Standard 1 - Identify common types of risks and basic risk management methods.

4th Grade
student can:

Give examples of risks that individuals and households face.

Given an age-appropriate activity such as riding a bicycle, analyze how to reduce and avoid different kinds of risk.

8th Grade
student can:

Discuss the relationship between risk and insurance.

Explain how insurance deductibles work.

Determine how to evaluate an extended warranty.

12th Grade
High school graduate can:

Give examples of how people manage risk through avoidance, reduction, retention, and transfer.

Explain how to self-insure and give examples of circumstances in which self-insurance is appropriate.

Recommend insurance for the types of risks that young adults might face.

Standard 2 - Explain the purpose and importance of property and liability insurance protection.

4th Grade
student can:

List valuable items that house-holds commonly own.

Describe how valuable items might be damaged or lost and ways to protect them.

8th Grade
student can:

Identify the types of insurance that might cover accidental damage to another person’s property.

Give examples of the kinds of a typical auto insurance policy covers.

Give examples of the kinds of expenses that a typical renter’s policy and a typical homeowner’s policy cover.

Identify the factors that influence the cost of insurance for vehicles and housing.

12th Grade
High school graduate can:

Differentiate among the main types of auto insurance coverage.

List factors that can increase or reduce auto insurance premiums.

Determine the legal minimum amounts of auto insurance coverage required in one’s state of residence and recommend optimal amounts.

Given a scenario, calculate the amount paid on an insurance claim after applying exclusions and deductibles.

Compare the costs of auto insurance for the same vehicle, given two different deductibles and two different liability cover age limits.

Explain the benefits of renter’s insurance and compare policies from different companies.

Standard 3 - Explain the purpose and importance of health, disability, and life insurance protection.

4th Grade
student can:

Explain why people need health insurance.

8th Grade
student can:

List the main threats to house-hold income and assets.

Give examples of the kinds of expenses that health insurance can cover.

Describe the purpose of disability insurance.

Explain the primary purpose of life insurance and the characteristics of people who need it most.

12th Grade
High school graduate can:

Analyze the conditions under which young adults need life, health, and disability insurance.

Identify government programs that provide financial assistance for income loss due to illness, disability, or premature death.

Compare sources of health and disability insurance coverage, including employee benefit plans.

Explain the purpose of long-term care insurance.