students will calculate the expected value of Hazard Insurance.
-- In “Life Insurance” students will calculate expected value of Life Insurance and use the information to project profits for an insurance company.
-- In “Auto Insurance” students will calculate expected value of insurance claims and the costs of those claims to determine premiums for customers.
-- In “Health Insurance” students will calculate expected value of life insurance to help people decide between high deductible plans and low deductible plans.
-- In “Insurance Actuary” students will use actuarial tables to find values relative to each case. There are 16 different “people cards” that can be cut and laminated. I’d recommend two sets of the cards for larger classes. Students will consider one person at a time and will analyze their needs, consider the tables, use formulas with required profits and calculated expected values to determine insurance premiums. Hurray!
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