Overview

Life Insurance: The Basics is a short, 30 minute lesson designed to cover the fundamentals of life insurance. Students understand the concept that there is only one guarantee in life, death. Students will be able to determine how individuals use life insurance and how surviving members use the death benefit. How insurers determine risk is also covered.

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Objectives

The students will:

Define basic life insurance terms

Discuss death benefits and their uses

Determine how insurance companies underwrite life insurance

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Time Required

30 Minutes

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Materials:

To download the materials, right click and ‘save target as’ (PC) or hold down the option key and click the link (Mac).

Power Point Presentation

Five ways to use a death benefit worksheet

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Procedures:

Download/View the lesson procedures.

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Assessment:

Working in groups, students will identify five applications of life insurance money after a death occurs.

Students can be divided into four or eight groups.

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Resources/Contributors:

Linda Lambert, Ellen Geis, Terrence Mulgrew, Christy Johnson, Karen Razzino, Elaine Ryan

Crews, Tana B. Fundamentals of Insurance. Dubuque: South-Western, 2003