Lesson Notes By Weeks and Term - Senior Secondary 2
Life insurance
Life insurance
Term – 3rd Term
Week: 4
Class: Senior Secondary School 2
Age: 16 years
Duration: 40 minutes of 2 periods each
Date:
Subject: Insurance
Topic:- Life assurance
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 insurance market |
Students pay attention |
|
STEP 2 EXPLANATION |
He defines life assurance and lists the types of life assurance
|
Students pay attention and participates |
|
STEP 3 DEMONSTRATION |
He mentions and explains the essential features of life assurance |
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
LIFE ASSURANCE
Life assurance is a form of insurance that deals with insurance of human life either in death, retirement, disability, etc.
Types of life assurance
Essential features of life insurance
a.) Long term contract: Life assurance policies are generally for a long period until the death of the life assured or maturity date.
b.) Level of premium: The premium charged in life assurance is low throughout the duration of the policy. This is payable monthly, quarterly, half yearly or yearly. Note: The premium is charged at the inception of the policy considering the age of the life assured.
c.) Surrender value: In life assurance, the policy holder can request for the policy to be surrendered where the premium payable ceased. This is where the life assured is finding it difficult to pay the premium as agreed. This may be due to loss of job.
Note: Surrender value is the amount that a policyholder receives from the life insurer when he or she decides to terminate a policy before its maturity period.
d.) Paid-up policies: In life assurance, it is possible for premium payable to stop and the policy still continues. The insurance company pays the premium on behalf of the policyholder which will be deducted along with interest when the policy matures.
e.) Participation with profit: In life assurance, there are some policies that can share part of any profit made by the assurance company.
f.) State recognition: Life assurance policies are legally acceptable.
g.) Loan: In life assurance, it is possible to grant loan to the policy holder but this limited to the amount of surrender value payable with interest fixed by the assurance company.
h.) Days of grace: In life assurance, extra period are given to the life assured after he (the policy holder) has failed to pay the premium when due.
Note: Days of grace: This is the period for which the life assured is expected to forward to the life officer after he (the policy holder) has failed to pay the premium when due. Monthly payment: 14 days; Other modes of payment: 30 days.
i.) Investment: In life assurance, the premium received from various policy holders (called life fund) are wisely invested in companies to ensure good returns on investment to be able to meet their future liabilities as well as creating income for the company.
j.) Issued in the name of the policyholder: Life insurance plans are issued only in the name of the policyholder.
EVALUATION: 1. Define life assurance
CLASSWORK: As in evaluation
CONCLUSION: The teacher commends the students positively