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Why Insure

Why Insure. Tell others about the benefits of being insured. The Painful Side of Sports. What are the top three types of injuries for popular sports in this community?. Preview. Today we will answer these questions:

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Why Insure

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  1. Why Insure Tell others aboutthe benefits of being insured (c)2012 National Endowment for Financial Education | Lesson 6-1: Manage Risk

  2. The Painful Side of Sports What are the top threetypes of injuries for popular sportsin this community? (c)2012 National Endowment for Financial Education | Lesson 6-1: Manage Risk

  3. 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? • What are consequences of not being insured? Use what you learn todayto inform others about reason to be insured. (c)2012 National Endowment for Financial Education | Lesson 6-1: Manage Risk

  4. 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 rehab • Rents school band instrument • Smartphone recently stolen (c)2012 National Endowment for Financial Education | Lesson 6-1: Manage Risk

  5. 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 (c)2012 National Endowment for Financial Education | Lesson 6-1: Manage Risk

  6. 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 (c)2012 National Endowment for Financial Education | Lesson 6-1: Manage Risk

  7. 4 Ways to Manage Risk • Avoid it • Reduce it • Accept it • Share it (c)2012 National Endowment for Financial Education | Lesson 6-1: Manage Risk

  8. 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. (c)2012 National Endowment for Financial Education | Lesson 6-1: Manage Risk

  9. Reflection What risks to you face on a daily basis? List at least two actions you can taketo avoid and/or reduce specific risk in your daily routine. (c)2012 National Endowment for Financial Education | Lesson 6-1: Manage Risk

  10. Challenge Assignment 6-A Case for Insurance Create a persuasive advertisement to convince your peers to become insured and reduce risk. • Pick a format for a 30-second ad: • radio ad • skit • television commercial • infomercial • music video • Prepare to share or perform ad for the whole class Protect YourProperty and Health Buy Insurance (c)2012 National Endowment for Financial Education | Lesson 6-1: Manage Risk

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