Business Studies - Junior Secondary 2 - Insurance

TERM: 2^ND TERM

WEEK ONE

Class: Junior Secondary School 2

Age: 13 years

Duration: 40 minutes of 5 periods each

Date:

Subject: BUSINESS STUDIES

Topic: INSURANCE

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

 I.) Define Insurance

II.) Explain Services provided by Insurance Companies

III.) Mention Types of Insurance – Fire, Vehicle, Burglary, Money, Life Insurance, Pension and Health

IV.) Discuss the benefit of Insurance

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures,

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

NOTE

INSURANCE

Insurance is a contractual arrangement where an individual or entity (the insured) pays premiums to an insurance company (the insurer) in exchange for financial protection or reimbursement against specified risks or losses. In essence, insurance transfers the risk of financial loss from the insured to the insurer.

Services provided by Insurance Companies

Insurance companies offer various services to individuals, businesses, and organizations:

I.) Risk Assessment: Evaluate risks faced by clients and determine appropriate insurance coverage.

II.) Underwriting: Determine the terms and conditions of insurance policies based on risk assessment.

III.) Policy Issuance: Issue insurance policies outlining coverage, premiums, and terms.

IV.) Claims Processing: Handle claims filed by policyholders for reimbursement or compensation.

V.) Customer Service: Provide support and assistance to policyholders regarding policy inquiries, changes, and claims.

VI.) Financial Advice: Offer guidance on insurance products, investment-linked insurance plans, retirement planning, and wealth management.

VII.) Risk Management: Provide risk management services to minimize risks and losses for businesses and organizations.

VIII.) Reinsurance: Insurance companies may reinsure part of their risks with other insurers to manage exposure to large claims.

Types of Insurance

1. Fire Insurance: Covers damage or loss to property due to fire.
2. Vehicle Insurance: Provides coverage for damage, theft, or liability related to vehicles, including cars, trucks, and motorcycles.
3. Burglary Insurance: Covers losses due to theft or burglary of property.
4. Money Insurance: Covers loss or theft of money during transit or while stored in a safe.
5. Life Insurance: Provides financial compensation to beneficiaries upon the insured's death or after a specified period.
6. Pension Insurance: Provides income during retirement, ensuring financial security after retirement.
7. Health Insurance: Covers medical expenses and healthcare costs incurred by the insured due to illness or injury.

Benefits of Insurance

Insurance offers several benefits to individuals, businesses, and society:

I.) Risk Transfer: Shifts financial risk from individuals or businesses to insurance companies, providing peace of mind and financial security.

II.) Financial Protection: Provides compensation or reimbursement for losses or damages covered under insurance policies.

III.) Risk Management: Helps individuals and businesses manage and mitigate risks associated with life, health, property, and liability.

IV.) Promotes Investment: Encourages economic growth by providing a safety net for businesses to invest and expand operations.

V.) Social Stability: Supports families and communities by ensuring financial stability during times of crisis or loss.

EVALUATION: 1. Define Insurance

2. Explain 5 Services provided by Insurance Companies
3. Mention 4 types of Insurance and explain them
4. State 5 benefit of Insurance

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively