Lesson Notes By Weeks and Term - Senior Secondary 3
Insurance terminologies III
Insurance terminologies III
Term – 1st Term
Week: 10
Class: Senior Secondary School 3
Age: 17 years
Duration: 40 minutes of 2 periods each
Date:
Subject: Insurance
Topic:- Insurance terminologies III
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 terminologies |
Students pay attention |
|
STEP 2 EXPLANATION |
He lists some insurance terminologies
|
Students pay attention and participates |
|
STEP 3 DEMONSTRATION |
He explains the meaning of the insurance terminologies |
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 TERMINOLOGIES
1. Subject matter of insurance
This refers to a physical object. It could be a property or an event that may result in a loss of a legal right or creation of a legal liability.
This states that essence of a contract of insurance is to secure the payment of money or render some other benefits in the occurrence of the insured event. Therefore money is primarily the subject matter of contract. 3. Under-insurance
This implies inadequate insurance coverage by the insured. In the event of a claim, underinsurance may result to the insured contributing to part of the claim.
This refers to a portion of the premium returned to a policy owner as a result of cancellation, rate adjustment, or a calculation that an advance premium was in excess of the actual premium.
This covers physical damage to the airplane. Hull damage A hull failure is a failure in the main body of the vessel which protects her inside from water ingress or structural damage. A loss of hull's integrity may be caused by corrosion of vessel's hull, or by fracture due to overload or as a result of an accident such as collision, contact or grounding.
This is a common type of insurance that covers the owners of watercraft or aircraft against loss resulting from damage to their craft.
This is an insurance cover that provides coverage in the event a corporation becomes legally liable for bodily injury (including passengers) and property damage to third parties as a result of a loss involving a corporation's or employee's use of a non-owned aircraft.
This is the amount an insured will pay in the event of loss to the hull, machinery and equipment. Some boat insurance companies will use flat deductible amounts while others will use a percentage of the boat value.
This is a type of coverage that has an agreed upon amount that the owner will receive should something happen to their boat. ... Consumer can receive the total value of the boat back when their claim is approved.
This is found in maritime insurance policies and provides coverage for the ship's hull from loss or damage caused by machinery. The Inchmaree clause, also called the negligence clause, covers damage that is caused by the negligence of ship personnel, such as engineers and captains, when navigating.
This arises where the same party is insured with two or more insurers in respect of the same interest on the same subject matter against the same risk and for the same period of time.
This is a part of the ocean marine insurance policy that states that if a ship (vessel) collides with another ship due to the negligence of both, owners and shippers of both vessels must share in the losses in proportion with the monetary values of their cargo and interests.
EVALUATION: 1. Write short notes on:
CLASSWORK: As in evaluation
CONCLUSION: The teacher commends the students positively