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Financial Literacy in Action
Teaching Plan: Activity #1 Insurance

Focus question:
How much and what kinds of insurance do we need?

Introduction:
Ask the class to access p. 2, “Introduction.” Ask students to answer the following:

  • What do you see in this advertisement?
  • Explain the meaning of the caption, “Insurance—You Can’t Afford to be Without it.”
  • To what extent do you agree that you can’t afford to be without life, health, auto, and homeowner’s insurance?
  • What question does this raise for us to consider?
    (How much and what kinds of insurance do we need?)

Discussing the activity
Ask the class to access p. 3, “Objectives.” Have students explain their answers to the following questions:

  • Based on the objectives on this page, what will you be learning from this project?
  • Which of the objectives interests you most?
  • If we had an expert with us in class today, what questions would you ask about insurance?

Ask the class to access p. 4, “Projects.” Explain that the students will now be participating in a learning exercise about the topics referred to in the objectives. After that, the students will be required to complete one of the following projects: 1) creating a survey questionnaire and writing a report about the results; 2) organizing a panel discussion and writing a news article about what occurred; 3) interviewing a panel of experts and giving an oral report about what was learned. Prior to starting the learning exercise, have students explain their answers to the following questions:

  • What do you know about the features of a good survey questionnaire?
  • What do you know about the steps one must take to organize a good panel discussion?
  • What do you know about being a good interviewer?

Discuss with the class your specifications and expectations for the projects, including deadlines; criteria for grading their survey questionnaire and written report, panel discussion and news article, and interview and oral report; and format.

Explain to students that most of the information for their projects should come from reading the tutorials. Divide the class into six groups. Assign each group a different one of the following pages to review: p.9, “Setting Goals;” p.10, “Tolerance for Risk;” p.11, “Asset Classes: Stocks, Bonds, Mutual Funds, and Cash;” p.12, “Asset Allocation;” p.13, “Special Investments for College;” and p.5, “More Information About Investing.” After their review, have the students explain their answers to the following questions:

  • What information did you find on the page you read?
  • Discuss one important thing that you learned about insurance that you didn’t know before.
  • What other questions do you have about completing your project?

Summary:
Ask students to explain their answers to the following question:

  • What do you hope to learn by completing this project?