# Lesson Plan: **Understanding Insurance Terminologies**
## Class Details:
- **Grade:** Senior Secondary 3
- **Duration:** 80 minutes
- **Subject:** Insurance
- **Topic:** Insurance Terminologies
## Objectives:
- Students will understand and define key insurance terminologies.
- Students will be able to distinguish between different types of insurance.
- Students will learn the practical applications of insurance terms in real-world scenarios.
## Materials Needed:
- Whiteboard and markers
- Projector and computer
- Handouts with key insurance terminologies
- Sample insurance policies
- Notebooks and pens
## Lesson Structure:
### Introduction (10 Minutes)
1. **Greeting and Recap (5 minutes):**
- Welcome students and take attendance.
- Briefly review the previous lesson on insurance basics.
2. **Introduction to Today's Topic (5 minutes):**
- Introduce the key terminologies to be covered.
- Explain the importance of understanding these terms in making informed insurance decisions.
### Direct Instruction (30 minutes)
3. **Key Terminologies Explanation (20 minutes):**
- **Premium:**
- Definition: The amount paid periodically to the insurer by the insured for covering their risks.
- Example: Monthly payments made for a health insurance policy.
- **Deductible:**
- Definition: The amount the insured must pay out-of-pocket before the insurer pays a claim.
- Example: If a policy has a $500 deductible, the insured must pay the first $500 of the claim.
- **Claim:**
- Definition: A formal request by the policyholder to the insurance company for payment of a loss covered under the policy.
- Example: Submitting a claim after a car accident.
- **Policyholder:**
- Definition: The person or entity that owns the insurance policy.
- Example: John Doe holds the policy for his home insurance.
- **Beneficiary:**
- Definition: The person or entity entitled to receive benefits from an insurance policy.
- Example: Family members named in a life insurance policy.
4. **Interactive Activity - Terminology Matching Game (10 minutes):**
- Prepare cards with terminologies and definitions.
- Students will match the terms with their correct definitions in pairs.
### Guided Practice (20 Minutes)
5. **Case Study Analysis (10 minutes):**
- Provide students with a sample insurance policy.
- Ask them to identify and explain key terms found in the policy.
6. **Group Discussion (10 minutes):**
- Divide students into small groups.
- Each group will discuss the importance of one term from the lesson and present a real-life scenario where it applies.
### Independent Practice (10 Minutes)
7. **Worksheet Completion (10 minutes):**
- Distribute a worksheet with fill-in-the-blank and multiple-choice questions covering the day's terminologies.
- Students will complete the worksheet individually.
### Conclusion (10 Minutes)
8. **Review and Q&A (5 minutes):**
- Recap the key points covered during the lesson.
- Address any questions or concerns students might have.
9. **Assignment (5 minutes):**
- Assign students to research and bring examples of insurance policies with identified key terminologies for the next class.
## Assessment:
- Participation in the matching game and group discussion.
- Completion and accuracy of the case study analysis.
- Performance on the worksheet.
## Reflection:
- At the end of the lesson, take note of which terminologies students struggled with.
- Adjust the next lesson based on the student's understanding and feedback.
### Notes:
- Ensure active participation and try to make the lesson as interactive as possible.
- Encourage students to ask questions and relate terminologies to familiar situations.