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Describe how individuals vary with respect to their willingness to accept risk and why most people are willing to pay a small cost now if it means they can avoid a possible larger loss later.
Examples
Example: Discuss whether a premium paid to insure against an accident that never happens is wasted.Clarifications
Clarification 1: Instruction includes understanding self-insurance and the practice of having an emergency fund.
Clarification 2: Instruction includes understanding the potential effects on premium costs if in an emergency fund.
General Information
Subject Area: Social Studies
Grade: 912
Strand: Financial Literacy
Standard: Identify and analyze methods of protecting financial investments and personal information.
Date Adopted or Revised: 05/24
Status: State Board Approved
Related Courses
This benchmark is part of these courses.
2102305: Economics and Personal Finance Honors (Specifically in versions: 2023 - 2024, 2024 and beyond (current))
2102371: Personal Finance and Money Management (Specifically in versions: 2023 - 2024, 2024 and beyond (current))
2102373: Personal Finance and Money Management Honors (Specifically in versions: 2023 - 2024, 2024 and beyond (current))
Related Access Points
Alternate version of this benchmark for students with significant cognitive disabilities.
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