Lesson Notes By Weeks and Term - Senior Secondary School 3

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  4. Agricultural insurance II

Term: 1st Term

Week: 5

Class: Senior Secondary School 3

Age: 17 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:    Agriculture

Topic:-      Agricultural insurance II

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

  1. Define insurance premium and indemnity
  2. State the types of agricultural policies for agricultural production
  3. Discuss some of the problems of agricultural insurance

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 Capital market

Students pay attention

STEP 2

EXPLANATION

She explains the meaning of agricultural insurance

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She states the importance of agricultural insurance.

She further explains some common agricultural risks encountered by farmers

 

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

AGRICULTURAL INSURANCE

Agricultural Insurance premium is a policy which involves the insured (farmer) paying a little sum (premium), usually in percentage to an insurance company (insurer) to guarantee against loss due to any of the perils (death, flood, drought etc) covered for a particular period of time.

Indemnity is the mode of compensation that the insurer employs to (honor the agreement they had) put the insured back to his position before the loss.

 

TYPES OF AGRICULTURAL POLICIES FOR AGRICULTURAL PRODUCTION

  1. Specific enterprise insurance: this is an insurance policy that covers a particular farming enterprise. It protects the farmer against any form of loss due to disasters or calamity. It is further divided into
  2. Crop insurance: this is purchased by crop farmers, ranchers and anyone whose enterprise is based on crop product to protect themselves against loss of crop due to natural disasters such as flood, drought, and convulsion of nature (earth quakes, volcanic eruptions, pest and disease) or from malicious damages. The policy maybe to protect against a particular peril or collection of perils or all.
  3. Livestock insurance: to protect animal farmers and their allies against foreseeable and unforeseen disasters. It also gives the insurance industry the opportunity to make meaningful entry into the rural areas.
  4. Farmer’s vehicle insurance: this Insurance covers machineries used on the farm such as tractors, harvesters, pumps, wind mill etc. The premium rates in some countries are determined by motor insurance tariff.
  5. Life assurance: this is insuring human life in the event of death, accidents, retirement or disability. The policy holders are assured that in the event of any of the above, financial compensation will be paid to their dependents or to them as the case maybe.

 

PROBLEMS OF AGRICULTURAL INSURANCE

  1. Lack of skilled personnel both at managerial and operational level
  2. Lack of awareness of benefit of insurance in other to convince farmers of the benefits.
  3. Uncertain weather conditions
  4. Limited capacity of insurance businesses to assume risks
  5. Illiteracy and conservatism of farmers in rural areas.

 

EVALUATION:   1. Define insurance premium and indemnity

  1. State the types of agricultural policies for agricultural                              production
  2. Discuss some of the problems of agricultural insurance

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively