In this engaging and informative worksheet, students will learn about the importance of insurance through a detailed simulation involving two homeowners, Alice and Bob. Alice has home insurance, while Bob does not. Over a simulated period of 10 years, students will uncover a series of events that impact the houses of both Alice and Bob.
Objectives:
Simulate Real-Life Scenarios: Through a 10-year simulation, students will witness various events affecting the homes of Alice and Bob, such as natural disasters, accidents, and other unforeseen damages.
Cost Analysis: Students will calculate the costs incurred by both homeowners, comparing the insurance premiums paid by Alice with the out-of-pocket expenses paid by Bob for damages.
Evaluate Financial Impact: By the end of the worksheet, students will understand how insurance helped Alice avoid substantial financial losses, while Bob had to bear significant costs for repairs and damages.
