Lesson Notes By Weeks and Term - Senior Secondary 1
Essential elements of Insurance
Essential elements of Insurance
Term – 1st Term
Week: 2
Class: Senior Secondary School 1
Age: 15 years
Duration: 40 minutes of 2 periods each
Date:
Subject: Insurance
Topic:- Essential elements of insurance
SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to
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 previous lesson on introduction to insurance |
Students pay attention |
|
STEP 2 EXPLANATION |
He discusses the parties to an insurance contract
|
Students pay attention and participates |
|
STEP 3 DEMONSTRATION |
He states and explains the essential elements of insurance
|
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
Parties to an insurance contract
a. The insured: This is the party that seeks for an insurance protection from
an insurance company. At the inception of contract before acceptance, they
are known as proposer while after the acceptance and consideration paid,
they are called the “insured”.
b. The insurer: This is the party that provides insurance protection to the
insured and compensates the insured against the specific loss insured
against.
c. The intermediaries: They are the link between the insurer and the
insured. They are called agents, insurance consultants or insurance
brokers. They are responsible for the creation of constructional relationship
between the two parties (the insured and the insurer) to a valid insurance
contract.
Essential elements of insurance contract
a. Offer: This states that offer comes from the insured. It is contained in the
proposal form which is filled by the proposer and submitted to an insurer.
Note: offer is an expression of willingness to contract on certain terms.
b. Offeror: This is the party making the offer. This is the person or company
that has ownership in some form of the goods or services being offered.
c. Offeree: This is the person or company willing to pay the other party
some form of compensation in order to use or acquire ownership of the
goods and/or services.
d. Acceptance: This states that acceptance comes from the insurer.
Acceptance is the final agreement of both parties to consent to the terms of
the offer.
e. Intention to create legal obligation: This states that the insurer and
the insured must exhibit a mutual intention to create a legal relationship
between themselves within the period of negotiation of the contract and the
exchange of offer and acceptance.
f. Legality of the object : This explains that the object to be insured in a
contract of insurance must be legal and not against public policy (law).
g. Consideration: This implies something valuable given as recompense for
a promise, which causes the promise to become binding as a contract. The
consideration is the premium paid by the insured to the insurance
company.
EVALUATION: 1. Discuss the parties to an insurance contract
CLASSWORK: As in evaluation
CONCLUSION: The teacher commends the students positively