Code: 3.2.2 · Adults
Choosing insurance
Descriptors
Knowledge
What you can do at this level
- Kresiliencedaily-lifelarge-majority
Understands when financial risks can be more appropriately managed with or without insurance
- Kresiliencedaily-lifelarge-majority
Aware of the risk of being underinsured and costs of being overinsured
- Kresiliencedaily-lifelarge-majority
Knows when insurance is a legal obligation
- Kresiliencedaily-lifelarge-majority
Knows which insurance products are designed for which situations
- Kresiliencelarge-majority
Knows the difference between life and non-life insurance
- Kresiliencedaily-lifelarge-majority
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
Skill
What you can do at this level
- Sresiliencedaily-lifelarge-majority
Considers the benefits of insurance when risks have been identified
- Sresiliencedaily-lifelarge-majority
Uses appropriate insurance products
- Sresiliencedaily-lifelarge-majority
Periodically checks that the insurance held is still providing adequate cover
- Sresiliencedaily-lifelarge-majority
Claims on the appropriate insurance if necessary
- Sresiliencedaily-lifelarge-majority
Takes steps to insure against low probability high cost events
- Sdigitalresiliencedaily-life
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)
- Learning outcome types
- K — What you need to know: theoretical understanding and factual information.
- S — What you can do: practical and technical abilities.