A game that serves to educate a player about the decision making process for determining the cost of a premium for insurance coverage for an entity. The player(s) and/or team(s) select a fictitious name for an insurance company. The company can subsequently bid on providing insurance coverage for an entity. Several rounds of bidding on insurance premiums for providing insurance coverage to an entity can be played before determining a winner of the game. A round consists of a player(s) and/or team(s) bidding on the amount to charge for an insurance premium to insure the entity for a particular period of time, such as one year. The winner of a round is the insurance company (player/team) that provides the lowest bid for the insurance premium for the particular period of time.