Lesson Notes By Weeks and Term - Senior Secondary 1

Introduction to Insurance

Get it on Google Play
Get it on the Apple App Store
  1. Home
  2. Lesson Notes By Weeks and Term
  3. Senior Secondary 1
  4. Introduction to Insurance

Term – 1st Term

Week: 1

Class: Senior Secondary School 1

Age: 15 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Insurance

Topic:-       Introduction to Insurance

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

  1. Explain the meaning of Insurance
  2. State the factors that must be recognized for insurance contracts to exist

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

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher reviews the students’ knowledge about the word “insurance”

Students pay attention

STEP 2

EXPLANATION

He explains the meaning of insurance

 

Students pay attention and participates

STEP 3

DEMONSTRATION

He states the factors that must be recognized for insurance contracts to exist

 

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

INTRODUCTION TO INSURANCE

Insurance is an agreement or transaction whereby a party called the

insurer undertakes to indemnify the other party called the insured in the

event of a loss.

Insurance is an agreement between the insured and the insurer, where the

insurer agrees to compensate the insured in the event of a loss. From the

legal point of view, insurance is a contract whereby one person called the

“insurer” undertakes, in return for the agreed consideration called the

premium, to pay another person called the “insured” a sum of money or its

equivalent, on the happening of a specific event.

Factors that must be recognized for insurance contracts to exist

  1. There must be an object that needs an insurance protection.
  2. The contractual relationship to be formed by the insurance companies

and the insuring public must be based on the object.

  1. The insurance company must be ready to accept the object for the

insurance protection.

  1. The insuring public must show interest in transferring the risk to which

the object is exposed to, to an insurance company.

  1. The insurance company must be ready to compensate the insuring

public following the happening of the event insured against.

  1. The insuring public must also be ready to pay a fee called premium to

the insurance company in return for the financial compensation to be given

by the insurance company in respect of the future loss of this subject

matter (the object).

  1. The occurrence of the future loss of the object must be due to causes

covered by the policy.

EVALUATION:    1. Explain the meaning of insurance

  1. State the factors that must be considered for insurance contracts to exist

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively