# Lesson Plan: Fire Insurance (Part II)
**Grade Level**: Senior Secondary 2
**Subject**: Business Studies/Economics
**Duration**: 60 minutes
**Topic**: Fire Insurance (Part II)
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### Objectives:
By the end of the lesson, students should be able to:
1. Understand the concept of fire insurance and its importance.
2. Identify the different types of fire insurance policies.
3. Explain the procedure for claiming fire insurance.
4. Discuss the role of fire insurance in risk management.
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### Materials:
- Whiteboard and markers
- Projector and laptop for presentations
- Printed handouts with key points
- Case study examples
- Insurance policy samples
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### Lesson Outline:
#### I. Introduction (10 minutes)
**A. Recap of Fire Insurance (Part I)**
- Brief discussion about what was covered in the previous lesson.
- Ask students questions to gauge their understanding and retention.
**B. Objectives for today’s lesson**
- Share the objectives of today’s lesson with the students.
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#### II. Content Delivery (20 minutes)
**A. Types of Fire Insurance Policies**
1. **Specific Policy**: Covers a specified property and a specific amount.
2. **Comprehensive Policy**: Covers all types of losses arising from fire.
3. **Valued Policy**: The value of the property is determined at the time of taking the policy.
4. **Floating Policy**: Suitable for businesses with properties at different locations.
5. **Consequential Loss Policy**: Covers losses not directly caused by the fire but as a consequence of it.
**B. Procedures for Claiming Fire Insurance**
1. **Immediate Steps**: Notify the insurance company, and take reasonable steps to minimize the damage.
2. **Documentation**: Complete required claim forms, provide evidence such as photographs, inventory lists, and fire brigade reports.
3. **Assessment**: The insurance company assesses the damage through their appointed surveyors.
4. **Settlement**: Based on the policy terms and the assessment report, the claim is settled.
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#### III. Case Studies and Examples (15 minutes)
- Present real-life case studies of fire insurance claims.
- Discuss the steps taken by the insured and the insurance company in each case.
- Highlight the importance of proper documentation and timely reporting.
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#### IV. Activity: Policy Analysis (10 minutes)
- Distribute samples of fire insurance policies to the students.
- Ask students to work in small groups to identify key features and differences between the policies.
- Each group will present their findings to the class.
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#### V. Role of Fire Insurance in Risk Management (5 minutes)
- Discuss how businesses and individuals use fire insurance as part of their overall risk management strategy.
- Mention the importance of having adequate insurance coverage to protect against potentially devastating financial losses.
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#### VI. Conclusion (5 minutes)
**A. Recap of Today’s Lesson**
- Summarize the key points covered in the lesson.
**B. Q&A Session**
- Address any questions or clarifications from the students.
**C. Homework Assignment**
- Ask students to write an essay on the importance of fire insurance for both individuals and businesses.
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### Assessment:
- Participation in the role-playing exercise and group activity.
- Quality of the analysis and presentations.
- Completion and depth of understanding demonstrated in the homework assignment.
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### Follow-Up:
- Provide additional reading materials and resources on fire insurance.
- Plan a follow-up discussion or quiz to reinforce the learning objectives.