BM 410-1 Day One Notes and Objectives

BM 418 Day 12 Notes and Objectives

Sudweeks

Fall 2009 October 8, 2009

Winter 2010 February 11, 2010

Introduction

A. Welcome to class

I. Day 12 Objectives

Insurance 1: Basics

A. Understand what our leaders have said regarding insurance

B. Understand the importance of insurance

C. Understand the key principles of insurance

Insurance 2: Life Insurance

A. Understand the five key questions about life insurance

B. Understand the different types of life insurance

C. Understand the steps to buying life insurance

II. Non-teaching activities

A. Quiz #3 – Due next Thursday

B. Hand in: First hour of service teaching

III. Active Learning Strategies

A. PowerPoints: Insurance Portion of PFP

B. Blackboard: What are the (four) things you do with Risk? (avoid, reduce, assume, or transfer)

1. Draw High/Low Severity versus H/L Frequency Box (Basics slides 9-11)

C. Blackboard: What are the principles of being a wise Insurance consumer? (Basics: slide 17)

1. Write these on the board

D. Discussion: Insurance versus Investing: be careful not to mix the two

1. Insurance is never your best investment, and investment is never your best insurance – Agree or disagree

IV. Speaker: Tyler Vongsawad

A. Life Insurance: Are their other benefits for life insurance? (Life: slides 4-8)

B. PowerPoint: 5 Key Questions of Life Insurance?(Life: slide 9-22)

1. Go through PowerPoints

C. Discussion: Term Insurance

1. Show Process (Life: slides 24-30)

D. Discussion: Permanent Insurance:

1. Show Process (Life: slides 31-42)

E. Discussion: Which is best for you? (Life: slide 52-54)

1. Case Study #1: Earnings Multiple Life Insurance (Life - slide 66)

2. Case Study #2: Earnings Multiple Life Insurance (Life - slide 70)

3. TT29 Calculating Life Insurance Needs

V. Notes:

Winter 2010

I started with the PFP, and then talked about what we do with risk and built the PowerPoint risk matrix. We talked about not needing to insure everything. I then turned the time over to Tyler Vongswad. He talked about the 5 key questions of life insurance PowerPoints, how it relates to investing, who needs it, and how much do you need. His material seemed to go well. He is good. Reviews: 6,6,7,8,8,8.

Fall 2009

Winter 2009

I started with the PFP, and then talked about what we do with risk and built the PowerPoint risk matrix. We talked about not needing to insure everything. Then turned the time over to Tyler Vongswad. He talked about the 5 key questions of life insurance PowerPoints, how it relates to investing, who needs it, and how much do you need. He cleaned up his material and it seemed to go well. Reviews: 6,7,7,7,7,7,8,8.

Spring 2008

I started with the PFP, and then talked about what we do with risk and built the PowerPoint risk matrix. We talked about not needing to insure everything. Then turned the time over to Tyler Vongrad and he talked about the 5 key questions of life insurance PowerPoints, how it relates to investing, who needs it, and how much do you need while I went and saw my daughter released from her mission.. Reviews: .

Winter 2008

I started with the PFP, and then talked about what we do with risk and built the PowerPoint risk matrix. We talked about not needing to insure everything. Then I went into 5 key questions of life insurance PowerPoints, how it relates to investing, who needs it, and how much do you need. I did the case study. Then I showed the graph of term insurance, and we talked about that. I then added other things, and got into the Permanent insurance charts. I moved files around so it worked more parallel. We finished with the discussion of the goals, investment vehicles, and flexibility of Permanent insurance. I need more stories or case studies. Reviews: 6,7,8.

Fall 2007

I started with the PFP, and then talked about the four types of risk. We built the PowerPoint risk matrix. We talked about not needing to insure everything. Then I went into 5 key questions of life insurance PowerPoints, how it relates to investing, who needs it, and how much do you need. I did the case study. Then I showed the graph of term insurance, and we talked about that. I then added other things, and got into the Permanent insurance charts. We finished with the discussion of the goals, investment vehicles, and flexibility of Permanent insurance. Reviews: comments.

Spring 2007

I started with the PFP, and then talked about risk. I showed the PowerPoint risk matrix. We talked about what you can do with risk, and filled in the matrix. We talked about not needing to insure everything. Then we talked about medical costs, and I shared the 7 key Questions to ask about your health Plan. I also talked about Health Savings Acocunts. Then I went into 5 key questions of life insurance PowerPoints, how it relates to investing, who needs it, and how much do you need. Then I showed the graph of term insurance, and we talked about that. I then added other things, and got into Permanent insurance. We finished with the discussion of the goals, investment vehicles, and flexibility of Permanent insurance. Reviews: 8.

Winter 2007

I started with the PFP, and then talked about risk. We talked about what you can do with risk, and put frequency and severity on the board, and then build a matrix, and filled in the matrix. We talked about not needing to insure everything. Then we talked about medical costs, and I shared the 7 key Questions to ask about your health Plan. Then I went into life insurance, how it relates to investing, who needs it, and how much do you need (we did a short problem). Then I drew the graph of term insurance, and we talked about that. I then added other things, and got into Permanent insurance. We finished with the discussion of the goals, investment vehicles, and flexibility of Permanent insurance. I have since added a page on questions to ask and a chart on comparing life insurance methods. Reviews: 8,7,7,7.

Fall 2006

Spring 2006

I started with the PFP, and then talked about risk. We talked about what you can do with risk, and put frequency and severity on the board, and then build a matrix, and filled in the matrix. Then we talked about medical costs, and I shared 4 points to reducing medical costs (and forgot the 10 secrets of great doctors). Then I went into life insurance, how it relates to investing, who needs it, and how much do you need (we did a short problem). Then I drew the graph of term insurance, and we talked about that. I then added other things, and got into Permanent insurance. We finished with the discussion of the goals, investment vehicles, and flexibility of Permanent insurance.

Winter 2006

I started with the PFP, and then talked about risk. We talked about what you can do with risk, and put frequency and severity on the board, and then build a matrix, and filled in the matrix. Then we talked about medical costs, and I shared the 10 secrets of great doctors. Then I went into life insurance, how it relates to investing, who needs it, and how much do you need (we did a short problem). Then I drew the graph of term insurance, and we talked about that. I then added other things, and got into Permanent insurance. We finished with the discussion of the goals, investment vehicles, and flexibility of Permanent insurance. Reviews: 6,7,8,8

Fall 2005

I was not very prepared for today. I started with the insurance part, then went into the case study. Then I did the box, severity versus frequency. Then we talked on the types of insurance, term versus cash value. We then went through how to determine how much you need, and the types of Permanent insurance. Reviews: 7,7,8

Spring 2005

I started with the discussion of ways to reduce health care costs, then went into the ways to reduce risk. I then went into the two types of life insurance, and how do you determine how much you need. I then went into the different types of life insurance, and ended on the chart of the different types: goals, investments, flexibility. There is so much more to discuss, but that was all I was able to do. I should have discussed what types are available first. Reviews: 7,7

Winter 2005-1 and 2

I started with the Quiz, then talked on the requirements for the financial plan. Then I went into risk, and what we do with it. Then I talked about the principles of insurance. I went into the benefits and disadvantages of term versus cash value, then into the different types of Permanent products. It seemed to work out well. Reviews: 7,8,8

Fall 2004

I started with the group presentation and the quiz. As part of the quiz, I answered the question regarding what can you do to reduce your health insurance costs. Then went into who needs life insurance, and the calculations as to how much. Then I went into the types, talking and not using the PowerPoints. Then I finished with Permanent uses, and how it worked. I only had a few minutes left, and went through the four different parts of Permanent products. I need to shorten the PowerPoints even more. Reviews: 7,7,8

Spring 2004

I forgot the prayer—I am sure I needed it. We started with the quiz, which I missed putting on for today, then went into the group discussion. Then I went into the basics of insurance, and the quadrants. Then I talked of ways to reduce costs for health insurance, and then went into life insurance. I need to change the way the problem works with term insurance putting the % on the original problem. I also need to add a page on going from real after tax after inflation to before tax before inflation. It was a lot of information in a very short period of time. Reviews: 5,7,7

Winter 2004 Section 1

I sure like the prayer. I started with the group presentation, then the quiz, and then went into life insurance. I think it went well, but I need to define, upfront, what term and cash-value insurance are. Perhaps I need to add another problem on determining how much on life insurance. Reviews: 7,8,8

Winter 2004 Section 2

I did everything the same, but with different results. Still a good class though. Reviews: 5,7

Fall 2003

The group did the presentation on Health Insurance which was good. They compared parents policies with BYU student policies with outside policies. I then went into the discussion about life insurance. This is the first time that I am feeling more comfortable with life insurance. It is much better. I am excited to have quizzes done outside of class. Reviews: 7,7

May 19, 2003

The group did the presentation on health insurance, and then I gave the quiz. Then I talked about reducing health insurance costs. I then went into life insurance, and only got to the main section on insurance. I will need to finish up tomorrow. Reviews: 6,7

Winter 2003

The group did a good job on health insurance. I probably should have added what they can do to reduce Health Insurance costs. I then went into the PowerPoints, which was too long and too dry. I should have asked more questions, added a few problems. They always like problems. Reviews: 7,6,8,7

Fall 2002

The group did a good job on going over health insurance. Then the 2 men brought up their life insurance policies, both of which were VULS. It shocked me. They had bought products that they really didn’t know what they were buying. One had put in 7,150, the invested amount was 6,150, and it was worth 3,750. It made my point about fees, expenses, and the risks. I hit the first part about permanent insurance, then Brad and Steve Mongie talked about the Permanent Insurance. I am feeling much better about Brad and Steve, and they like to come and talk with the class. I needed to give them more time and to make the class longer. There is so much information, that it is really hard to put it into one class period. Reviews: 7,6,7,6,6

Spring 2002

It seemed to go well. We had the group do their presentation. I met with Brad Nelson and Steve Mongie who were trying to sell me on their insurance products. I asked them to speak on Permanent insurance. It might be good to have them come and speak next semester—they did well, and they had fun. It really turned out well. Finally, I finished with the remainder of the topics. Reviews: 6,7,5

Winter 2002

Instead of using the PowerPoint’s, I just started talking about life insurance. The group for today had one person who was an insurance salesman, and so they talked about the important of insurance. We spent the entire session talking about the different plans. It seemed to go well. We should have spent more time on health insurance though. I ended with the overheads from the previous class on buying insurance. Reviews: 6,6,6,7,7

Fall 2001

This is my worst section as I know little of what is going on. I had the students do their presentations first, which took about an hour, and then I finished up on what were the critical areas. I would love to have a checklist of questions for a health insurer, and then a better understanding of the Variable Universal Life program and its strength and weaknesses. Luckily, the students took up most of the time and my stuff was short.

Reviews: 7,6,6,6,7