Insurance Authority hosts Online Quiz Competition on Lifetime Risks and Protection to help secondary school students understand the concepts of risk profiling and protection

Insurance Authority hosts Online Quiz Competition on Lifetime Risks and Protection to help secondary school students understand the concepts of risk profiling and protection

26 May 2024

To raise awareness of lifetime risk profiling among the younger generation, the Insurance Authority (IA) launched the first online quiz competition on lifetime risks and protection, targeting senior secondary school students. Over 1,800 Form Four to Form Six students from 46 schools participated in the competition to learn about the basics of lifetime risk management and protection in an easy, interactive approach.

The competition was a collaboration between the IA and the Financial Education Centre of the Hong Kong Family Welfare Society (HKFWS). During the one-month activity period (from late February to late March 2024), the participating students were required to complete 23 multiple-choice and open-ended questions after studying tailored online learning materials and watching videos under teachers' guidance, supplemented by interactive class discussions and sharing.

The quiz questions covered the five topics in the learning materials: "Concept of Lifetime Risks", "Concept of Protection", "How Insurance Works (Points to Note when Buying Insurance)", "Get to Know the Insurance Industry" and "Knowledge about Financial Management". The quiz results¹ revealed that over 70% of the participating students had a good grasp of the "Concept of Lifetime Risks" and "Knowledge about Financial Management". They understood that there were different risks in different life stages, calling for appropriate financial arrangements; but there was room for improvement in insurance-related knowledge, such as the reasons for buying insurance and points to note for policyholders.

Chantal Chan Yee, from Carmel Secondary School, was the champion of the online quiz competition, and Buddhist Ho Nam Kam College, with over 200 students joining the activity, won the Best Participating School Award. The competition was warmly received by the schools and students, who said that through real-life questions and scenarios, they better understood the function and importance of insurance and life planning in accordance with their personal risks and needs.

The Competition summary and results are available on HKFWS wesbite (Chinese version only).

Ends

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Students learn about the basics of lifetime risk management and protection by studying tailored online learning materials and having interactive discussions.

The activity provides students with easily comprehensible and lively learning materials, enabling them to grasp the ideas of risk management and learn about insurance in a light-hearted manner.

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Chantal Chan Yee, from Carmel Secondary School, Champion of the Competition, receives a certificate of appreciation and a gift.

Note:

¹ Of the five topics covered, the average percentage of correct answers was as follows: "Concept of Lifetime Risks" (72%), "Concept of Protection" (55%), "How Insurance Works (Points to Note when Buying Insurance)" (66%), "Get to Know the Insurance Industry" (50%) and "Knowledge about Financial Management" (75%).

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