Distribute monopoly money in various amounts to students. Inform them this is the worth of all their belongings put together.
Have the students line up in a straight line, holding their money. Go down the line and name a life event (make sure to be sensitive and aware to students’ circumstances) and an expense amount to each student. The student has to pay you that expense amount. For example:
- Student A – you had a fender bender on the way to school today. To fix your car, it will cost $1,500. Pay me $1,500.
- Student B – a tornado ripped through your town and caused $12,500 worth of roof damage to your house. Pay me $12,500.
- Student C – you were just told you need a liver transplant. Pay me $2 million.
The life events and the expense amounts named should vary. Make sure that some students will owe you more money than they have in their hand. Inform the class that life throws us curve balls sometimes and to protect ourselves, our families, our money, and our possessions, we need to have insurance.
Presentation of the Material:
Introduce the topic with the attached Teacher Aid presentation. This presentation discusses the concept and the need for insurance.
Once the presentation is complete, explain and assign the group project. This project will require students to research and present content on one of the five types of insurance coverage discussed in the presentation.
Note: Design a rubric to let students know your expectations and for your grading.
Organize your students into 5 groups, assigning roles to each student. Try to assign roles to students that will encourage every student to participate and be an owner of the content collected and presented.
Have students research, create, and teach a lesson on the assigned insurance type. Students will create a 10 minute lesson teaching the class the basics of the assigned insurance type.
The group can choose to teach in any way that is most effective. Remind students to be cognizant of their classmates (learning styles, interests, etc.) and encourage students to keep the presentation fun and engaging but also focused enough that students can retain the information. The presentation should include, but is not limited to:
- Title of type of insurance and definition
- Who needs this type of insurance and why
- List and define options when choosing this type of insurance
- Define insurance coverage
- Approximate insurance coverage costs
- Examples and/or stories (verbal or video)
- Interactive or collaborative section (e.g., Kahoot, Flipgrid, a mini-quiz, game, trivia)
Once all students have presented the content, have a whole group recap of the information to summarize the content. Check for understanding and allow time for questioning to make sure all students retained the content (check for notes taken and if reteaching is necessary).
Separately, allow students to provide constructive peer feedback on the presentations (this can be done vocally or through private messaging).
After the lessons have all been presented, follow up with a reflection using the following prompts:
Why is insurance and risk management important?
Will your lifestyle require more or less risks?
What steps will you take to financially plan to include risk management and insurance in your lifestyle?