# 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.

Definition

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

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