Personal Financial Literacy-Insuring and protecting

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The student recognizes financial risks faced by individuals and families and identifies strategies for handling these risks. The student is expected to:
Identify risk as potential loss of assets or earning potential.
Apply risk management strategies, including avoiding, reducing, retaining, and transferring risk.
The student identifies the costs and benefits of insurance for transferring risk. The student is expected to:
Define insurance terminology, including premiums, deductibles, co-pays, and policy limits.
Explain the costs and benefits of different types and sources of health insurance such as individual health plans, employer-provided health plans, and government-provided health plans.
Explain the costs and benefits of disability and long-term care insurance.
Explain the costs and benefits of life insurance, including term insurance and whole life insurance.
Explain the costs and benefits of property insurance, including homeowner's and renter's insurance.
Explain the costs and benefits of automobile insurance and factors that impact the price of insurance, including the type of vehicle, age and sex of driver, driving record, deductible, and geographic location.
Explain the costs and benefits of supplemental types of insurance such as extended warranties, mortgage protection life insurance, accidental death and dismemberment life insurance, car loan payoff coverage, debt cancellation coverage, and credit life coverage.
The student understands how to identify and protect themselves from frauds, schemes, and scams. The student is expected to:
Identify ways to protect personal information and reduce risk of identity theft.
Recognize common schemes and scams such as investment, pyramid, phishing, check cashing, and home renovation scams.
Demonstrate an understanding of how to use consumer protection agencies such as the Better Business Bureau, Consumer Financial Protection Board, or the Texas State Securities Board to research and report fraud.
The student understands the legal instruments available for estate planning. The student is expected to:
Explain the importance of guardianship of minor children, wills, and beneficiary designation.
Explain the importance of a power of attorney, living will, and medical directive.

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