Don’t Take the Risk

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  • Lesson Identification and TEKS Addressed

    Cluster : Human Services

    Course : Dollars and Sense

  • TEKS Student Expectations

    • (2) The student demonstrates management of financial resources to meet the goals of individuals and families across the life span. The student is expected to:
      • (I) investigate bankruptcy laws, including ways to avoid bankruptcy
      • (J) apply management principles to decisions about insurance for individuals and families
      • (K) evaluate personal and legal documents related to managing individual and family finances such as birth certificates, medical records, social security cards, financial records and property records
  • Basic Direct Teach Lesson

    Instructional Objectives

    Students will:

    • assess ways to manage risk of loss of assets
    • investigate how insurance is used and understand how needs vary from person to person
    • understand the importance of keeping safe personal records
    • evaluate the negative effects of bankruptcy and techniques to avoid it
  • Rationale

    After working hard for our assets, we want to protect them. Car wrecks, stolen cars, house fires, major illnesses, injuries and other unexpected events can disrupt the most carefully made financial plans. Insurance is a way of managing the possible risk of an unfortunate event. A consumer can purchase insurance which will protect him or her financially in case of an unexpected, expensive event. Insurance provides protection against unexpected financial losses. Without such protection, the best of financial plans can be wiped out by one major occurrence.

    This lesson is all about reducing risks to our assets. Part of the lesson is focused on insurance and reducing risks when emergencies occur. The other part of the lesson concerns the importance of keeping safe personal records.

  • Duration of Lesson

    Five 45 minute class periods

  • Word Wall

    Appraisal: Written estimate of the value of property

    Asset: Resource having monetary value

    Bankruptcy: A legal declaration of the inability to pay debt

    Beneficiary: The person who receives the benefit of life insurance when the policyholder dies

    Cash value: The reserve built up in a whole life insurance policy

    Claim: The policyholder’s request for reimbursement when an event happens (a loss)

    Co-pay: The portion of payment that is paid by the insured

    Deductible: A set amount the policyholder must pay when there is a loss or claim, before the insurance company begins to pay

    Estate: The total assets one owns at the time of his or her death

    Group insurance: Insurance plans that cover a large group of people

    Insurance: An agreement in which a person makes regular payments to a company and the company promises to pay money if the person is injured or dies, or to pay money equal to the value of something (such as a house or car) if it is damaged, lost, or stolen

    Open-enrollment period: A defined period of time during which individuals are permitted to enroll in a group insurance plan without providing evidence of insurability

    Policy: A written agreement between the consumer purchasing the insurance and the insurance company

    Policyholder: Consumer who is buying the insurance

    Premium: The money the consumer pays for the policy

    Risk: The chance of loss from an accident, illness, disaster or death

    Additional common insurance terms can be found at:

    Glossary of Common Insurance Terms
    http://www.tdi.texas.gov/consumer/glossary.html

  • Materials/Specialized Equipment Needed

    Equipment:

    • computer with Internet for multimedia presentations (be sure to follow district guidelines for Internet access)
    • computers/laptops with printer capability
    • presenter/remote
    • reserve computer lab, if needed
    • Excel or spreadsheet software

    Supplies:

    • copies of handouts
    • index cards
    • poster board

    Materials:

    • pictures of insurance companies
    • play money
    • samples of insurance policies

    • copies of all handouts (see All Lesson Attachments tab)
  • Anticipatory Set

    Prior to class:

    Note to Teacher: More information on finances can be found in these courses:

    Interpersonal Studies
    Financial Obligations Throughout the Family Life Cycle
    http://cte.sfasu.edu/lesson-plans/financial-obligations-throughout-the-family-life-cycle/

    Dollars and Sense
    Take It to the Bank
    http://cte.sfasu.edu/lesson-plans/take-it-to-the-bank/
    Personal Money Management
    http://cte.sfasu.edu/lesson-plans/personal-money-management/
    Managing Your Finances
    http://cte.sfasu.edu/lesson-plans/managing-your-finances/

    Refer to Practical Money Skills for grades 9-12 for additional lesson plans, resources and activities. Educators can use the 22 free, standards-aligned lessons in sequence or on an individual basis.
    https://www.practicalmoneyskills.com/foreducators/lesson_plans/highschool.php

    Refer to “Materials for Teaching Insurance” for additional PowerPoint™ presentations, publications and activities to help students understand basic insurance and fire safety.
    http://www.tdi.texas.gov/kids/kidsteacher.html

    Display as many of the lesson-related supplies (see Materials or Specialized Equipment Needed) as you have available on a table in front of the room.

    Become familiar with PowerPoints™, handouts and activities.

    This lesson is divided into several mini-lessons to make it easier to present the information on multiple days. By distributing the information into mini-lessons, it will be easier for students to understand the information.

    Before class begins:

    Write the terms “insurance” and “risk” on the board or overhead. Discuss the meaning and definition of each word as it relates to individuals and families.

    Begin class with the following questions and have students share their responses.
    On the board, write the following questions for students to answer in their daily journals or on a separate sheet of paper. Ask students to think about their families and their insurance needs.

    • How do we share the risk with an insurance company when we purchase insurance?
    • Wouldn’t it be better to just invest money instead of spending all that money on insurance premiums?
    • Why must we comply with the state’s laws to purchase automobile insurance?
    • What happens if you can’t afford health insurance and you need medical attention?
    • Why do some people turn to bankruptcy as a solution to their financial situation?
    • Why is it important to keep personal records?

    Lead students to share and discuss their responses.

    Start by giving the pre-test What Do You Know About Insurance? (see All Lesson Attachments tab). Use What Do You Know About Insurance? (Key) (see All Lesson Attachments tab) to discuss the answers and why they are correct or incorrect. This activity helps the student assess what they know and what they need to learn. Discussing the correct answers will help students learn about things they do not know.

    Prior to slide presentation Bankruptcy and Personal Financial Records (see All Lesson Attachments tab), distribute Keeping Family / Household Records (see All Lesson Attachments tab). Students will place important records under one of the three categories: “Records to Place in Safe Deposit Box”, “Records to Keep in an Active File at Home” or “Records to Discard”. After the students complete this handout, have them set it aside.
    They will review it after viewing the PowerPoint™ Bankruptcy and Personal Financial Records lesson during Direct Instruction or after viewing slide 18 of the PowerPoint™.

  • Direct Instruction with Special Education Modifications/Accommodations

    Note to teacher: Prior to beginning this lesson, please review, preview and select the appropriate multimedia for your classes.

    Introduce lesson objectives, terms and definitions.

    If the terms are challenging for your students, you may choose to have them create a Personal Word Wall. See http://cte.sfasu.edu/wp-content/uploads/2013/01/Personal-Word-Wall1.pdf or utilize the Four Corners Vocabulary/ Word Wall Activity http://cte.sfasu.edu/wp-content/uploads/2012/02/Four-Corner-Vocabulary2.pdf

    Distribute handout Slide Presentation Notes (see All Lesson Attachments tab). Students will be expected to take notes while viewing the slide presentation. Teacher will determine the notes to be recorded by students.

    Introduce PowerPoint™ Auto, Homeowners, Medical and Life Insurance slides 1-18 (see All Lesson Attachments tab). There are many types of insurance, but we will start by focusing on auto and homeowners insurance in this presentation.

    Use appropriate notes from Presentation Notes for Auto, Homeowners, Medical and Life Insurance (see All Lesson Attachments tab) for discussion.

    See Guided Practice Activity One

    Continue with the slide presentation Auto, Homeowners, Medical and Life Insurance (see All Lesson Attachments tab) slides 19-35 on medical and life insurance. Have students continue using Slide Presentation Notes for note taking.

    Use appropriate notes from Presentation Notes forAuto, Homeowners, Medical and Life Insurance (see All Lesson Attachments tab) for discussion.

    See Guided Practice Activity Two

    Present slide presentation Bankruptcy and Personal Financial Records (see All Lesson Attachments tab).

    Use appropriate notes from Presentation Notes for Bankruptcy and Personal Financial Records (see All Lesson Attachments tab) for discussion.

    Students will continue taking notes on Slide Presentation Notes.

    Discuss record keeping and have students retrieve the handout Keeping Family / Household Records (see All Lesson Attachments tab) on where to store various personal records. Use Keeping Family / Household Records (Key) (see All Lesson Attachments tab) to have students correct their handout with the right answers.

    See Guided Practice Activity Three

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • encouraging participation
    • praising the student
    • providing the student with a copy of the slide presentations

  • Guided Practice with Special Education Modifications/Accommodations

    Guided Practice Activity One

    Following the presentation, students will reinforce the information learned from the presentation by completing the worksheet Texas Insurance Requirements (see All Lesson Attachments tab).

    Discuss the importance obtaining insurance policies and how it impacts our lives.

    Guided Practice Activity Two

    At the completion of the presentation, have students complete the graphic organizer Compare Health Care Plans (see All Lesson Attachments tab).

    Guided Practice Activity Three

    Distribute Filing for Bankruptcy – What to Know Project (see All Lesson Attachments tab). Students will use websites as resources to create a poster with the following information:

    • Who should consider bankruptcy?
    • What can bankruptcy do for you?
    • What bankruptcy cannot do for you
    • What is exempt property in a bankruptcy filing?
    • What are the counseling and education requirements for bankruptcy?
    • What are the advantages of filing for bankruptcy?
    • What are the disadvantages of filing for bankruptcy?
    • Five common mistakes consumers make when filing for bankruptcy

    Lead students to share and discuss their responses.

    Distribute Rubric for Filing for Bankruptcy – What to Know Project (see All Lesson Attachments tab) so the students will understand the requirements of the project.

    Teacher should be available to answer questions as students work on Filing for Bankruptcy – What to Know Project

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • extra time for assignments
    • positive feedback
    • copies of slide presentations

  • Independent Practice/Laboratory Experience with Special Education Modifications/Accommodations

    Students will work on activities included in Guided Practice One, Two and Three.

    Lead students to share and discuss their responses. Check for understanding.

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • extra time for assignments
    • positive feedback
    • assistance in gathering information

  • Lesson Closure

    Review terms, definitions and lesson objectives.

    Questions:

    • Why is insurance important?
    • How might your insurance needs change over your life cycle?
    • When you purchase auto insurance, what is going to be most important if you have a 10-year-old car that is paid for? How about a $60,000 luxury car? How about a $25,000 car you are making payments on?
    • What do you need to know when choosing health insurance?
    • Why is personal record keeping important? Where do you store those records?
    • When would you consider bankruptcy? What should you do to avoid getting yourself in a position where you feel the need to file bankruptcy?
  • Summative/End of Lesson Assessment with Special Education Modifications/Accommodations

    Assessments during lesson:

    Texas Insurance Requirements (see All Lessons Attachment tab)
    Compare Health Care Plans (see All Lessons Attachment tab)
    Rubric for Filing for Bankruptcy – What to Know Project (see All Lessons Attachment tab)

    Have students share their posters from the bankruptcy project with the class. Display the posters in the classroom.

    Distribute Test on Insurance, Record Keeping and Bankruptcy (see All Lesson Attachments tab). Use Test on Insurance, Record Keeping and Bankruptcy (Key) (see All Lesson Attachments tab) to grade the end-of-lesson assessment.

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • assisting students with research for poster
    • modifying test if IEP calls for modification
    • giving copies of slide presentations for study

  • References/Resources

    Images:

    Microsoft Clip Art: Used with permission from Microsoft.

    Textbooks:

    Lowe, Ross. Consumer education and economics. 6th ed. Glencoe/McGraw Hill, 2006. Print.

    Madura, Jeff, Mike Casey, and Sherry J. Roberts. Personal financial literacy. Boston: Pearson, 2010. 23-29. Print.

    Websites:

    • Insurance 411 Organization
      Web tool to make a credit card size insurance information card to carry in your wallet
      http://insurance-411.org/
    • Money Matters
      Financial Education Curriculum produced by First Command Educational Foundation
      http://www.fcef.com
    • NEFE High School Financial Planning Program
      National Endowment for Financial Education.
      http://www.hsfpp.org/
  • Additional Required Components

    English Language Proficiency Standards (ELPS) Strategies

    • word wall
    • peer to read materials
    • shortened, modified test
    • extra time for responses
  • College and Career Readiness Connection

    AchieveTexas Career Cluster Crosswalks

    The Career Cluster Crosswalks housed on the AchieveTexas website http://www.achievetexas.org/index.html provide Texas teachers with a direct connection between their CTE course TEKS and the College and Career Readiness Standards (CCRS). Language Arts, Mathematics, Science, Social Studies, and Cross-Disciplinary integration are the focus of the CCRS. These college and career readiness standards are essential in the planning and delivery of CTE lessons. The extent to which the integration occurs is determined by the methods and strategies utilized by each teacher.

    Career Cluster Crosswalks for Education and Training, Hospitality and Tourism, and Human Services Career Clusters can be found at:
    http://www.achievetexas.org/Career%20Cluster%20Crosswalks.htm

  • Other Essential Lesson Components

    Enrichment activity

    • The law necessitates that drivers carry certain types and amounts of auto insurance. These requirements vary among states. Using the Internet, research the legal requirements for Texas. Do you believe they are adequate? What changes would you make? Why?
    • Use the Internet to research disability and long-term care insurance offered by three major insurance companies. Research coverage, costs and factors to contemplate whether and how much of this type of coverage someone might wish to consider at different stages of life.
    • Using the Internet, have students do a price comparison of three insurance companies.
    • Using a web tool, make a credit card size information card to carry in your wallet with personal insurance information.
      http://insurance-411.org/
    • Ask students to do further research about additional insurance such as dental, vision or supplemental insurance. “All Insurance Information Organization” is a great source of information.
      http://allinsuranceinfo.org/
    • Investigate Texas state laws related to uninsured motorists.
    • TED Talk:
      TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks videos and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event.
      The video below is related to this lesson. Allow students to view the video and lead a discussion concerning the TED Talk.
      • How to Retire by 20 | Kristen Hadeed | TEDxUF
        When most of us were children we kept ourselves occupied with games, television, and Barbies. Kristen Hadeed was not like most kids. In this talk, Kristen will show how listening to your inner child can take you places beyond your wildest dreams. After all, this young entrepreneur had it all figured out before her 10th birthday.
        https://youtu.be/JDvoGev5_tk
  • Family/Community Connection

    • Invite an insurance agent to speak to the class on the various auto insurance coverages.
  • CTSO connection

    Family, Career and Community Leaders of America (FCCLA)

    http://www.fcclainc.org

    National Program:

    The FCCLA Financial Fitness national peer education program involves youth teaching one another how to make, save and spend money wisely. Through FCCLA’s Financial Fitness program, youth plan and carry out projects that help them and their peers learn to become wise financial managers and smart consumers.

  • Service Learning Projects

    Successful service learning project ideas originate from student concerns and needs. Allow students to brainstorm about service projects pertaining to the lesson.
    http://www.ysa.org/

    Plan a peer education project where the students inform other students about why they should purchase more than minimum liability insurance.

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