Insurance Actuary -- Expected Value - 21st Century Math Project
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This is a selection of my Probability & Expected Value resources all in a money saving Essential Bundle! You save significant money and time versus purchasing these separately!Essential Bundles are designed to give you everything you need to rock your unit. Warmups, Notes, Activities, Games, ExiPrice $35.00Original Price $87.00Save $52.00
The project is the core of what I have built my classroom around. Scaffolding learners to real world projects. This bundle includes the 105+ math projects I have written. This is over 2,700 pages of content.21st Century Math Projects each scaffold through an authentic context and math skill buildingPrice $395.00Original Price $564.00Save $169.00
12 of my best selling projects/units all in an organized money saving bundle! These engaging, student/teacher approved math projects that provide rigor, relevance, and cross-curricular content altogether. Want more projects?•21st Century Math Projects -- All the Projects•More Algebra 2 / Pre-CalculuPrice $45.00Original Price $69.00Save $24.00
Learning Objective
Students will practice expected value in the authentic context of insurance. Students take a deep dive into a variety of types of insurance and aim to answer the question, “How do insurance companies determine rates for customers?”
Description
Insurance actuaries work hard to analyze risk and make premium recommendations for customers. There is a careful balance between finding an appropriate value based on the risk and creating profit for the insurance company. In this 21st Century Math Project, students where different hats as an actuary to understand insurance!
This product includes 4 prep assignments that challenge students in expected value and insurance to build their skills and their thinking for the final project.
In this 28 page document you will be given a mapping to the Content Standards, an outline for how to implement the project, 4 prep assignments and one project packet. ***THIS PRODUCT HAS BEEN UPDATED WITH A GOOGLE SLIDES INTERACTIVE VERSION INCLUDED. REDOWNLOAD IF YOU HAVE IT ALREADY***
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-- In “Hazard Insurance” students will calculate the expected value of Hazard Insurance.
-- In “Life Insurance” students will calculate expected value of Life Insurance and use the information to project profits for an insurance company.
-- In “Auto Insurance” students will calculate expected value of insurance claims and the costs of those claims to determine premiums for customers.
-- In “Health Insurance” students will calculate expected value of life insurance to help people decide between high deductible plans and low deductible plans.
-- In “Insurance Actuary” students will use actuarial tables to find values relative to each case. There are 16 different “people cards” that can be cut and laminated. I’d recommend two sets of the cards for larger classes. Students will consider one person at a time and will analyze their needs, consider the tables, use formulas with required profits and calculated expected values to determine insurance premiums. Hurray!
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•Correlations & Advanced Stats
•21st Century Math Projects -- All the Projects
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•21st Century Algebra 2 / Pre-Calculus –- the Entire Curriculum
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