Sharing the Cost of Risk
Build practical financial capability through sharing the cost of risk, moving from understanding to confident application.
10
Lessons in this module
What Insurance Protects
Explain how insurance works by spreading the cost of potential losses across many contributors — so no individual faces the full cost of an unexpected event alone.
Premiums and Protection
Explain that a premium is the regular payment that keeps an insurance policy active — and that claim-free years do not represent wasted premiums but years of protection successfully maintained.
Everyday taxes in Ghana: VAT of 15%
In Ghana: Almost every purchase in Ghana includes VAT of 15%.
Not Every Loss Is Covered
Describe why an insurance policy only covers the specific losses named in the agreement — and why reading the policy before a loss occurs is essential.
What's taxed and what's exempt in Ghana
In Ghana: In Ghana, basic foodstuffs are exempt; manufactured goods and services....
Why Rules and Evidence Matter
Explain why insurance claims require evidence — because the insurer must verify the loss occurred, is covered, and matches the claimed amount before payment is approved.
Reading a receipt in Ghana: spotting the tax
In Ghana: On a receipt in Ghana, you will see the tax listed separately.
When Insurance Is Useful
Identify the risks that would cause the most financial hardship if uninsured — and prioritise covering those over lower-impact risks when budget is limited.
How businesses collect tax in Ghana
Businesses in Ghana collect VAT of 15% from customers and pass it to....
Tax at the border: import duties in Ghana
In Ghana: When goods enter Ghana from abroad, import duties may apply.
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