The Basics of Insurance and Reducing Risk

People work hard to acquire things of value and build up savings for their future. There are various risks that can arise for things we own of value – jewellery, car, home, other possessions, and so on. There are risks that can impact the value of money we save. And there are also risks that can affect our health and well-being – and even our lives.  There are ways to avoid and reduce risk. Some involve how we act and live.  Some involve buying insurance to protect against risks. It is important for youth to understand the risks that can arise – and how to avoid or reduce risk.

Please Note: Teaching Units provided are for support and consideration by teachers and are not prescriptive.

Learning Map and Supports for Instruction

The “Learning Map” identifies teaching opportunities in Alberta’s curriculum for each topic and you will find them as part of the Support Teaching Materials provided here. Teachers can, of course, integrate the target areas of financial knowledge, skills, attitudes, and behaviours anywhere they can find a fit. The Supports for Instruction provide videos, animations, and links to other resources to support teachers in their efforts to improve the financial literacy of their students.

Protecting Your Money and Things of Value - Division III: Gr. 7-9

Knowledge

  • Identify things in life that they value and wish to protect

  • Identify different kinds of risks that can threaten things they value

  • Identify ways to reduce or avoid risks

  • How insurance can be used to reduce and manage risk

  • Types of insurance

  • Who sells insurance?

  • The different types of life insurance

  • Sample costs for insurance – for a car, house

  • Factors that can affect the cost of insurance

Skills

  • Identify possible risks that things they value may face

  • Take steps to reduce or avoid risks as they attain things of value

  • Estimate the cost of auto insurance

  • Compare costs of insurance for different young drivers

Attitudes/Behaviours

  • Use financial products and services safely

  • Take steps to keep their money and possessions safe

  • Acquire sufficient insurance as they acquire assets over time