Lesson Plan for Senior Secondary 1 - Insurance - Primary And Secondary Functions Of Insurance

Lesson Plan: Primary and Secondary Functions of Insurance

Grade Level: Senior Secondary 1
Subject: Economics/Business Studies
Duration: 60 Minutes
Topic: Primary and Secondary Functions of Insurance


Objectives:

  1. Identify the primary functions of insurance.
  2. Explain the secondary functions of insurance.
  3. Understand the importance of insurance in risk management.
  4. Analyze real-world applications of insurance functions.

Materials Required:

  • Whiteboard and markers
  • Projector and computer (for presentation)
  • Handouts with key points
  • Case study examples
  • Quizzes or worksheets
  • Small group discussion prompts

Lesson Plan Outline:

Introduction (10 minutes)
  1. Greeting and Attendance:

    • Welcome the students and take attendance.
  2. Set the Context:

    • Begin with a brief discussion on what students already know about insurance.
    • Use an engaging question: “Can anyone tell me what happens when a car gets into an accident and there’s insurance involved?”

Main Lesson Content (35 minutes)
  1. Presentation (15 minutes):

    • Primary Functions of Insurance:

      1. Risk Transfer: Explain how insurance shifts the financial burden of a loss from the insured to the insurer.
      2. Pooling of Risk: Describe how insurance companies pool risks by collecting premiums from many insured individuals to pay for the losses of a few.
      3. Providing Certainty: Discuss how insurance provides certainty and financial protection in the face of potential future losses.
      4. Loss Prevention and Control: Emphasize the role insurers play in loss prevention through safety programs and incentives.
    • Secondary Functions of Insurance:

      1. Capital Formation: Explain how insurance contributes to the accumulation of capital by collecting premiums and investing them.
      2. Economic Growth: Discuss how insurance fosters economic development by enabling businesses to operate with lower risk.
      3. Employment Generation: Highlight how the insurance industry generates direct and indirect employment.
      4. Promotion of Savings: Discuss how certain insurance policies encourage saving habits among policyholders.
  2. Activity (10 minutes):

    • Case Study Analysis:
      • Divide the class into small groups.
      • Distribute a short real-world case study that involves the utilization of insurance (e.g., natural disaster recovery, health insurance case).
      • Ask each group to analyze the case and identify how the primary and secondary functions of insurance apply.
  3. Group Discussion (10 minutes):

    • Reconvene and discuss insights from the case study analysis.
    • Encourage each group to share their findings.
    • Tie the discussion back to the lesson objectives and real-life importance.

Conclusion (10 minutes)
  1. Recap and Summary:

    • Review the key points covered in the lesson.
    • Re-emphasize the importance of understanding both primary and secondary functions of insurance in everyday life and business.
  2. Q&A Session:

    • Open the floor for any questions or final clarifications.
  3. Quiz/Worksheet:

    • Distribute a brief quiz or worksheet to assess students’ understanding.
    • Collect the completed quizzes/worksheets for evaluation.
  4. Assignment (Optional):

    • Assign a short homework task like an essay or a report on how insurance has impacted a specific sector (e.g., healthcare, automotive, home insurance).

Assessment:

  • Participation in group activities and discussions.
  • Performance on the quiz/worksheet.
  • Understanding demonstrated through questions and feedback.

Reflective Notes (Post-Lesson):

  • Note down any areas where students seemed to struggle or showed particular interest.
  • Adjust future lessons based on the effectiveness of the activities and overall student engagement.

This lesson plan aims to provide Senior Secondary 1 students with a comprehensive understanding of the primary and secondary functions of insurance, reinforcing concepts through discussion, real-world application, and interactive learning activities.