Lesson Notes By Weeks and Term - Senior Secondary 2

Insurance market I

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Term – 3rd Term

Week: 2

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Insurance

Topic:-       Insurance market I

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

  1. Define insurance market
  2. Discuss the components of insurers market(buyers and sellers)
  3. State the classes of insurance companies

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 machinery breakdown insurance

Students pay attention

STEP 2

EXPLANATION

He defines insurance market

 

 

Students pay attention and participates

STEP 3

DEMONSTRATION

He discusses the components of insurance markets(buyers and sellers).

He further states the classes of insurance companies

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 MARKET

Insurance market refers to the facilities that are available for placing of insurance and it is made up of the insuring public (buyers of insurance), the insurance company (sellers of insurance) and the insurance intermediaries (agents and brokers).

The market of insurance product is mostly made possible through the assistance of insurance intermediaries whose main duty is to bring the sellers (insurance companies) and the buyers (insuring public) of insurance policies into contractual relationship.

It can also refers to the various mechanism through which insurance buyers, sellers and intermediaries come together to transact insurance business. Although, insurance buyers may go to the office of the insurance company to transact insurance business, it is not necessary that they must meet at their offices or any physical location.

 

COMPONENT OF INSURANCE MARKET

The following are the participant or people that make up the components of the insurance market.

  1. Buyers: The buyers are the people ( individuals, corporate bodies business institution, government) who seek for insurance on their various insurable risks from the insurance companies, the buyers of insurance product can be referred to as the insured or the insurance policy.
  2. Sellers: The sellers are the insurance companies who provide the insurance needs of the insuring public. The insurance companies may also be referred to as the insurance or underwriting forms.

Insurance companies may be primarily classified into two.

  1. a) the specialist insurance companies: these are the insurance companies that only operate a particular line of insurance business.
  2. b) the composite insurance companies: they operate all the lines of insurance businesses.

EVALUATION:    1. Define insurance market

2. Discuss the components of insurance markets under these headings

  1. buyers
  2. sellers

3. What are the classes of insurance companies we have?

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively