**Lesson Plan: Insurance Renewals**
**Grade Level:** Senior Secondary 1 (SS1)
**Subject:** Business Studies/Economics
**Topic:** Insurance Renewals
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**Objectives:**
- Understand the concept of insurance renewals.
- Identify the different types of insurance that require renewals.
- Learn the importance of renewing insurance policies.
- Recognize the procedures involved in the renewal process.
- Discuss the implications of not renewing insurance on time.
**Materials Needed:**
- Whiteboard and markers
- Projector and computer
- Handouts with key terms and definitions
- Sample insurance renewal notice
- Case studies or examples of insurance renewals scenarios
- Internet access for video resources
**Time Required:** 60 minutes
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### Lesson Structure
**Introduction (10 minutes):**
1. **Greeting and Settle** (2 minutes):
- Welcome the students and ensure they are prepared for the lesson.
2. **Ice Breaker:**
- Ask students if they know any types of insurance and what they think happens when an insurance term ends.
3. **Objective Overview:**
- Explain the goals of today’s lesson and why understanding insurance renewals is essential.
4. **Hook:**
- Show a short 2-minute video or infographic about a real-life scenario where insurance renewal played a crucial role.
**Direct Instruction (20 minutes):**
1. **Define Insurance Renewal:**
- Explain what insurance renewal is: the process of extending an existing insurance policy for another term.
2. **Types of Insurance that Require Renewals:**
- Discuss common policies requiring renewals: health, auto, home, and life insurance.
3. **Importance of Renewing Insurance:**
- Outline why it's crucial to renew policies on time: continuous coverage, avoiding penalties, and maintaining policy benefits.
4. **Procedures Involved:**
- Discuss the general steps in the renewal process:
- Reviewing the current policy
- Receiving a renewal notice
- Assessing any changes or updates needed
- Paying the renewal premium
5. **Implications of Late or Non-Renewal:**
- Talk about the possible consequences: lapses in coverage, financial risks, higher premiums in the future, and potential legal issues.
**Guided Practice (10 minutes):**
1. **Review a Sample Renewal Notice:**
- Distribute the sample notice to each student and walk through it together, highlighting key elements like renewal dates, premium amounts, and terms of coverage.
2. **Q&A Session:**
- Allow students to ask questions about the sample notice and provide thorough explanations.
**Independent Practice (15 minutes):**
1. **Case Study Activity:**
- Provide students with different case studies or scenarios involving insurance renewals.
- In small groups, have students discuss and decide on the best course of action for each scenario.
- Groups will present their findings to the rest of the class.
**Conclusion (5 minutes):**
1. **Recap and Summary:**
- Summarize the main points covered in the lesson.
2. **Assessment:**
- Quick quiz or oral review questions to gauge understanding.
3. **Homework Assignment:**
- Each student will draft a renewal notice for a fictional insurance policy, using what they've learned.
4. **Closing Remarks:**
- Address any final questions and remind students of the homework due date.
### Assessment:
- Participation in class discussions and activities.
- Accuracy and understanding demonstrated in the case studies.
- Quality and completeness of the homework assignment.
### Follow-Up:
- Review homework in the next class and provide feedback.
- Potential guest speaker session with an insurance agent to offer real-world insights.
**Additional Resources:**
- Websites for further reading on different types of insurance (e.g., state insurance department websites).
- Videos from industry experts about the importance of timely renewals.
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This lesson plan aims to provide a comprehensive understanding of insurance renewals, fostering not only knowledge but practical skills through interactive activities and real-world applications.