Insurance · Lesson Plan
Types of Insurance
Insurance protects people and property against loss — but there are many kinds, each covering a different risk. This survey lesson defines the premium and walks through the major types: homeowner’s, life (term vs. whole), health, disability, auto, social insurance (Medicare and Social Security), workers’ compensation, and malpractice. Students learn what each covers and match real situations to the right type of insurance.
For Teachers
Lesson at a glance
- Topic
- Insurance
- Grade Level
- Grades 9–12
- Resource Type
- Lesson + Worksheet
- Estimated Time
- 45–60 minutes
- Format
- Lesson + worksheet
- Materials
- Printable lesson, worksheet, pencils
What Students Learn
Learning objectives
- Define insurance and a premium
- Identify the major types of insurance
- Distinguish term life from whole life insurance
- Explain what social insurance (Medicare, Social Security) covers
- Match a situation to the right type of insurance
Materials
What you’ll need
- Printed lesson and worksheet (one per student)
- Pencils
Key Terms
Vocabulary
- Premium
- The payment an insurer receives for covering a loss.
- Beneficiary
- The person who receives a life-insurance payout.
- Term insurance
- Life insurance sold for a set time period.
- Whole life insurance
- Lifelong coverage that builds cash value.
- Disability insurance
- Coverage that replaces income if you can’t work.
- Social insurance
- Government protection against hazards like old age or unemployment.
For Teachers
Lesson plan
Estimated time: one 45–60 minute class period.
Lesson sequence
- What is a premium? (8 min). The core idea of paying to transfer risk.
- The major types (20 min). Home, life (term vs. whole), health, disability, auto.
- Social & work coverage (12 min). Medicare, Social Security, workers’ comp, malpractice.
- Worksheet (15 min). Students match situations to the right type of insurance.
Assessment
Assess the worksheet for correct matching of situations to insurance types.
Discussion
Discussion questions
- What is an insurance premium?
- What is the difference between term and whole life insurance?
- What does disability insurance protect against?
- What is social insurance, and what does it include?
- Which type of insurance fits a given situation?
Printable Lesson & Worksheet
Types of Insurance — Lesson & Worksheet
A printable lesson and worksheet surveying the major types of insurance: home, life, health, disability, auto, social, and workers’ compensation.
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