MODULE 4: Insurance - managing risk

Module 4 aims to alert students to the value of and need for a range of types of insurance for different people at different life stages.

Last Updated: 31/5/2016

Students should be able to:

  • identify the types of risk for insurance coverage

  • recognise appropriate types of insurance

  • understand changing risk management needs in the life cycle and in relation to net worth

  • evaluate the costs and benefits of insurance

  • appreciate their rights under the General Code of Practice

  • identify the range of providers of insurance coverage

  • Protection against the loss of earning power, life, health, and assets is an important consideration in a financial plan.

  • The purpose of insurance is to protect against unexpected financial loss.

  • Insurance operates on the basis of shared risk.

  • Risk and protection take many forms.

  • Life cycle, net worth and life style expectations will alter insurance needs.

  • Utmost good faith is the cornerstone of the contract.

  • Modern insurance operates in an integrated global market.

  • Knowledge is power.

Agreed value
Ancillary
Assessor
Broker
Claim
Compensation
Comprehensive
Contents
Cooling off period
Cover
Cover note
Depreciation
Disclaimer
Duty of disclosure
Evaluate
Excess
Exclusion
Financial Ombudsman Service
Fixtures and fittings
Full disclosure
Gap insurance
Health insurance
Immobiliser
Indemnity
Insurance
Insured
Insurer
Inventory
Loss of profits
Marine insurance
Market value
Mitigate
Natural disaster
No claim bonus
Policy
Policy holder
Pooling
Premium
Product Disclosure Statement
Reinsurance
Replacement
Risk
Shared risk
Third party
Underinsured
Underwriting
Work cover

NCFLF DIMENSIONS

Knowledge & Understanding

  • Identify and explain strategies to manage personal finances
  • Explain the various factors that may impact on achieving personal financial goals
  • Analyse and explain the range of factors affecting consumer choices
  • Identify types of consumer and financial risks to individuals, families and community and ways of managing them

Competence

  • Investigate the financial decisions required at significant life-stage events
  • Accurately complete and explain the purpose of a range of financial forms, including for online transactions
  • Analyse relevant information to make informed choices when purchasing goods and services and/or to resolve consumer choices
  • Compare overall ‘value’ of a range of goods and services using IT tools and comparison websites as appropriate

Responsibility & Enterprise

  • Explore the economic cost of individual and collective consumer decisions of the broader community and the environment
  • Apply informed and assertive consumer decision-making in a range of ‘real-life’ contexts

ENGLISH

LITERACY YEAR 9

Creating texts

  • Create imaginative, informative and persuasive texts that present appoint of view and advance or illustrate arguments, including texts that integrate visual, print and/or audio features (ACELY1746)

 

GENERAL CAPABILITIES
LITERACY

Comprehending texts through listening, reading and viewing
Navigate, read and view learning area texts

  • Navigate, read and view a wide range of more demanding subject-specific texts with an extensive range of graphic representations

NUMERACY
Recognising & using patterns & relationships
Recognise & use patterns % relationships

  • Explain how the practical application of patterns can be used to identify trends (ACMNA208)

Interpreting statistical information
Interpret data displays

  • Evaluate media statistics and trends by linking claims to data displays, statistics and representative data (ACMSP253)

INFORMATION & COMMUNICATION TECHNOLOGY CAPABILITY
Investigating with ICT

Define & plan information searches

  • Select and use a range of ICT independently and collaboratively, analyse information to frame questions and plan search strategies or data generation

Creating with ICT
Generate ideas, plans & processes

  • Select and use ICT to articulate ideas and concepts, and plan the development of complex solutions (ACELY1751)

CRITICAL & CREATIVE THINKING

Reflecting on thinking and processes
Think about thinking (metacognition)

  • Give reasons to support their thinking, and address opposing viewpoints and possible weaknesses in their own positions (ACELT1640, ACMSP247)

PERSONAL & SOCIAL CAPABILITY

Self-management
Work independently & show initiative

  • Establish personal priorities, manage resources effectively and demonstrate initiative to achieve personal goals and learning outcomes (ACELY1756)

Become confident, resilient and adaptable

  • Evaluate, rethink and refine approaches to tasks to take account of unexpected or difficult situations and safety considerations (ACELY1757)

Social management
Make decisions

  • Develop and apply criteria to evaluate the outcomes of individual and group decisions and analyse the consequences of their decision making (ACMNA229)

Download Module 4

Below are the teacher notes and student worksheets for this module. COMING SOON - this module is being improved and we will have new individual topic PDFs for download soon.

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Please sir, may I have some more?

Yes! You can download ALL 12 Operation Financial Literacy Modules in one huge combined PDF from the main page.