Risky Business: Insurance Costs and Teen Drivers
Inquiry Framework
Question Framework
Driving Question
The overarching question that guides the entire project.How can we use math to determine the fairness of insurance premiums, especially for young drivers?Essential Questions
Supporting questions that break down major concepts.- How do insurers calculate risk?
- What factors contribute to higher insurance premiums for young drivers?
- How does probability influence insurance costs?
Standards & Learning Goals
Learning Goals
By the end of this project, students will be able to:- Understand the factors that contribute to insurance premiums.
- Learn how insurers calculate risk and use financial tools to determine insurance costs.
- Apply mathematical concepts to assess the fairness of insurance premiums, especially for young drivers.
Entry Events
Events that will be used to introduce the project to studentsThe Risky Driver Dilemma
Students watch a compilation of real-life dashcam footage showcasing various driving scenarios, from near-misses to accidents. They then discuss: What factors seem to increase the risk of an accident? How do you think insurance companies use this information to determine premiums?Portfolio Activities
Portfolio Activities
These activities progressively build towards your learning goals, with each submission contributing to the student's final portfolio.Risk Factor Brainstorm
Students brainstorm and categorize factors that influence driving risk and insurance premiums.Steps
Here is some basic scaffolding to help students complete the activity.Final Product
What students will submit as the final product of the activityA detailed list of risk factors, categorized and justified with brief explanations.Alignment
How this activity aligns with the learning objectives & standardsAddresses the learning goal: Understand the factors that contribute to insurance premiums.Premium Calculation Simulation
Students use a simplified model to calculate insurance premiums based on various risk factors.Steps
Here is some basic scaffolding to help students complete the activity.Final Product
What students will submit as the final product of the activityCalculated insurance premiums for a set of sample drivers, with a rationale for each calculation.Alignment
How this activity aligns with the learning objectives & standardsAddresses the learning goal: Learn how insurers calculate risk and use financial tools to determine insurance costs.Fairness Debate: Young Driver Premiums
Students analyze and debate the fairness of insurance premiums for young drivers, using mathematical reasoning and evidence.Steps
Here is some basic scaffolding to help students complete the activity.Final Product
What students will submit as the final product of the activityA well-researched argument (for or against) the fairness of young driver premiums, supported by mathematical data and ethical considerations.Alignment
How this activity aligns with the learning objectives & standardsAddresses the learning goal: Apply mathematical concepts to assess the fairness of insurance premiums, especially for young drivers.Rubric & Reflection
Portfolio Rubric
Grading criteria for assessing the overall project portfolioInsurance Premium Analysis Portfolio Rubric
Risk Factor Identification
Demonstrates the ability to identify, categorize, and explain factors influencing insurance premiums.Comprehensiveness of Factors
Identifies a wide range of relevant risk factors, categorized effectively.
Exemplary
4 PointsIdentifies an extensive range of relevant risk factors, categorized logically and comprehensively, demonstrating deep understanding.
Proficient
3 PointsIdentifies a sufficient range of relevant risk factors, categorized logically.
Developing
2 PointsIdentifies some relevant risk factors, but categorization may be incomplete or illogical.
Beginning
1 PointsIdentifies few relevant risk factors with little or no categorization.
Justification of Factors
Provides clear and logical justifications for how each factor influences insurance premiums.
Exemplary
4 PointsProvides exceptionally clear, insightful, and well-supported justifications for each risk factor's influence on premiums.
Proficient
3 PointsProvides clear and logical justifications for each risk factor's influence on premiums.
Developing
2 PointsProvides justifications for some risk factors, but explanations may be unclear or lack support.
Beginning
1 PointsProvides minimal or unclear justifications for risk factors.
Premium Calculation and Application
Demonstrates the ability to calculate insurance premiums using a simplified model and apply risk adjustments.Accuracy of Calculations
Calculates insurance premiums accurately, applying risk adjustments correctly.
Exemplary
4 PointsCalculations are entirely accurate and demonstrate a sophisticated understanding of risk adjustments.
Proficient
3 PointsCalculations are accurate, with correct application of risk adjustments.
Developing
2 PointsCalculations contain some errors, or risk adjustments are applied inconsistently.
Beginning
1 PointsCalculations contain significant errors and show a limited understanding of risk adjustments.
Rationale for Calculations
Provides a clear and logical rationale for each calculation, explaining the impact of different risk factors.
Exemplary
4 PointsProvides an exceptionally clear and insightful rationale, demonstrating a deep understanding of the impact of various risk factors.
Proficient
3 PointsProvides a clear and logical rationale for each calculation, explaining the impact of different risk factors.
Developing
2 PointsProvides a rationale for some calculations, but explanations may be unclear or incomplete.
Beginning
1 PointsProvides minimal or unclear rationale for calculations.
Fairness Debate and Argumentation
Demonstrates the ability to analyze and debate the fairness of insurance premiums for young drivers, using mathematical reasoning and evidence.Strength of Argument
Constructs a well-reasoned and persuasive argument, supported by mathematical data and ethical considerations.
Exemplary
4 PointsConstructs an exceptionally well-reasoned and persuasive argument, demonstrating sophisticated integration of mathematical data and ethical considerations.
Proficient
3 PointsConstructs a well-reasoned and persuasive argument, supported by mathematical data and ethical considerations.
Developing
2 PointsConstructs an argument, but reasoning may be incomplete or lack sufficient support.
Beginning
1 PointsPresents a weak argument with minimal reasoning or support.
Use of Evidence
Effectively uses mathematical data and ethical considerations to support the argument.
Exemplary
4 PointsUses mathematical data and ethical considerations exceptionally effectively, demonstrating a deep understanding of their relevance to the argument.
Proficient
3 PointsEffectively uses mathematical data and ethical considerations to support the argument.
Developing
2 PointsUses some mathematical data or ethical considerations, but connection to the argument may be weak.
Beginning
1 PointsUses minimal or irrelevant data or considerations.
Rebuttal and Counterarguments
Addresses and effectively rebuts opposing arguments.
Exemplary
4 PointsDemonstrates a comprehensive understanding of opposing arguments and provides exceptionally effective rebuttals.
Proficient
3 PointsAddresses and effectively rebuts opposing arguments.
Developing
2 PointsAcknowledges opposing arguments, but rebuttals may be weak or incomplete.
Beginning
1 PointsFails to address or rebut opposing arguments.