Insuring against risk
Lesson details
Learning outcome
I can assess different types of insurance.
Key learning points
- I know that certain types of insurance are a legal requirement and that others are voluntary.
- I can assess different types of legally required insurance.
- Insurance can play a role in maintaining financial security.
Keywords
Insurance - Insurance is a means of protection from financial loss.
Common misconception
Insurance is optional.
In most cases insurance is indeed optional. However, some types of insurance are legally required.
Teacher tip
Pupils may wish to investigate other types of insurance and debate whether certain insurance types should be legally required that are not. They could consider the cost to the individual and consider whether insurance would be affordable.
Content guidance
Depiction or discussion of sensitive content
Supervision
Adult supervision recommended
Licence
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.A shop owner buys items and then sells them for a 12.5% profit. If the shop owner buys a vintage guitar for £4560, what does he sell it for?
Q2.A shop owner buys items and then sells them for a 12.5% profit. If the shop owner buys a vintage guitar for £4560, what is his profit?
Q3.A company's stock price increased by 7.8% in one day. If the original price was £52.50 per share, what is the new price per share?
Q4.A video game originally priced at £45.99 is on sale for 17.5% off. What is the sale price of the game?
Q5.Sam puts £230.50 into a variable high interest savings account. By the end of the month, this had increased by around 12.3%. How much does Sam now have?
Q6.A car was bought for £10 499. Over the year, its value depreciated by 4.6%. How much is the car now worth? Give your answer to the nearest pound.
Assessment exit quiz
6 Questions
Q1. is a means of protection from financial loss.
Q2.Which of the following does third party insurance cover?
Q3.Which of the following does employer's liability insurance cover?
Q4.Select the insurance types that help to protect you from financial loss if your vehicle is stolen.
Q5.If comprehensive cover offers the best coverage, what is the most likely reason that other types of insurance exist?
Q6.Which types of insurance are legally required in the UK?
To help you plan your 10 financial education lesson on: Insuring against risk, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 10 financial education lesson on: Insuring against risk, download all teaching resources for free and adapt to suit your pupils' needs.
The starter quiz will activate and check your pupils' prior knowledge, with versions available both with and without answers in PDF format.
We use learning cycles to break down learning into key concepts or ideas linked to the learning outcome. Each learning cycle features explanations with checks for understanding and practice tasks with feedback. All of this is found in our slide decks, ready for you to download and edit. The practice tasks are also available as printable worksheets and some lessons have additional materials with extra material you might need for teaching the lesson.
The assessment exit quiz will test your pupils' understanding of the key learning points.
Our video is a tool for planning, showing how other teachers might teach the lesson, offering helpful tips, modelled explanations and inspiration for your own delivery in the classroom. Plus, you can set it as homework or revision for pupils and keep their learning on track by sharing an online pupil version of this lesson.
Explore more key stage 4 financial education lessons from the Making informed financial decisions unit, dive into the full secondary financial education curriculum, or learn more about lesson planning.