Lesson Notes By Weeks and Term - Senior Secondary 2

Life insurance

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Term – 3rd Term

Week: 7

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 the uses of life insurance to individuals
  2. State the benefits of life insurance to the society

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 the uses of life insurance to individuals

 

 

Students pay attention and participates

STEP 3

DEMONSTRATION

He states the benefits of life insurance to the society

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

USES OF LIFE INSURANCE TO INDIVIDUALS

  1. Provision of education funds for children: life insurance proceeds can ensure that the education costs of the insured’s children are covered.
  2. Investment: a life policy is a combination of protection and investment which serves a useful purpose.
  3. Collateral security: A life insurance policy increases the creditworthiness of the assured person for repayment of credits if he dies.
  4. Protection: It provides protection for individual’s confidence to transfer risk to insurance company.
  5. Mortgage protection: The proceeds of a life assurance policy can pay off the balance of a mortgage or provide an income stream to pay monthly mortgage or rent payments.
  6. Income replacement: In the event of an individual’s death, life insurance proceeds can provide a supplemental income stream to ensure that the surviving family members are able to maintain the same standard of living.

BENEFITS OF LIFE INSURANCE TO THE SOCIETY

  1. Employment Opportunities: Insurance companies have provided jobs for thousands of people. The offices are run by human beings.
  2. Promotion of savings

Life assurance promotes savings by making it compulsory and it has a beneficial effect, saving is a device for preparing for lean times in the future.

  1. Income and profits to the shareholders

Insurance companies also invest in shares and other safe securities (less risky securities). These profits are given as dividend to the company as a proof of successful business activities.

  1. Source of credit

A life insurance policy increases the credit worthiness of the assured person because it can provide funds for repayment if he dies.

  1. Provision of welfare and social benefits

The core benefit of life assurance is to protect the financial interest of one’s family in case a policy holder becomes critically ill or is deceased.

  1. Collateral security

Assured person can use the policy as collateral for loan from the bank which in turn increases business activities

EVALUATION:    1. State four uses of life insurance to individuals

  1. State four benefits of life insurance to the society

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively