**Lesson Plan: Marine Insurance III**
*Senior Secondary 2*
**Lesson Title:** Marine Insurance III
**Subject:** Business Studies/Commerce
**Grade Level:** Senior Secondary 2
**Duration:** 60 minutes
**Lesson Objectives:**
By the end of this lesson, students will be able to:
1. Understand the different types of marine insurance policies.
2. Explain the terms and clauses commonly found in marine insurance.
3. Identify the key features of marine insurance claims and settlement procedures.
4. Discuss real-life applications of marine insurance in global trade.
**Materials Needed:**
- Whiteboard and markers
- Projector and computer for presentation
- Handouts with key terms and definitions
- Case study examples
- Notebooks and pens
**Lesson Procedure:**
1. **Introduction (10 minutes):**
- Begin with a brief review of what was covered in Marine Insurance I and II.
- Define Marine Insurance III and highlight the focus of today's session.
- Share the lesson objectives with the students.
2. **Types of Marine Insurance Policies (15 minutes):**
- Explain the different types of marine insurance policies, such as:
- Voyage Policy
- Time Policy
- Mixed Policy
- Floating Policy
- Fleet Policy
- Valued and Unvalued Policy
- Use examples to illustrate each type.
- Provide handouts with definitions and examples.
3. **Terms and Clauses in Marine Insurance (15 minutes):**
- Introduce key terms such as hull insurance, cargo insurance, liability insurance, and freight insurance.
- Explain important clauses:
- General Average Clause
- Sue and Labor Clause
- Free of Particular Average (FPA)
- Institute Cargo Clauses (A, B, C)
- Discuss how these clauses affect the coverage and the insured's responsibilities.
- Use the projector to show sample policy documents with highlighted clauses.
4. **Claims and Settlement Procedures (10 minutes):**
- Describe the steps involved in filing a marine insurance claim:
- Notification of loss
- Survey and documentation
- Claim assessment and adjustment
- Settlement
- Discuss common challenges and best practices in the claims process.
- Use a case study example to illustrate the procedure.
5. **Real-life Applications and Discussion (10 minutes):**
- Present scenarios of international trade where marine insurance plays a crucial role.
- Encourage students to share their own examples or experiences, if any.
- Discuss recent news stories or case studies involving marine insurance claims.
6. **Conclusion and Q&A (10 minutes):**
- Summarize the key points covered in the lesson.
- Reinforce how important marine insurance is in the context of global trade and risk management.
- Open the floor for any questions or clarifications.
- Assign a short homework task: Have students research a famous marine insurance claim and provide a brief report on it.
**Assessment:**
- Observe student participation and engagement during the discussion.
- Review the case study analysis and the homework assignment to ensure understanding.
**Homework Assignment:**
- Research and provide a brief report on a famous marine insurance claim. Include details about the incident, the insurance coverage, and the outcome of the claim settlement.
**Follow-Up:**
- In the next class, discuss the homework assignments and address any remaining questions.
- Move on to related topics such as cargo handling, risk management, and other types of insurance in commerce.
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This lesson plan outlines a comprehensive approach to teaching Marine Insurance III, ensuring that students gain a deep understanding of the topic while engaging in interactive and practical learning activities.