Core Curriculum Content Standards

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NJ World Class Standards
Content Area: 21st-Century Life and Careers
9.2 Personal Financial Literacy
Content Area 21st-Century Life and Careers
Standard 9.2 Personal Financial Literacy All students will develop skills and strategies that promote personal and financial responsibility related to financial planning, savings, investment, and charitable giving in the global economy.
Strand G. Risk Management and Insurance
By the end of grade Content Statement CPI# Cumulative Progress Indicator (CPI)
4
There are common financial risks and ways to manage risks.
9.2.4.G.1 Summarize common types of financial risks and basic risk management strategies.                                                                                                              
Insurance is designed to protect the consumer against unintended losses.
9.2.4.G.2 Explain the importance of protection against financial loss and reasons for risk assessment.                                                                                                              
9.2.4.G.3 Describe how valuable items might be damaged or lost and ways to protect them.                                                                                                              
8
There are common financial risks and ways to manage risks.
9.2.8.G.1 Compare the impact of losses associated with different types of financial risk.                                                                                                              
9.2.8.G.2 Explain why it is important to develop plans for protecting current and future personal assets against loss.                                                                                                              
Insurance is designed to protect the consumer against unintended losses.
9.2.8.G.3 Explain the purpose and importance of health, disability, life, and consumer insurance protection.                                                                                                              
9.2.8.G.4 Determine criteria for deciding the amount of insurance protection needed.                                                                                                              
9.2.8.G.5 Analyze the need for and value of different types of insurance and the impact of deductibles.                                                                                                              
9.2.8.G.6 Evaluate the need for different types of extended warranties.                                                                                                              
12
There are common financial risks and ways to manage risks.
9.2.12.G.1 Analyze risks and benefits in various financial situations.                                                                                                              
Insurance is designed to protect the consumer against unintended losses.
9.2.12.G.2 Differentiate between property and liability insurance protection.                                                                                                              
9.2.12.G.3 Compare the cost of various types of insurance (e.g., life, homeowners, motor vehicle) for the same product or service, given different liability limits and risk factors.                                                                                                              
9.2.12.G.4 Evaluate individual and family needs for insurance protection using opportunity-cost analysis.                                                                                                              
9.2.12.G.5 Compare insurance policy coverage limits and related premiums and deductibles to minimize costs.                                                                                                              
9.2.12.G.6 Differentiate the costs and benefits of renter’s and homeowner’s insurance.                                                                                                              
9.2.12.G.7 Compare sources of health and disability coverage, including employee benefit plans, with options in another country.                                                                                                              
9.2.12.G.8 Compare and contrast options for long-term healthcare insurance for home care and external care.                                                                                                              
9.2.12.G.9 Explain how to self-insure and how to determine when self-insurance is appropriate.                                                                                                              
9.2.12.G.10 Determine when and why it may be appropriate for the government to provide insurance coverage, rather than private industry.