| (a) General requirements. This course is recommended
for students in Grades 10-12. Recommended prerequisite: Principles
of Business, Marketing, and Finance. Students shall be awarded one
credit for successful completion of this course.
(b) Introduction.
(1) Career and technical education instruction provides
content aligned with challenging academic standards and relevant technical
knowledge and skills for students to further their education and succeed
in current or emerging professions.
(2) The Finance Career Cluster focuses on planning,
services for financial and investment planning, banking, insurance,
and business financial management.
(3) In Insurance Operations, students will understand
the laws and regulations in order to manage business operations and
transactions in the insurance industry.
(4) Students are encouraged to participate in extended
learning experiences such as career and technical student organizations
and other leadership or extracurricular organizations.
(5) Statements that contain the word "including" reference
content that must be mastered, while those containing the phrase "such
as" are intended as possible illustrative examples.
(c) Knowledge and skills.
(1) The student demonstrates professional standards/employability
skills as required by business and industry. The student is expected
to:
(A) demonstrate an understanding of appropriate communication
with customers, employers, and coworkers through verbal, nonverbal,
or digital means;
(B) demonstrate an understanding of the use of business
etiquette;
(C) demonstrate an understanding of appropriate customer
service such as building customer relationships and resolving customer
complaints; and
(D) demonstrate an understanding of ethical and legal
issues.
(2) The student has an understanding of the insurance
industry. The student is expected to:
(A) examine the insurance industry;
(B) evaluate components of automobile insurance coverage;
(C) evaluate components of homeowner's insurance and
renter's insurance, including a personal umbrella liability policy;
(D) evaluate the purpose of flood insurance and earthquake
insurance;
(E) evaluate the purpose of commercial property insurance;
(F) evaluate the purpose of commercial liability insurance;
(G) evaluate the purpose of title insurance;
(H) evaluate the purpose of health insurance, long-term
care insurance, and cancer insurance;
(I) compare and contrast Medicare and Medicaid;
(J) investigate the purpose of unemployment insurance;
(K) evaluate the purpose of workers' compensation insurance;
(L) evaluate the purpose of disability insurance;
(M) compare and contrast the purpose of life insurance,
including term, whole, and group;
(N) summarize the role of life insurance in investment
and estate planning;
(O) compare and contrast the methods that insurance
companies use to generate income, including collection of premiums
and investing activities;
(P) evaluate the use of state risk pool programs; and
(Q) summarize trends in the insurance industry such
as hacker insurance, pet insurance, travel insurance, and identity
theft insurance.
(3) The student explores careers in insurance. The
student is expected to:
(A) explore education, licensing, and certification
requirements; and
(B) understand the role and responsibilities of insurance
professionals such as agents, underwriters, actuaries, claims personnel,
and investigators.
(4) The student examines regulations that ensure compliance
adherence to insurance industry regulations. The student is expected
to:
(A) evaluate the ethical and social responsibilities
in the field of insurance;
(B) summarize federal and state regulations governing
the insurance industry;
(C) assess the significance of the Consolidated Omnibus
Budget Reconciliation Act (COBRA);
(D) assess the Health Insurance Portability and Accountability
Act (HIPAA), including Title I and Title II; and
(E) assess the Patient Protection and Affordable Care
Act (PPACA).
(5) The student explains legal concepts pertinent to
the insurance industry. The student is expected to:
(A) examine legal principles that pertain to insurance
such as indemnity, insurable interest, subrogation, and utmost good
faith; and
(B) evaluate insurance contracts.
(6) The student identifies the components used in the
insurance industry for approval and denial decisions. The student
is expected to:
(A) explain the importance of actuarial science in
the insurance industry;
(B) examine the nature of credit-based insurance scores;
and
(C) examine the underwriting process.
(7) The student has an understanding of insurance fraud.
The student is expected to:
(A) examine various types of insurance fraud;
(B) investigate various methods for detecting insurance
fraud; and
(C) investigate and research a current event about
insurance fraud to create a grammatically correct, written report
with citations for presentation.
(8) The student demonstrates an understanding of the
claims process. The student is expected to examine the claims process,
including the role of the agent and the adjustor.
(9) The student identifies different insurance providers
and rates. The student is expected to:
(A) compare and contrast insurance company ratings;
and
(B) compare and contrast insurance premiums according
to gender, geographic area, and age.
(10) The student demonstrates an understanding of identity
theft. The student is expected to create a plan for prevention of
identity theft and for the reporting of identify theft.
(11) The student demonstrates an understanding of a
postsecondary plan. The student is expected to:
(A) understand educational, military, and current job
opportunities; and
(B) create a postsecondary plan that includes topics
such as application requirements; testing requirements; certification
requirements; associated deadlines; associated costs, including living
expenses; job prospects and opportunities; beginning earnings; expected
future earnings; and resumes and cover letters.
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