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Manage Risk

Tell others aboutthe benefits of being insured

©2014 National Endowment for Financial Education | Lesson 6-1: Manage Risk

1

Slide3

The Painful Side of Sports

What are the top three

types of injuries for popular sports

in this community?

©2014 National Endowment for Financial Education | Lesson 6-1: Manage Risk

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Preview

Today we will answer these questions:

In what ways do teens face risks which can lead to costly consequences later?

How can teens manage the risk of loss and related costs?

What are consequences of not being insured?

Use what you learn today

to inform others about reasons to be insured.

©2014 National Endowment for Financial Education | Lesson 6-1: Manage Risk

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Meet Aaron and Katie

Aaron - Grade 12

Hoping to get new job

Driver covered under family auto insurance

Car is damaged (twice!)

Katie - Grade 9

Injured soccer player; going to physical therapy

Rents school band instrument

Smartphone recently stolen

©2014 National Endowment for Financial Education | Lesson 6-1: Manage Risk

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Disasters: Destructive and Expensive

Describe an expensive disaster:

nature of the event and the date

area that was affected

estimated total losses in dollars

information source

©2014 National Endowment for Financial Education | Lesson 6-1: Manage Risk

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What are the Average Costs?

Repair torn ACL, $40,000-$65,000

Fill small cavity, $75-$160 + exam fee

Repair chipped tooth, $200-$500 + exam fee

Remove wisdom tooth, $140-$400 + anesthesia

Remove dent from car, $50-$125

Remove multiple dents in car due to hail, $1,500-$11,000

Replace typical windshield, $100-$400

Claim for property damage due to vandalism, $4,512

Sources: aarp.org, webmd.com, dentalstraighttalk.com,

yourdenstryguide.com, howmuchisit.org, costhelper.com, www.iii.org

©2014 National Endowment for Financial Education | Lesson 6-1: Manage Risk

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4 Ways to Manage Risk

Avoid it

Reduce it

Accept it

Share it

©2014 National Endowment for Financial Education | Lesson 6-1: Manage Risk

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We All Feel the Impact

Imagine a world without insurance.

What would people do to avoid risk?

What would be valued by people?

What might be the economic impact?

Describe at least five ways that our lives would be different without insurance.

©2014 National Endowment for Financial Education | Lesson 6-1: Manage Risk

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Reflection

What risks to you face on a daily basis?

List at least two actions you can take

to

avoid

and/or

reduce

specific risk in your daily routine.

©2014 National Endowment for Financial Education | Lesson 6-1: Manage Risk

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Challenge

A Case for Insurance

Create a persuasive advertisement to convince your peers about the value of reducing risk in their lives along with the value of using insurance to share risk.

Pick a format for a

30- to 60-second ad:

radio ad

skit

television commercial

infomercial

music video

Prepare to share your ad with the whole class

©2014 National Endowment for Financial Education | Lesson 6-1: Manage Risk

Protect Your

Property and Health

Buy Insurance

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Manage Risk Tell others about - Description


the benefits of being insured 2014 National Endowment for Financial Education Lesson 61 Manage Risk 1 The Painful Side of Sports What are the top three types of injuries for popular sports ID: 779926 Download

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