# CTE Resource Center - Verso - Economics and Personal Finance Task 232211314

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Explain the roles of insurance in financial planning.


Explanation should include the following insurance roles:
  • Protection against the risk of financial loss due to disability, unemployment, long-term care, death, or other occurrences
  • Provision for retirement income
  • Accumulation of savings (e.g., for family expenses)
  • Provision of cash value that can be borrowed
Explanation should also emphasize the need for periodic reviews of insurance coverage to reflect life changes.

Other Related Standards

Economics and Personal Finance Standards of Learning


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




Insurance and Risk Management


Introduction to Business


Personal Finance