Lesson Notes By Weeks and Term - Senior Secondary 2

Term – 3^rd Term

Week: 5

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

1. State reasons why a life assurance policy may be taken
2. Differentiate between blood relationship and financial relationship
3. Discuss the concept of financial relationship in life assurance

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 life assurance	Students pay attention
STEP 2 EXPLANATION	He states and explains reasons why a life assurance policy may be taken He differentiates between blood relationship and financial relationship	Students pay attention and participates
STEP 3 DEMONSTRATION	He discusses the concept of financial relationship in 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

THE REASONS WHY A LIFE ASSURANCE POLICY MAY BE TAKEN

1. It is a useful way of providing for funeral and death expenses.
2. It is a useful way of providing for the welfare of the assured’s dependants after his death.
3. The life assurance policy can be used as collateral for obtaining a bank loan.
4. To provide for a lump sum on retirement and a saving for the future.
5. To provide for loan repayment in the events of death.
6. It provides for the repayment of capital on a partner’s death.
7. Life assurance makes provision for permanent disability.

 

DIFFERENCES BETWEEN BLOOD RELATIONSHIP AND FINANCIAL RELATIONSHIP

Blood relationship	Financial relationship
It is a tie that exists between individuals who are descended from the same person/common forebear	. This is a relationship that exists when an insured person derives a financial benefit or other kinds of benefit from the continuous existence of the insured object

 

CONCEPT OF FINANCIAL RELATIONSHIP IN LIFE ASSURANCE 

• A person has an unlimited insurance interest on his life i.e. there is no restriction regarding the insurable interest in one’s life although it will be determined by the ability to afford the premium.
• Blood relationship between the parents and the children does not constitute the right to insurable interest in each other’s life.
• A person who is married has an interest on his or her spouse.
• Wife can affect policy on the life of her husband and husband can also affect policy on the life of his wife.

EVALUATION:    1. State four reasons why a life assurance policy may be taken

2. Differentiate between blood relationship and financial relationship
3. Write short notes on the concept of financial relationship in life assurance

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively