Lesson Notes By Weeks and Term - Senior Secondary 2

Insurance broker II

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Term – 3rd Term

Week: 13

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Insurance

Topic:-       Insurance Broker II

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

  1. Mention and explain the types of insurance brokers
  2. List the key skills for insurance brokers
  3. Highlight the key differences between an agent and a broker

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 insurance broker

Students pay attention

STEP 2

EXPLANATION

He mentions and explains the types of insurance brokers and further lists the key skills for insurance brokers

 

 

Students pay attention and participates

STEP 3

DEMONSTRATION

He highlights the key differences between an agent and a broker

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
Types of Insurance Brokers

  1. Retail insurance brokers are professionals who act on behalf of companies and individuals. They offer policies such as health, travel, home, and car insurance, along with private and public liability and employer’s liability plans.
  2. Commercial insurance brokers specialize in areas such as gas, oil, marine, and aviation and offer complex and high value policies. Commercial insurance policies cover equipment, machinery, and real estate in the event of theft or damage.

 

Key skills for insurance brokers

  1. Confident negotiation skills
  2. Reliability and honesty
  3. Excellent time management
  4. Decision-making
  5. Analytical skills
  6. Accuracy and attention to detail
  7. Interpersonal skills
  8. Verbal and written communication skills

 

The key differences between an agent and a broker

1.Agents represent insurers, while brokers represent consumers.

2.Agents can complete insurance sales (bind coverage), while brokers cannot.

3.Agents also receive appointments to represent one or more insurance companies, but brokers do not. An appointment is a contract an agent and insurer sign that outlines the products the agent can sell and for what commission rates. Brokers, on the other hand, can solicit price quotes from multiple insurers. When consumers are ready to buy, they must obtain a binder directly from an insurance agent or the insurance company

EVALUATION:    1. Mention and explain the two types of insurance brokers

  1. List five key skills for insurance brokers
  2. Highlight three key differences between agent and brokers

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively