Lesson Notes By Weeks and Term - Senior Secondary 1

Cover note

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Term – 2nd Term

Week: 10

Class: Senior Secondary School 1

Age: 15 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Insurance

Topic:-       Cover note

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

  1. Define cover note
  2. Highlight the features and information covered in a cover note
  3. State the contracts where cover notes are used

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

INSTRUCTIONAL MATERIALS: Videos, loudspeaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher reviews the previous lesson on insurance proposal form

Students pay attention

STEP 2

EXPLANATION

He defines cover note and highlights the features and information covered in a cover note

 

 

Students pay attention and participates

STEP 3

DEMONSTRATION

He states the contracts where cover notes are used

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

COVER NOTE

Cover note is a temporary document effectively constituting a temporary policy.

A cover note is a temporary document issued by insurance companies to their clients to serve as an evidence that insurance cover is in place for the risk, pending when the full details of the contract will be made available to the clients in a document called the policy.

It is accepted for a limited period of time (15days to 30 days) and may sometimes be referred to as a Temporary Certificate of Insurance. It is used by the insured to provide temporary cover while the details of the risk are being processed.

Note: if the insurer eventually did not take the risk, then the temporary cover will have to be withdrawn. If a loss occurs during the use of the cover note, the insurer will be liable unless special term have been included in the cover.

 

Features of cover note

  1. It is a temporary certificate of insurance.
  2. It can only be issued twice within any policy year before the permanent document is ready.
  3. It cannot be back dated.
  4. It must be properly signed by the responsible officers of the insurance company issuing it.

Information contained in a cover note

The information on the cover note include: 

  1. Name of insured
  2. Address of the insured
  3. Location of the proposed risk
  4. Type of cover granted
  5. The type of peril covered
  6. The date and time of commencement of cover
  7. The registration number of vehicle (for motor insurance)
  8. The terms and conditions of the insurance contract
  9. The use to which the proposed risk will be put.

Note: The statement is accompanied by an authorized signature of the authorized officer of the insurer or of the signature of the broker where it is issued by a broker.

 

Contracts where cover notes are used

It is mainly used in general insurance business such as motor, fire, marine insurance, employers’ liability insurance, goods in transit and burglary. Circumstances where a cover note is useful

1.It is used where it may take time to prepare the permanent certificate of insurance and or the policy document.

2.Where the insurance company wishes to investigate the risk before issuing the policy document.

Note: Cover notes are not to be back dated; it must reflect the actual date and the time of issue which must be clearly shown. It is not feasible to issue a policy document once the proposal form had been completed.

EVALUATION:    1. Define cover note

  1. Outline the features and the information covered in a cover note
  2. State the contracts where cover notes are used

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively