Lesson Notes By Weeks and Term - Senior Secondary School 2

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  4. Insurance I

Term: 2nd Term

Week: 5

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:    Commerce

Topic:-      Insurance I

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

  1. Explain the meaning of Insurance
  2. State the importance of insurance
  3. Discuss the basic principles of insurance

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 the Chamber of Commerce

Students pay attention

STEP 2

EXPLANATION

She explains the meaning of Insurance.

She state the importance of insurance

Students pay attention and participates

STEP 3

DEMONSTRATION

She discusses the basic principles of 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

INSURANCE

Insurance is a contract, represented by a policy, in which a policyholder

receives financial protection or reimbursement against losses from an

insurance company.

 

IMPORTANCE OF INSURANCE

  1. It helps in motivating workers
  2. It leads to risk reduction
  3. It serves as collateral security
  4. It encourages investment
  5. It ensures security of goods
  6. It serves as an employment opportunities
  7. it provides a means of savings

 

BASIC PRINCIPLES OF INSURANCE

  1. Insurable interest :This principle states that a person can insure properties that will bring loss to himself alone and not other person.
  2. Contribution: This principle states that in a situation where a person has insured his property in more than one insurance company he cannot claim compensation from all the insurance company i.e if he has been settle by one of the insurance company he is not entitled to receive compensation from other insurance firm.
  3. Proximate cause :This principle states that there must be a close connection between the loss actually suffered and the risk for which insurance has been taken out.
  4. Subrogation: This principle states that once the insurer has given indemnity for a loss the insurance company can take over the property insured and the right relating to it.
  5. Abandonment : This principle states that a property can be abandoned if the cost of repairing is more than the actual value or if its actual loss is unavoidable
  6. Indemnity : This principle states that the insured should be indemnified to the limit of the amount covered by the policy .it provides that the insured should be adequately compensated.
  7. Utmost Good Faith (uberimae Fides) :This principle states that all relevant information about the property or object must be disclose to the insurance company, this will help the insurer to determine weather to cover the risk or not.

 

EVALUATION:   1. Explain the meaning of Insurance

  1. State the importance of insurance
  2. Discuss the basic principles of insurance

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively