Lesson Notes By Weeks and Term - Senior Secondary 2

Insurance broker

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Term – 3rd Term

Week: 12

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Insurance

Topic:-       Insurance Broker

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

  1. Define insurance broker
  2. State the functions/duties of insurance brokers

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 risk management

Students pay attention

STEP 2

EXPLANATION

He defines insurance broker 

 

 

Students pay attention and participates

STEP 3

DEMONSTRATION

He states the duties/functions of insurance brokers

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 BROKERS
An insurance broker is a professional who represents consumers in their search for the best policy for their needs.

Brokers work closely with their clients to research the client’s needs. The broker examines the terms and conditions of several options, and recommends an insurance policy that best suits the client’s needs at the best price.

An insurance broker is a professional who offers, negotiates, and sells policies. He acts as intermediary between insurers and customers and receives compensation.

 

Functions/duties of insurance broker 

  1. An important role of brokers is to help insurers to assess the types of risks they face. Risks include natural hazards such as bad weather, hurricanes, tornadoes, fires, and floods. At the same time, brokers act on behalf of and in the interest of customers.
  2. They do comparison shopping to find the best deals and offer policies from more than one insurance company.
  3. Brokers also help their clients to outline risk management strategies, which are suitable for their profile. For instance, they may have to install lock technologies, home security systems, surveillance cameras, and fencing to prevent burglary.
  4. Insurance brokers consult clients and gather information for them. This is important as to· understand their specific needs.
  5. They negotiate with insurance companies to be able to offer the best terms and premiums to clients.

6.They also advise clients on how to reduce their car insurance premiums. This may involve lowering coverage on old trucks and vehicles, raising the deductible, using one insurer only, and other strategies. In addition to advising clients, brokers handle policy renewals and amend policies, if required. 

  1. They maintain relationships with engineers, photographers, surveyors, financial· institutions, and insurance companies. Thus they can act on behalf of clients and deal with administrative tasks such as correspondence with insurers and other professionals, paperwork, etc.
  2. They also process accounts, collect premiums, and keep up with new trends and changes in the industry.
  3. They offer a wide array of services such as claims assistance, consulting services, and resolving benefit issues.
  4. They also help clients to stay updated on legislative and regulatory changes.

EVALUATION:    1. Define insurance broker

  1. State four functions/duties of insurance brokers

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively