![]() ![]() Suddenly, you need emergency medical attention. Say you’re behind the wheel and are hit by another car. Let’s use automobile insurance as an example. As a Scout, I’m sure you can understand the value of having insurance. Insurance is a smart way of managing risk and being prepared for the worst. However, if the case arises that you do need financial aid, insurance could mean the difference between manageable healthcare/lawsuit costs and bankruptcy. You’ll most likely never need to use your insurance. Instead, your insurance will pay for all costs exceeding the amount of your deductible, up to the total value of your insurance plan. This can vary based on your insurance plan, but essentially this means that the insurance company does not cover the entire cost of your losses. Whenever you need to use your insurance, typically you first must pay an amount called a deductible. Basically, insurance involves paying a monthly amount (premium) so that if an emergency ever arises, the insurance company will financially compensate you with enough money to handle the situation. Personal Management Requirement 6: Insurance Explain to your counselor why people might purchase the following types of insurance and how they work:īefore we get into the different types of insurance, let’s first clarify what insurance actually is. Explain how you could prepare for these costs and how you might make up for any shortfall. 10b) Explain to your counselor what the associated costs might be to pursue this career, such as tuition, school or training supplies, and room and board.Discuss with your counselor the needed qualifications, education, skills, and experience. 10a) Choose a career you might want to enter after high school or college graduation.Identify how these resources will help you achieve your goal. 9b) Develop a timeline for your project that shows the steps you must take from beginning to completion.Discuss your completed project plan with your merit badge counselor. Examples could include planning a camping trip, developing a community service project or a school or religious event, or creating an annual patrol plan with additional activities not already included in the troop annual plan. This is a project on paper, not a real-life project. Prepare a written project plan demonstrating the steps below, including the desired outcome.Discuss what you might do differently the next time. ![]() 8d) With your merit badge counselor, review your “to do” list, one-week schedule, and diary/journal to understand when your schedule worked and when it did not work.Keep a daily diary or journal during each of the seven days of this week’s activities, writing down when you completed each of the tasks on your “to do” list compared to when you scheduled them. 8c) Follow the one-week schedule you planned.Put in your set activities, such as school classes, sports practices or games, jobs or chores, and/or Scout or church or club meetings, then plan when you will do all the tasks from your “to do” list between your set activities. 8b) Make a seven-day calendar or schedule.List these in order of importance to you. 8a) Write a “to do” list of tasks or activities, such as homework assignments, chores, and personal projects, that must be done in the coming week.Demonstrate to your merit badge counselor your understanding of time management by doing the following:.7d) Credit reports and how personal responsibility can affect your credit report. ![]() What are the costs and pitfalls of using these financial tools? Explain why it is unwise to make only the minimum payment on your credit card.
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