Lesson Notes By Weeks and Term - Senior Secondary 2

Term – 1^st Term

Week: 4

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Insurance

Topic:-       Theft insurance II

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

1. State the limitations of theft insurance
2. Outline the conditions the insurance provider can invalidate claim
3. List the types of properties theft insurance covers

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

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

NOTE

THEFT INSURANCE

The limitations of Theft Insurance

1. Cash
2. Precious metals like silver, gold, etc
3. Items that your family members loot
4. Share certificates
5. Things that your employees loot
6. Items that were stolen by housemaids
7. Theft during wars, riots, natural calamities, strikes and terrorist activities

The insurance provider can invalidate claim under the following conditions:

1. Theft that was conducted on a property that was left unattended.
2. If the theft was conducted on a property that was not properly locked.
3. A property where security is not maintained.
4. Forged theft to claim benefits from a theft insurance policy.

THEFT INSURANCE IN BUSINESS

Theft insurance policy covers the content the content of the building as well

as damage done to the building while perpetrating theft. Theft insurance

cover these properties:

I. Damage to the building insured is covered apart from the actual loss.

This includes damage done by thieves to the premises and fixtures/fittings

therein.

II. The insurers liability is in respect of loss or damage by theft to the

property insured actually within the building specified in the policy. Goods

temporarily removed or in the open yard will only be considered if these are

endorsement or noting them into the policy.

III. The policy covers attempted theft i.e. the lost caused by the intrusion of

thieves which may prove unsuccessful.

IV. Cash, bank notes, and other forms of money are normally excluded

under the money policy. Likewise claims in respect of computer systems,

records which fall under electronic equipment/computer policy are

excluded.

V. Under this policy, the principle of utmost good faith is particularly

relevant, more so that theft itself is an act of dishonesty. The unusual

should not in any way knowingly cooperate in the stealing of his own

property in order to protect himself from blackmail, extortion except under

form of direct physical threat or violence.

VI. A theft policy is purely for indemnity. It ls to indemnify the insured

against loss and not to pay the sum insured automatically when a valid

claim is presented. In vast majority of theft claims, fraud under insurance is

detected and in order to protect themselves, the condition of average is

included in theft insured policies by insurers.

EVALUATION:    1. State four limitations of theft insurance

2. What conditions can invalidate an insurance claim?
3. State three types of properties theft insurance policy covers

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively