# CTE Resource Center - Verso - Economics and Personal Finance Task 1291135574

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Distinguish among the types, costs, and benefits of property insurance.

Definition

Distinguishing among the types, costs, and benefits of property insurance coverage should include
  • an explanation of the function of property coverage (i.e., protecting a person from losses due to damage, theft, and liability)
  • a description of the wide variety of coverage available from basic to broad (e.g., basic coverage, broad form, special form, renter, comprehensive, condominium owner)
  • an explanation of the purpose of insurance floaters (i.e., providing for personal property when value exceeds standard amounts)
  • an explanation of the purpose of endorsements (i.e., providing extended coverage for disasters or events not covered in a basic insurance policy)
  • an explanation of the disadvantages of under-insuring and over-insuring.
It should also include comparing the costs and benefits of additional coverage and using a decision model to compare policies offered by different companies.

Related Standards of Learning

English

10.5

The student will read, interpret, analyze, and evaluate nonfiction texts.
  1. Analyze text features and organizational patterns to evaluate the meaning of texts.
  2. Recognize an author’s intended audience and purpose for writing.
  3. Skim materials to develop an overview and locate information.
  4. Compare and contrast informational texts for intent and content.
  5. Interpret and use data and information in maps, charts, graphs, timelines, tables, and diagrams.
  6. Draw conclusions and make inferences on explicit and implied information using textual support as evidence.
  7. Analyze and synthesize information in order to solve problems, answer questions, and generate new knowledge.
  8. Analyze ideas within and between selections providing textual evidence.
  9. Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a logical sequence of events, within and between texts.
  10. Use reading strategies throughout the reading process to monitor comprehension.

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

12.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
  1. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
  2. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
  3. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  4. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
  5. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.14

The student will demonstrate knowledge of the role of insurance in risk management by
  1. evaluating insurance as a risk management strategy;
  2. distinguishing among the types, costs, and benefits of insurance coverage, including automobile, life, property, health, and professional liability; and
  3. explaining the roles of insurance in financial planning.

FBLA Competitive Events and Activities Areas

Accounting I

 

Accounting II

 

Banking and Financial Systems

 

Business Calculations

 

Business Financial Plan

 

Business Math

 

Business Plan

 

Economics

 

Insurance and Risk Management

 

Introduction to Business

 

Personal Finance