RISK MANAGEMENT AND INSURANCE
Explore the big idea of risk management and insurance and the associated concepts, competencies, and academic standards at various grade levels.
Big Idea & Essential Questions
Risk management strategies are used to protect against potential loss.
Why do people choose to limit their risk?
How do people protect themselves from financial loss throughout their life?
How does insurance work?
Core Concepts & Competencies
Within the Pennsylvania Personal Finance Instructional Framework, the big idea of risk management and insurance includes two core concepts. The competencies for each can be found below or download the PDF version which includes a correlation to the Pennsylvania Academic Standards.
Risk
Insurance
High School (Grades 9-12)
Risk: Explain how and why people make end-of-life plans.
Insurance: Compare and contrast various suppliers of insurance products and develop criteria to evaluate individual insurance needs.
Insurance: Describe types of insurance including health, disability, auto, homeowners, renters, life, and long-term care.
Middle School (Grades 6-8)
Risk: Compare common types of risk and basic risk management methods.
Insurance: Develop a logical argument for having various types of insurance.
Elementary (Grades 3-5)
Risk: Summarize risks that individuals and households face.
Insurance: Discuss methods to protect valuable items against damage or loss.
Primary (Pre-Kindergarten to Grade 2)
Risk: Using an age-appropriate activity such as riding a bicycle, predict risks and give examples of how to reduce.
Insurance: Discuss how valuable items might be damaged or lost and ways to protect them.