Ray's New Intellectual Arithmetic · Lesson LXXI · Unit 8: Percentage and interest
71. Insurance
Goal: Your child knows what a policy and a premium are and works out premiums.
You'll need
- The book page (press “📖 Book page”, or use a printed copy)
- Paper for jotting, though the work is meant to be done in the head
What's in the book
Definitions of policy and premium, then problems on premiums at given rates, some with a policy fee, and one insuring a house and its furniture.
The lesson, step by step
Warm up
Ask three or four problems from the last lesson again, out of order. Your child answers and says why.
Show the reasoning
SayA house is insured for $2000 at 1 per cent. The premium is 1 per cent of $2000, which is $20, paid each year.
Talk about why people insure things.
Work the problems aloud
Read each problem on the page aloud. Your child answers, then explains in a full sentence, the way the book's model solutions do. The problems go like this:
What is the premium on a house insured for $2000 at 1 per cent?
What is the premium at ¾ per cent, with a $1 policy fee?
A house and its furniture are insured at different rates: what is the whole premium?
Ask “Why?”
After each answer ask “Why?” or “How do you know?” Ray's wants the reasoning said aloud, not just the number. If your child stalls, go back to the model and say the first half of the explanation together.
Wrap up
Pick the two problems that were hardest today. Tomorrow, start with those as the warm-up.
Afterwards
Do the rest of the lesson's problems over the next day or two, a few at a time. Move on when your child can explain them without help.
Tip
The numbers in this lesson are hard to read in the scan. Use the book itself or the Key for answers.