Case Study of the Week: Insurance Needs for New Professionals

March 29, 2021

Personal Financial Literacy

You are to assume the role of an insurance agent. You will be meeting with a new client that wants to know more about different types of insurance that would be beneficial.

The client is a 26-year old starting out in a new professional career. The client’s employer offers health insurance for all full-time employees, so the client does not need information about health insurance. However, the client does not currently have any other insurance.  

Given the following information about the client, you must propose different types of insurance that would benefit the client. You must also explain factors that will affect the cost of insurance premiums and possible consequences of not having each type of insurance.

  • The client does not currently own a vehicle but will soon be in the market to purchase a reliable car.
  • The client does not own a home, but instead rents an apartment.
  • The client has a young child.
  • The client recently inherited several pieces of art that were appraised at being worth more than $50,000.

Questions?

Randi Bibiano
Competitive Events Specialist
randi@deca.org

As DECA’s competitive events specialist, Randi primarily authors role-play scenarios for the collegiate and high school division’s competitive events programs. She also serves as DECA’s liaison for the Virtual Business Challenge and Stock Market Game. Randi assists with the recruitment of judges for both the high school and collegiate International Career Development Conferences. Randi has worked for DECA since 1998.

Discussion Questions

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Classroom Connection

Career CLuster:

Personal Financial Literacy

Instructional Area(s):

Risk Management and Insurance

Performance Indicators:

Recommend insurance for the types of risk that young adults might face
Discuss factors that affect insurance premiums
Predict the consequences of accepting risk with insufficient or no insurance