Towards Independence:Calculating Insurance

Syllabus outcomes:

Maths MA5.1-4NA – Solves financial problems involving earning, spending and investing money

Maths NS5.1.2 – Solves consumer arithmetic problems involving earning and spending money

Commerce 5.7 – Researches and assesses commercial and legal information using a variety of sources

Commerce 5.9 – Works independently and collaboratively to meet individual and collective goals within specific timelines

Indicators of learning:

Students use selected internet sites that provide information on information on the cost of car insurance

Students will use a range of websites to provide questions (and answers) on different types of insurance

Assessment:Students will investigate car insurance from

selected websites, demonstrating learning in written form and participation in discussions. Teacher to provide verbal feedback.

Students to participate in creating numerous questions about different insurances to demonstrate understanding in written form.

Resources required:

Whiteboard or Smart Board and markers.

Students workbooks and pens and laptops (with internet access).

Lesson ContentClass Instruction Before the students come in the

class the teacher will have on the board: “What is insurance?” The teacher will get the students to work in groups of 3 to look up online (using laptops) what insurance means, and have them define ‘insurance’ in their own words. Teacher will then direct student’s to research the different types of insurances there are. The class will then discuss what ‘insurance’ is and the different types available.

Management Plan: The teacher can help ensure

the students are on track, doing their work by moving around the classroom and checking on screens and with students that they are on task.

During class discussions, the teacher may purposely choose students at random to contribute so that all students must pay attention.

Lesson ContentClass Instruction

The students will remain in their groups, and be asked to choose a car they all agree upon (<$10,000) on http://www.carsales.com.au/. The next step would be to get a quote on the vehicle from NRMA: http://www.nrma.com.au/. Students will then calculate how much it will cost them per week, referring back to their budgets done last lesson. Students work to answer the question: with their budget from the last lesson, would they be able to afford the car's insurance? If not, they cannot afford the car 'at the moment'. Teacher to check students work as they proceed.

Management Plan:

The teacher will go around the class and make sure the students are doing the research work, and not going off task (since this is a task that requires laptops and internet).

For students that struggle with maths (ESL, ADHD and/or other students), the teacher will once again explain that to get a weekly amount from yearly is to divide by 52 (as there are 52 weeks in the year).

Lesson ContentClass Instruction

Students will be asked in their group to come up with 4 questions in relation to different types of insurance. One question will have to be a higher order question.

Management Plan:

The teacher will assign each member of the 3 student groups a role: researcher, recorder, and checker. This will be to ensure that all students are active in their group work. The teacher will be going around (as stated in the last activity) and checking work on the previous task, but also, on this topic.

Lesson ContentClass Instruction

The students will then be asked to pass on the questions to another group and have them answer each other's questions. Once again, each member of the group will have the same roles as last task.

Management Plan:

The students will once again have roles in the answering of the questions, the students will all be involved in the group work.

Differentiation Ideas:Gifted & Talented Students

• When asking a gifted and talented student a question, make sure it's of their level, to get them thinking – if a question is too easy, they'll find it too easy and start tuning out (Munro, n.d.). Pairing a gifted and talented student with someone that may struggle for group work could be very beneficial to both students (Munro, n.d.). The teacher may need to extend the group work activity if the gifted and talented student finds it easy by having them calculate amounts of the expenses.

References: CommonwealthBank Foundation. (2008). New South

Wales Commerce and Mathematics: Module 5 Buying a car: Financial Literacy Curriculum Resource 2008 Revised Edition. Retrieved from: https://www.commbank.com.au/about-us/download-printed-forms/NSW-Financial-Literacy-Materials-Module5.pdf

Kleeman, G., Adnum,J., Farr, R., Hamper, D., Hartley, S., Lane, R., & O’Connor, T. (2004). Commerce.dot.com; Concepts and Skills. Wilston, Australia: Farr Books.

Munro, J. (n.d.). Teaching gifted and talented students: a learning approach to differentiation. Retrieved from: https://students.education.unimelb.edu.au/selage/pub/readings/giftedlt/CSGE%20%20Teaching%20gifted%20studentsC.pdf