(I can't seem to get it to embed, tho' following all the instructions...)
I'll bet this "Danger Dodger" bit was connected to - central to, really - what I used to hear teachers refer to as a Curriculum Set, containing a few films or filmstrips, workbooks, and assorted little toys and stickers and whatnot to give out - in this case, perhaps as prizes for starting "danger dodger" clubs. Or pretending to...just to get good report card marks from their teachers.
I'd bet anything those little red plastic crackerjack rings were part of the "fun". Maybe some stickers for the kids' PeeChee folders? I'm sure anyone who went to grade schools in the seventies remembers this sort of thing.