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Self-Paced Performance Assessment Task Scoring Guide
|Task: Document achievement of lesson competency |
|Condition: Lesson Period Timeframe (Less Than 90 minutes) |
|Standard: See below criteria and next page criteria |
Lesson Competency: Relate insurance to current and future personal needs
Directions Add this performance assessment task to your Cadet Portfolio TAB 3
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|Discover |Gather |Process |Apply |
|Learning Objectives |Articles by Dave|Bloom’s |Core Ability: Apply Critical thinking techniques |
| |Ramsey .com |Taxonomy |Core Ability: Take responsibility for your actions and choices |
| | | |Core Ability: Build your capacity for life long learning |
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|1. Determine ways |Article #1 |Read and |Risk |
|that teens face risks|Four Must-Have |Evaluate |Explain: |
|which can lead to |Insurance |Article | |
|costly consequences |Policies | |Homeowner’s |
| | | |/Renter’s Insurance |
| | | |1. Explain how article’s featured risk can lead to unexpected costs |
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| | | |2. Explain one potential consequence of not being sufficiently insured |
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| | | |3. Explain one way to reduce possibility of negative impact as a risk management |
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| | | |Life Insurance |
| | | |1. Explain how article’s featured risk can lead to unexpected costs |
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| | | |2. Explain one potential consequence of not being sufficiently insured |
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| | | |3. Explain one way to reduce possibility of negative impact as a risk management |
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| | | |Long-Term Disability Insurance |
| | | |1. Explain how article’s featured risk can lead to unexpected costs |
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| | | |2. Explain one potential consequence of not being sufficiently insured |
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| | | |3. Explain one way to reduce possibility of negative impact as a risk management |
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| | | |Long-Term Care Insurance |
| | | |1. Explain how article’s featured risk can lead to unexpected costs |
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| | | |2. Explain one potential consequence of not being sufficiently insured |
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| | | |3. Explain one way to reduce possibility of negative impact as a risk management |
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|2. Describe how to |Article #2 | |Money Saving Tip |
|get insurance |The Number-One |Read and |Explain : |
|coverage |Money-Saving Tip|Evaluate | |
| |for Insurance |Article |1. Dave’s Tip: get several quotes, increase deductibles, and apply for discounts.. What|
| | | |statistic(s) does he provide that highlights how the Tip saves you money? |
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| | | |2. Dave’s Tip: use an independent agent. What statistic(s) does is he provide that |
| | | |highlights how the Tip saves you money? |
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|3. Give examples of |Article #3 |Read and |Cash Value |
|information provided |The Truth About |Evaluate |Term Life |
|in the insurance |Life Insurance |Article | |
|policy | | |Dave recommends “Don’t do cash value insurance!” Why? |
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| | | |Dave recommends “Buy term and invest the difference.” Why? |
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|4. Google Zander | |Use the Zander Insurance Corp Life & Disability Insurance Calculator |
|Insurance Corp Life &|Experience 4 | |
|Disability Insurance | | |
|Calculator to | |Explain what are you current insurance needs? |
|determine current | | |
|life and disability | |1. My insurance needs are: |
|insurance needs | | |
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| | |2. My disability insurance needs are: |
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|5. Car Insurance: | |1. Liability Insurance: What does Dave recommend for liability insurance? |
|What to have and when|Article #5 | |
|to have it? | | |
| | |2. Comprehensive Insurance: What does Dave recommend for comprehensive insurance? |
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| | |3. Critical Thinking Question: What insurance aught you have on a car valued at less |
| | |then $1,000.00? |
| | |For Liability? |
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| | |For Comprehensive? |
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ARTICLE #1
Four Must-Have Insurance Policies
from on 14 May 2010
Just because some aspect of money isn’t talked about much, doesn’t mean it’s not important.
It’s obvious that a budget or a debt snowball need to be checked frequently to make sure that you’re sticking to them. If stuff like that gets away from you, it can turn bad quickly. Make sure to refresh yourself on these four insurances:
Homeowner’s/Renter’s Insurance
You should never own or rent property without having yourself covered in the case of a fire, flood, burglary or some other disaster. Renter’s insurance is relatively cheap to get, so make sure to have some.
When buying homeowner’s insurance, get one that has guaranteed replacement costs. If something happens to your home and you have a policy without guaranteed replacement costs, you will only be covered for the value of your home at the time you took out the policy. That’s bad news if your house has increased in value. Make sure to have your full emergency fund in place so you can take the lower premium and higher deductible on it.
Life Insurance
If you die with no life insurance, your family will most likely be stuck in a dire situation and have to make drastic changes, all the while grieving you. You should have eight to 10 times your yearly income set aside in a term life policy. That way, if you pass on, your family can invest the money and, at a 10% return, replace your income.
This is something that shifts more often than you think. Every time you get a raise, have a child, buy a house or have some other significant life event happen, you need to make sure that you have enough insurance to cover it. Don’t take this lightly; one-third of adults in the United States carry no life insurance, and more than half a million in the prime of their lives die prematurely each year.
Long-Term Disability Insurance
If you die, your life insurance will take care of your family. But if you are permanently disabled, you will be unable to produce an income and yet still need to be cared for. In that case, you need long-term disability insurance that will provide about 70% of your income for an extended time period, usually until death or age 65.
You can usually get it the cheapest through your workplace. And you need to. About 49 Americans become disabled every minute and three in 10 in the workforce today will become disabled before they retire. With the average monthly benefit from Social Security disability being $1,004 a month, you can’t afford to not have this type of insurance.
Long-Term Care Insurance
This isn’t necessary until you hit age 60. After that it becomes vital. A nursing home can cost about $50,000 a year per person. If you and your spouse go into an assisted living facility with $300,000 in life savings, you’ll have it used up so fast you won’t believe it.
If you are approaching 60, start looking at long-term care insurance. Don’t buy it before then (it’s not necessary enough at that point) or after (it can get too expensive).
ARTICLE #2
The Number-One Money-Saving Tip for Insurance
from on 24 Aug 2012
Now that it's cool to be thrifty, it's easy to find money-saving tips on everything from groceries to your mortgage. You'll find lots of advice about cutting insurance costs, and the advice is usually pretty good. A few of the most popular tips for lowering your insurance premiums are:
Getting several quotes
Increasing your deductible
Applying for discounts (multiple policy discount, safe driver discount, etc.)
But if you're looking to save hundreds, even thousands, on your insurance costs, consider Dave's number-one tip: Purchase your coverage through an independent insurance agent, which is an agent who represents several insurance companies instead of working for just one carrier.
How can an independent agent save you money?
Think about how long it would take you to gather quotes from several companies on your home, auto and life insurance policies. Then, imagine comparing each policy's features and costs to find the best coverage. After that, you'd have to determine which discounts you qualify for and apply for them with each individual company.
And even after all that work, you'd still wonder if you could be getting a better deal somewhere else.
Independent insurance agents have access to a network of insurance providers, not just one individual company. That's great for two reasons:
• The agent's loyalty is to you, the customer, not the insurance provider. If a company's policy isn't a good fit for you, he won't try to get you to buy it just for the commission.
• Your agent will track down the best policies for your family and budget—no hunting and gathering required!
There's really no reason to wait to find out how much you can save on your insurance premiums.
Susan from Tulsa was happy with her old insurance, but she decided to check out her local independent insurance agent, one of Dave's Endorsed Local Providers (ELPs), anyway. Within 24 hours of her call, her ELP set her up with a better auto policy and saved her $500 a year on her homeowner's policy. "Isn't that awesome?" she said. "I couldn't be happier."
Melinda, who'd earned several discounts with her insurance company for being a long-time customer, contacted her ELP in Pickerington, Ohio, to see what he could do for her. He saved her $635 on her annual insurance premiums. "I was shocked that my insurance company's prices could be beaten by that much," she said.
Scott decided to review his insurance coverage after taking Financial Peace University. "Troy (the local ELP) was able to save us $2,000 a year on our auto and home insurance," Scott said. On top of the savings, Troy was able to increase their coverage and add an umbrella policy. "Our only regret is that we didn't do this months ago!" Scott said.
It's Your Turn To Save
Contact your local insurance ELP and find out how much you can save on your insurance. Each of Dave's ELPs is an experienced insurance professional who will give you the same great advice Dave would. Contact your ELP today!
ARTICLE #3
The Truth About Life Insurance
Bottom Line: Don't do cash value insurance! Buy term and invest the difference.
from on 25 Oct 2010
By Dave Ramsey
Myth: Cash value life insurance, like whole life, will help me retire wealthy .
Truth: Cash value life insurance is one of the worst financial products available.
Sadly, over 70% of the life insurance policies sold today are cash value policies. A cash value policy is an insurance product that packages insurance and savings together. Do not invest money in life insurance; the returns are horrible. Your insurance person will show you wonderful projections, but none of these policies perform as projected.
Example of Cash Value
If a 30-year-old man has $100 per month to spend on life insurance and shops the top five cash value companies, he will find he can purchase an average of $125,000 in insurance for his family. The pitch is to get a policy that will build up savings for retirement, which is what a cash value policy does. However, if this same guy purchases 20-year-level term insurance with coverage of $125,000, the cost will be only $7 per month, not $100.
WOW! If he goes with the cash value option, the other $93 per month should be in savings, right? Well, not really; you see, there are expenses.
Expenses? How much?
All of the $93 per month disappears in commissions and expenses for the first three years. After that, the return will average 2.6% per year for whole life, 4.2% for universal life, and 7.4% for the new-and-improved variable life policy that includes mutual funds, according to Consumer Federation of America, Kiplinger's Personal Finance and Fortune magazines. The same mutual funds outside of the policy average 12%.
The Hidden Catch
Worse yet, with whole life and universal life, the savings you finally build up after being ripped off for years don't go to your family upon your death. The only benefit paid to your family is the face value of the policy, the $125,000 in our example.
The truth is that you would be better off to get the $7 term policy and and put the extra $93 in a cookie jar! At least after three years you would have $3,000, and when you died your family would get your savings.
A Better Plan
If you follow my Total Money Makeover plan, you will begin investing well. Then, when you are 57 years old and the kids are grown and gone, the house is paid for, and you have $700,000 in mutual funds, you'll become self-insured. That means when your 20-year term is up, you shouldn't need life insurance at all—because with no kids to feed, no house payment and $700,000, your spouse will just have to suffer through if you die without insurance.
Zander Insurance Calculator
Experience #4
Term Life Insurance Calculator
Provided by Zander Insurance
from on 17 Mar 2014
ARTICLE #5
Car Insurance: What to Have and When to Have It
We spend a lot of time talking about insurance on your health and life, but what about the car?
You might drive a nice car or a beater. You might have enough money to buy a car if your current one is totaled. There are policies that cover you financially if your car is stolen, damaged by another driver, hit by a natural disaster, or if another driver isn’t insured.
Two of the most important types of auto insurance are liability and comprehensive coverage.
Liability Coverage
When it comes to how much liability insurance you should have, that can be answered in one word: lots. Liability auto insurance is the cheapest and best buy in the entire insurance world. It really does pay to have a large amount—around $500,000 or so. If you are in an accident that is “your fault,” the liability insurance covers what is considered to be your fault, like the costs to get a car fixed or someone’s medical bills.
If you don’t have liability insurance at that time, you would be responsible for paying that amount out of pocket, which would not be a good situation. Liability auto insurance is a definite must-have, no matter what kind of car you drive.
Comprehensive Coverage
You should have comprehensive auto insurance as well. Comprehensive insurance pays for when your car is damaged or stolen. If your car is expensive, you need it for obvious reasons. If you are driving a beater, it doesn’t cost much to insure, so just keep the coverage. If you have no money, don’t take the risk of having your vehicle totaled, leaving you with no way to get around. Since you wouldn’t get money from the insurance company or your savings, you would be stuck. Don’t put yourself in that situation. Just eliminate the potential stress by having comprehensive coverage.
If you have some money set aside and are driving a less-expensive car, do a cost-benefit analysis. If it only costs $20 a month to insure a $3,000 car, that’s a good deal, since it will take you a longer time to pay more in insurance costs than it would to replace the car if you had no coverage.
Always make sure you are covered in case life decides to hit you ... or your car
Self-Paced Performance Assessment Task Scoring Guide
|Task: Document achievement of lesson competency |
|Condition: Lesson Period Timeframe (Less Than 90 minutes) |
|Standard: See below criteria and next page criteria |
Lesson Competency: Relate insurance to current and future personal needs
Directions Add this performance assessment task to your Cadet Portfolio TAB 3
|Standard |
|Criteria. |
|Ratings |
| |
|1. Document achievement of lesson competency in *Lesson Timeframe |
|Met Not Met |
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|2. Type name and date |
|Met Not Met |
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|3. Type lesson competency |
|Met Not Met |
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|4. Type and number each criteria under lesson competency |
|Met Not Met |
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|5. Type and number your response under each criteria |
|Met Not Met |
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|6. Core ability: Apply critical thinking techniques |
|Met Not Met |
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|7. Core ability: Take responsibility for your actions and choices |
|Met Not Met |
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|8. Core ability: Build your capacity for life-long learning |
|Met Not Met |
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|9. Core ability: Treat self and others with respect |
|Met Not Met |
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|10. Core ability: Communicate using verbal, non-verbal, visual and written techniques |
|Met Not Met |
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|Criteria for Effectiveness |
|Grade |
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|1. Rating = met 10 criteria and met *Lesson Timeframe (90 minute) |
|10 Points = Green |
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|2. Rating = met 10 criteria but not met Lesson Timeframe |
|6 Points = Yellow |
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|3. Rating = met 9 or less criteria |
|0 Points = Red |
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|1. *Lesson Timeframe = date of lesson and timeframe lesson taught. |
|2. For student who is absent from class, * Lesson Timeframe = date self-paced learning experience handed to student plus 4-days for |
|completion. |
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