Lesson Notes By Weeks and Term - Senior Secondary 2

Life insurance

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Term – 3rd 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

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

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively