Lesson Notes By Weeks and Term - Senior Secondary 1
Insurance premium
Insurance premium
Term – 3rd Term
Week: 3
Class: Senior Secondary School 1
Age: 15 years
Duration: 40 minutes of 2 periods each
Date:
Subject: Insurance
Topic:- Insurance premium
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 loss adjuster and loss assessor |
Students pay attention |
|
STEP 2 EXPLANATION |
He defines premium and premium loading
|
Students pay attention and participates |
|
STEP 3 DEMONSTRATION |
He states the factors affecting premium loading in nonlife |
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
INSURANCE PREMIUM
The fixed amount of money paid by the insured to the insurance Company
regularly is called “Premium”.
Insurance Company collects premium to provide security to the purpose.
Therefore an Insurance premium is the amount of money charged by a
company for active coverage.
Insurance premium are usually collected in various schedules. One can opt
to pay it monthly, quarterly, semi yearly or yearly. A policy holder who fail
to make the scheduled payment is in danger of having his Insurance policy
cancelled by the Insurance Company and this is called a “lapsed policy’.
PREMIUM LOADING
Premium loading is an amount an Insurance Company adds to the basic
premium to cover the expenses of security and maintaining the business.
FACTORS AFFECTING PREMIUM LOADING IN NON-LIFE
a. Age: Younger drivers are at greater risk of being involved in an accident.
Frequency of at fault accident declines with age, the improvement peaks
and frequency increases again in advance age.
b. Discounts: Most insurance Companies offer automobile insurance
discounts, though they may vary from company to company.
c. Driving Convictions: This can increase the cost of a driver’s insurance
premium. The better the driving record, the lower the premium. Driving
convictions are categorized as minor, major or criminal code. The
application premium surcharge is dependent on the number and types of
convictions.
d. Gender: female drivers have a lower frequency of collisions.
e. Limits of coverage: There are two types i.e third party liability limit higher
liability limits result in an increase in premium. The second type is
Deductibles this applies to collision, comprehensive and specific perils
coverage represents the amount of a loss for which the policy holder is
responsible before the insurance policy responds.
f. Marital Status: This can affect your insurance premium. This criterion
tends to apply to drivers under the age of 25. Others are:
EVALUATION: 1. Define
2. State and explain three factors affecting premium loading in non-life
CLASSWORK: As in evaluation
CONCLUSION: The teacher commends the students positively