Code: 3.2.2 · Adults
Understands when financial risks can be more appropriately managed with or without insurance
Aware of the risk of being underinsured and costs of being overinsured
Knows when insurance is a legal obligation
Knows which insurance products are designed for which situations
Knows the difference between life and non-life insurance
Aware that insurance offers and insurance premia may be based partly on certain personal information that is processed via big data and other data analytics
Considers the benefits of insurance when risks have been identified
Uses appropriate insurance products
Periodically checks that the insurance held is still providing adequate cover
Claims on the appropriate insurance if necessary
Takes steps to insure against low probability high cost events
Takes into account the way in which certain actions and behaviours will impact on insurance coverage and insurance premia (including actions monitored through big data, where relevant)