Managing Risk benchmarks
56 benchmarks entries in the Managing Risk area of our Personal Financial Literacy study dataset.
| Code | Benchmark |
|---|---|
| 4-1a | Provide examples of risks households and individuals encounter |
| 4-1b | Explain why people choose to take risks |
| 4-1c | Estimate potential losses and expenses linked to certain physical and financial risks |
| 4-1d | Describe ways valuable personal items can be lost or damaged |
| 4-2a | Suggest methods to lessen or avoid a given risk |
| 4-2b | Identify risks that are difficult or impossible to mitigate |
| 4-3a | Give examples of life events where emergency savings can offset financial losses |
| 4-3b | Create a system to track personal belongings and manage small amounts of cash |
| 4-4a | Provide examples of large financial risks people insure against (e.g., health, auto, fire) |
| 4-4b | Research types of insurance commonly available for individuals |
| 8-1a | Describe how unexpected health or property damage can affect a family’s finances |
| 8-1b | Explain how planning ahead can minimize financial impact of property damage |
| 8-2a | Describe how insurance coverage protects against financial loss |
| 8-2b | Explain potential consequences for those who cannot afford or choose not to buy insurance |
| 8-3a | Discuss how insurance enables risk sharing of financial losses |
| 8-3b | Explain why insurers charge higher premiums to individuals with greater risk profiles (e.g., drivers with poor records, coastal homeowners) |
| 8-4a | Describe how out-of-pocket costs (premium, deductible, copayment, coinsurance) affect policyholders |
| 8-4b | Given information on premium, deductible, copayment, and coinsurance, calculate out-of-pocket costs for a hypothetical claim |
| 8-5a | Provide examples of managing financial risk through avoidance, reduction, retention, and transfer |
| 8-5b | Identify ways a driver can avoid, reduce, or transfer crash risk |
| 8-5c | Weigh costs and benefits of buying versus skipping cell phone insurance |
| 8-6a | Identify purchase types where extended warranties are typically offered |
| 8-6b | Analyze costs and benefits of buying an extended warranty for a specific item (e.g., phone, laptop, vehicle) |
| 8-7a | Explain methods used by identity thieves to obtain personal data |
| 8-7b | List steps an individual can take to safeguard personal identification information |
| 8-7c | Describe how to manage finances securely using mobile technology to reduce risk |
| 12-1a | Discuss whether paying an insurance premium for a loss that never occurs is wasteful |
| 12-1b | Analyze when it’s appropriate for young adults to have life, health, or disability insurance |
| 12-2a | Identify personal factors influencing insurance purchase decisions |
| 12-2b | Recommend insurance types for individuals with different characteristics |
| 12-3a | Explain why lenders require homeowners to carry insurance when getting a mortgage |
| 12-3b | Discuss why most states mandate auto liability insurance |
| 12-3c | Research minimum auto liability insurance required in one’s state and evaluate if it covers typical accident costs |
| 12-4a | Research factors that contribute to lower auto insurance premiums |
| 12-4b | Explain why completing a safe-driving course can reduce auto insurance premiums |
| 12-4c | Discuss pros and cons of selecting an auto insurance policy with a higher deductible |
| 12-5a | Compare benefits and drawbacks of employer-provided health insurance versus private insurance or being uninsured |
| 12-5b | Compare the cost of health insurance to potential financial consequences of being uninsured |
| 12-5c | Estimate how different deductibles and coinsurance rates affect out-of-pocket medical costs |
| 12-6a | Compare disability coverage from individual policies, employer plans, Social Security, workers’ compensation, and state programs |
| 12-6b | Assess financial risk and need for disability insurance using scenario analysis |
| 12-7a | Explain types of losses covered by auto, homeowners, and renters insurance |
| 12-7b | Describe situations where someone may be liable for injury or damage to another’s person or property |
| 12-7c | Identify factors influencing cost of renter’s and homeowners insurance |
| 12-8a | Explain how an individual’s death can cause financial loss for others |
| 12-8b | Discuss pros and cons of purchasing life insurance for primary earners in a household |
| 12-9a | Discuss how state unemployment programs help reduce financial hardship during job losses (e.g., recession or pandemic) |
| 12-9b | Compare Medicare and Medicaid based on eligibility and funding sources |
| 12-10a | Provide examples of insurance fraud |
| 12-10b | Investigate legal consequences for individuals convicted of insurance fraud |
| 12-11a | Provide examples of how online behavior, email/text scams, and telemarketing exploits consumer privacy, leading to identity theft and fraud |
| 12-11b | Describe scenarios where individuals should or should not disclose Social Security numbers, account numbers, or sensitive personal data |
| 12-11c | Recommend strategies to minimize risk of identity theft and financial fraud |
| 12-11d | Explain steps an identity theft victim should take to limit losses and restore security |
| 12-12a | Assess costs and benefits of buying an extended warranty on a particular item (e.g., phone, laptop, vehicle), considering failure likelihood, replacement cost, and warranty price |
| 12-12b | Explain similarities and differences between extended warranties/service contracts and insurance |
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This reference uses DecA(I)de's bundled deca-pis.json and
decaidevocab.json study datasets. Counts are entries, not unique
indicators or terms; the same item can appear in multiple groups. Code punctuation
and display formatting are normalized.
Personal Financial Literacy uses benchmark-style codes such as 4-1a,
distinct from business performance-indicator codes such as BL:003.
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