Lesson Notes By Weeks and Term - Senior Secondary 2

Term – 1^st Term

Week: 8

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Insurance

Topic:-       Money insurance II

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

1. Highlight the necessity for money insurance
2. State the benefits of money insurance

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

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

NOTE

MONEY INSURANCE

Necessity For Money Insurance

These are three motives or reason responsible for holding money and they

are:

I. Transitionary motives: people deserve to keep and hold money for day to

day transaction or current expenditure. Households needs to hold money in

other to cater for interval between the receipt of the income and their

expenditure.

II. Precautionary motive: this when people keep money in other to meet up

with unforeseen circumstances or unexpected expenditures. This may

include sickness, unexpected visitor etc. due to uncertainties in life, people

keep money against future emergencies that may require money

expenditures.

III. Speculative motive: this motive is specifically a business motive and

refers to the desire to hold cash balance in other to embark on speculative

dealings in the bond market. Whatever our motives for holding money is,

there are some events that we cannot control like natural disaster, disease,

accident, terrorist attack, theft and unforeseen losses in business are

beyond our optic that can mitigate the impact of such event in our lives

even if one loses his/her life that can provide at least some relief to our

families and dear ones. Whatever happens in the insured’s life the insurer

promises to pay certain amount (claim) to help the insured.

Benefits of having a Money Insurance Policy

Having a Money Insurance Policy is essential to protect you and your

business in case of theft, loss, or accidental damage of your money either

when it’s in a safe or in transit. Here are few benefits of having a money

insurance policy;

1. Protect your money when you are carrying it from your office to the

bank(or any financial institution).

2. In case your business is robbed, and the thief is never found, you can

still get your money back through this insurance.

3. It covers cash and cash equivalents such as bank drafts, currency notes,

treasury notes, cheques, postal orders, money orders and more.

EVALUATION:    1. Explain the three motives responsible for holding money

2. Discuss the three benefits of money insurance

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively