Lesson Notes By Weeks and Term - Senior Secondary 2
Fidelity guarantee insurance
Fidelity guarantee insurance
Term – 1st Term
Week: 9
Class: Senior Secondary School 2
Age: 16 years
Duration: 40 minutes of 2 periods each
Date:
Subject: Insurance
Topic:- Fidelity guarantee Insurance I
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 money insurance |
Students pay attention |
|
STEP 2 EXPLANATION |
He defines fidelity guarantee insurance and lists the people covered by fidelity guarantee insurance
|
Students pay attention and participates |
|
STEP 3 DEMONSTRATION |
He states and explains the types of policies under fidelity guarantee 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
FIDELITY GUARANTEE INSURANCE
Fidelity is the act of faithfulness, loyalty and accuracy.
Fidelity guarantee insurance is a policy against fraudulent act or dishonesty
or disloyalty of a person holding position of trust in an organization.
Fidelity guarantee insurance is a form of insurance that provides coverage
against any direct financial loss sustained by the employer through acts of
fraud, dishonesty, forgery or theft, committed by employees in connection
with their occupation and duties.
FGI can also be known as first-party fraud, theft or employee dishonesty
cover.
People covered by fidelity guarantee insurance
TYPES OF COVER /POLICIES IN FIDELITY GUARANTEE INSURANCE
(A.) Commercial guarantee: i.) Individual policy ii.) Collective policy (a) Named collective policy (b) Unnamed collective policy (B.) Blanket policy (C.) Bonds
A.) Commercial guarantee
This is a policy that provides the employers with compensation for direct
losses sustained through the act of dishonesty of an employee in the
course of his employment.
i.) Individual policy: This is based on the employer’s name for stated
amount.
ii.) Collective policy: This is based on more than one employee it could be:
iii.) Named collective policy: The names, duties and guaranteed employees
are clearly stated along with the amount to be guaranteed.
iv.) Unnamed collective (position) policy: Employees are covered on
category basis e.g. manager, cashier etc.
B.) Blanket policy:
This is a policy where cover granted is either for all listed categories of
employees or staff members on the payroll of the insured without showing
the names and positions of employees.
C.) Bonds:
This is a form of guarantee that a specific performance will be done. Bond
is an undertaking by one party called guarantor that incase another party
fails to perform his duties properly he the guarantor will be responsible.
The types of Bonds are:
i.) Government bond: This is a bond that guarantees compensation of
revenue lost due to improper use dutiable articles or liquids non – payment
of duties e.g. customs and excise bond.
ii.) Local Government bond: This is a bond that guarantees the employers
under the service of local government for loss of money or other properties
belonging to the local government or in their custody which they are legally
responsible for, and which they must have lost due to act of dishonesty or
fraud committed on their own within the period of insurance while in
service.
iii.) Court bond: This is a bond that is requested for by court for those
officers to be entrusted with the property of an individual pending the
determination of the investigation. Examples are cases involving the
property of mentally retracted persons
EVALUATION: 1. Define fidelity guarantee insurance
CLASSWORK: As in evaluation
CONCLUSION: The teacher commends the students positively