Lesson 1: What is Insurance?
What insurance is and why it exists.
A short introduction to what insurance is, how it protects you from financial loss and why people take out policies.
Insurance
Start with four short foundational lessons: what insurance is, why it matters, how it works and types of insurance. Then cover premiums and claims, insurance in everyday life, reading a policy, and insurance and risk management.
Module overview
- 8 lessons total
- Foundation Lessons 1 to 4: Short and essential (3 to 5 min each)
- Lessons 5 to 8: Premiums and claims, insurance in everyday life, reading a policy, risk management
Phase 1: Foundation
Lesson 2: Why Insurance Matters
When and why insurance matters.
When unexpected events can cost a lot: accidents, illness, damage or loss. How insurance helps you manage risk.
Lesson 3: How Insurance Works
Premiums, excess and claims.
How you pay (premiums), what you pay when you claim (excess), and how making a claim works. Key terms in plain language.
Lesson 4: Types of Insurance
The main categories of insurance.
The main types: home and contents, car, health, life and income protection. What each is for and when you might need it.
Phase 2: Going further
Lesson 5: Insurance Premiums and Claims
What you pay and how claims work.
How premiums and excess work, and the basics of making a claim.
Lesson 6: Insurance in Everyday Life
Insurance you might encounter day to day.
How insurance shows up in everyday life: at home, on the road, and for health.
Lesson 7: Reading an Insurance Policy
How to understand your policy.
How to read a policy or product disclosure statement and know what is covered.
Lesson 8: Insurance and Risk Management
Using insurance to manage risk.
How to use insurance as part of managing financial risk and when to review your cover.
Applied Case Study
After completing the lessons, do the Applied Case Study to bring together everything you have learned. You will read a scenario about someone organising their insurance and answer 8 questions that use concepts from Lessons 1–8. Your answers are saved in your browser and will be graded by your teacher using a rubric.
Go to Applied Case Study →