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Describe how an insurance contract can increase the probability or size of a potential loss.
Examples
Example: Given an accident scenario, calculate the amount that would be paid on an insurance claim after applying exclusions and deductibles.Clarifications
Clarification 1: Instruction includes understanding that having insurance may result in the policyholder taking more risks.
Clarification 2: Instruction includes understanding that deductibles and copayments are cost-sharing features that encourage the policyholder to take steps to reduce the potential size of an insurance claim.
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.
2102300: Economics and Personal Finance (Specifically in versions: 2023 - 2024, 2024 and beyond (current))
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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