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Year 8

Different types of insurance

I can describe why insurance is important and identify situations where insurance may be needed through calculations.

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Year 8

Different types of insurance

I can describe why insurance is important and identify situations where insurance may be needed through calculations.

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Lesson details

Key learning points

  1. Insurance provides financial protection from different types of risk
  2. If no insurance is in place, the financial consequences could be bad
  3. An assessment can help determine whether insurance is worth it for an individual case

Keywords

  • Insurance - Insurance is a means of protection from financial loss.

Common misconception

Insurance is always the right choice.

Insurance cover differs and what is right for one person may be wrong for another.


To help you plan your year 8 financial education lesson on: Different types of insurance, download all teaching resources for free and adapt to suit your pupils' needs...

Pupils may wish to consider how different levels of risk affect their attitudes towards insurance. They could investigate personal insurance for actors and stuntmen to see how risk affects cost.
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Teacher tip
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Equipment

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Content guidance

  • Depiction or discussion of sensitive content
supervision-level

Supervision

Adult supervision recommended

copyright

Licence

This content is © Oak National Academy Limited (2025), licensed on Open Government Licence version 3.0 except where otherwise stated. See Oak's terms & conditions (Collection 2).

Lesson video

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6 Questions

Q1.
A is the product of a number and an integer.
Correct Answer: multiple
Q2.
The lowest multiple is the lowest number that is a multiple of two or more numbers.
Correct Answer: common
Q3.
What is the lowest common multiple of 4 and 6?
Correct Answer: 12
Q4.
What is the lowest common multiple of 12 and 204?
Correct Answer: 204
Q5.
What is the smallest multiple of 3 that is also bigger than 100?
101
Correct answer: 102
103
104
105
Q6.
What is the smallest multiple of 7 that is also bigger than 100?
101
102
103
104
Correct answer: 105

6 Questions

Q1.
Laura wants to insure her phone. Her phone costs £129. The first insurance deal costs £7/month and lasts 24 months. In total, how much will it cost to insure the phone?
Correct Answer: £168
Q2.
Laura wants to insure her phone. Her phone costs £129. The first insurance deal costs £7/month and lasts 24 months. When will she have paid more for insurance than the cost of the phone?
After 12 months
After 15 months
Correct answer: After 18 months
After 21 months
She never will
Q3.
Laura wants to insure her phone. Her phone costs £129. The second insurance deal costs £8.50/month and lasts 18 months. In total, how much will it cost to insure the phone?
Correct Answer: £153
Q4.
Laura wants to insure her phone. Her phone costs £129. The second insurance deal costs £8.50/month and lasts 18 months. When will she have paid more for insurance than the cost of the phone?
After 9 months
After 12 months
Correct answer: After 15 months
After 18 months
She never will
Q5.
Laura wants to insure her phone. Her phone costs £129. The third insurance deal costs £7.90/month and lasts 15 months. In total, how much will it cost to insure the phone?
Correct Answer: £118.50
Q6.
Laura wants to insure her phone. Her phone costs £129. The third insurance deal costs £7.90/month and lasts 15 months. When will she have paid more for insurance than the cost of the phone?
After 9 months
After 12 months
After 15 months
After 18 months
Correct answer: She never will