**Lesson Plan: Essential Features of an Insurance Contract**
**Grade:** Senior Secondary 1
**Subject:** Business Studies
**Duration:** 60 minutes
### **Lesson Objectives:**
By the end of this lesson, students will be able to:
1. Define insurance and explain its importance.
2. Identify and describe the essential features of an insurance contract.
3. Understand the types of insurance available.
4. Apply their understanding through examples and case studies.
### **Materials Needed:**
- Whiteboard and markers.
- Printed handouts with key terms and definitions.
- Projector and computer for multimedia presentation.
- Case studies handout.
- Worksheets for group activity.
### **Lesson Outline:**
#### **1. Introduction (10 minutes)**
- **Greeting and Attendance:** Welcome students, take attendance.
- **Icebreaker Activity:** Ask students to share any experiences or stories they have about insurance, either from their own lives or through family members.
- **Objective Sharing:** Briefly outline the objectives of today's lesson—understanding what an insurance contract is and its essential features.
#### **2. Instructional Input (15 minutes)**
- **Definition and Importance of Insurance:**
- Definition: Insurance is a contract represented by a policy in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
- Importance: Discuss why insurance is critical in managing risks.
- **Essential Features of an Insurance Contract:**
1. **Insurable Interest:** The insured must have a legitimate interest in the subject matter of the insurance.
2. **Utmost Good Faith:** Both parties must act honestly and disclose all necessary information.
3. **Indemnity:** Insurance provides compensation to make good the loss.
4. **Subrogation:** After compensating the insured, the insurer can claim the rights and remedies available to the insured.
5. **Proximate Cause:** The direct cause of loss is considered in settling claims.
6. **Contribution:** Multiple insurers share the cost of a claim proportionately.
7. **Loss Minimization:** Policyholders must take reasonable steps to minimize losses.
#### **3. Multimedia Presentation (10 minutes)**
- Show a brief video or slideshow highlighting real-world examples of insurance, emphasizing how the essential features of insurance contracts apply in these situations.
#### **4. Group Activity (15 minutes)**
- **Case Study Analysis:**
- Divide students into small groups.
- Distribute a case study handout that includes various scenarios related to insurance.
- Each group analyzes the case, identifies the key features of the insurance contract involved, and presents their conclusions.
#### **5. Class Discussion (5 minutes)**
- Gather insights from each group.
- Facilitate a discussion on the findings and clarify any misunderstandings or confusion.
#### **6. Conclusion (5 minutes)**
- Summarize key points of the lesson.
- Answer any remaining questions from students.
- Explain the importance of these features in protecting both the insured and the insurer.
#### **7. Assignment (5 minutes)**
- Distribute a worksheet with a few questions and scenarios to reinforce today's lesson.
- Ask students to bring in articles or stories about insurance cases for further discussion in the next class.
### **Assessment:**
- Active participation in the group activity and class discussion.
- Accuracy and depth of analysis in the case study exercise.
- Completion of the assignment with correctly answered questions and scenarios.
### **Home Learning:**
- Students to read a chapter on the types and classes of insurance for the next lesson.
- Bring in real-world examples or articles about interesting insurance claims for an interactive activity next week.
### **Reflection:**
At the end of the lesson, reflect on what went well and what could be improved. Consider students’ engagement levels, their understanding of the material, and gather feedback for future lessons.
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This lesson plan aims to create an interactive and comprehensive understanding of the essential features of an insurance contract, while also incorporating multimedia and group activities to foster engagement and application of knowledge.