In this worksheet, students will explore a sample homeowners insurance policy. By reading through different sections of the policy, students will gain an understanding of the coverage details, deductibles, premiums, and other essential components. This activity will help students become familiar with how homeowners insurance works and how to interpret policy documents.
Activities:
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Students will be given a sample homeowners insurance policy details, they have to analyze the policy and answer the given questions. Here is the policy -
National Standards in Personal Financial Education
Students will know that Insurance is a financial product that allows people to pay a fee (premium) to transfer the cost of a potential financial loss to an insurance company .. Students will use this knowledge to 8-2a . Describe ways in which having insurance can protect a person from financial loss . 8-2b . Explain what might happen to people who cannot afford to buy insurance for a particular risk or who choose not to buy it .
Students will know that Insurance fraud is a crime that encompasses illegal actions by the buyer (e .g ., falsified claims) or seller (e .g ., representing non-existent companies) of an insurance contract .. Students will use this knowledge to 12-10a . Provide examples of insurance fraud . 12-10b . Investigate the legal consequence for individuals who are convicted of insurance fraud .