Insurance Scheme Pension Scheme Health Insurance Scheme Benefits of Insurance Business Studies JSS 2 Third Term Lesson Notes Week 2

Subject : 

Business Studies

Term :

Third Term / 3rd Term

Week:

Week 2

Class :

JSS 2./ Basic 8

 

Previous lesson : 

The pupils have previous knowledge of

Printer’s correction signs. proof readers marks and signs Identification

that was taught in their previous lessons

Topic :

Insurance Scheme Pension Scheme Health Insurance Scheme Benefits of Insurance Business Studies JSS 2 Third Term Lesson Notes Week 2

Content

Topic: Insurance Schemes and Benefits

Today, we will be discussing three important concepts related to finance and risk management: Insurance Scheme, Pension Scheme, and Health Insurance Scheme. Understanding these concepts is crucial as they play a significant role in our lives. Let’s dive into the details:

1. Insurance Scheme:
– Definition: An insurance scheme is a contract between an individual or an organization (the insured) and an insurance company (the insurer). It provides financial protection against potential losses or damages in exchange for regular premium payments.
– Types of Insurance Schemes:
a. Life Insurance: Provides financial support to the family or beneficiaries of the insured person in case of their death.
b. Property Insurance: Covers losses or damages to property caused by theft, fire, natural disasters, etc.
c. Health Insurance: Offers coverage for medical expenses and treatments.
d. Auto Insurance: Provides protection against damages to vehicles or injuries caused by accidents.
e. Travel Insurance: Covers unforeseen events during domestic or international travel, such as trip cancellations, medical emergencies, or lost baggage.

2. Pension Scheme:
– Definition: A pension scheme is a financial arrangement that helps individuals save money during their working years to secure a regular income after retirement.
– How it Works:
a. Employees contribute a portion of their salary to the pension scheme.
b. The accumulated funds are invested by the pension scheme provider to generate returns over time.
c. Upon retirement, individuals receive regular pension payments, ensuring financial stability during their non-working years.
– Benefits of a Pension Scheme:
a. Financial Security: It helps individuals maintain their standard of living and meet expenses after retirement.
b. Tax Benefits: Contributions to a pension scheme may offer tax advantages, reducing the tax burden on individuals during their working years.
c. Employer Contributions: In some cases, employers also contribute to their employees’ pension schemes, augmenting the retirement savings.

3. Health Insurance Scheme:
– Definition: A health insurance scheme is designed to cover medical expenses, providing individuals with financial protection against healthcare costs.
– Features of Health Insurance Scheme:
a. Premiums: Individuals pay regular premiums to the insurance provider.
b. Coverage: Health insurance policies typically cover hospitalization expenses, doctor consultations, surgical procedures, and prescribed medications.
c. Network Providers: Health insurance schemes often have a network of healthcare providers, such as hospitals and clinics, where policyholders can receive treatment.
d. Co-payments and Deductibles: Some policies may require individuals to share a portion of the healthcare costs through co-payments or deductibles.
– Benefits of Health Insurance Scheme:
a. Affordability: Health insurance helps mitigate the financial burden of expensive medical treatments.
b. Access to Quality Healthcare: Individuals with health insurance can access a wide network of healthcare providers, ensuring timely medical attention.
c. Preventive Care: Many health insurance schemes cover preventive services like vaccinations and health check-ups, promoting overall well-being.

4. Benefits of Insurance:
– Risk Mitigation: Insurance provides financial protection against unexpected events or losses, minimizing the impact on individuals’ or businesses’ finances.
– Peace of Mind: Knowing that you are covered by insurance can provide a sense of security and peace of mind, reducing stress.
– Business Continuity: Insurance enables businesses to recover and resume operations in case of unforeseen events like fire, theft, or natural disasters.
– Economic Stability: Insurance contributes to the overall stability of the economy by absorbing financial shocks and facilitating investment and growth.

Evaluation

1. An insurance scheme is a contract between the insured and the __________.

a) Government

b) Insurance company

c) Employer

 

2. Which type of insurance scheme provides coverage for medical expenses?

a) Life insurance

b) Property insurance

c) Health insurance

 

3. A pension scheme helps individuals save money for __________.

a) Buying a car

b) Starting a business

c) Retirement

 

4. Employees contribute a portion of their salary to a pension scheme for __________.

a) Tax benefits

b) Social recognition

c) Financial security after retirement

 

5. Which insurance scheme provides financial support to the family or beneficiaries of the insured person in case of their death?

a) Life insurance

b) Auto insurance

c) Travel insurance

 

6. Health insurance schemes often have a network of __________ where policyholders can receive treatment.

a) Supermarkets

b) Schools

c) Healthcare providers

 

7. The purpose of insurance is to provide financial protection against __________.

a) Good luck

b) Unexpected events or losses

c) Government regulations

 

8. Insurance contributes to the stability of the economy by __________.

a) Increasing taxes

b) Reducing investment opportunities

c) Absorbing financial shocks

 

9. Premiums are regular payments made by individuals to the __________.

a) Insurance provider

b) Government agency

c) Pension scheme

 

10. Which benefit of insurance ensures that businesses can recover and resume operations after unexpected events?

a) Risk mitigation

b) Peace of mind

c) Economic stability

 

 

Lesson Plan Presentation

 

Subject: Business Studies

Class: JSS 2

Topic: Insurance Scheme, Pension Scheme, Health Insurance Scheme, Benefits of Insurance

 

Duration: 1 hour

 

Learning Objectives:

1. Understand the concepts of insurance scheme, pension scheme, and health insurance scheme.

2. Identify the different types of insurance schemes and their purposes.

3. Recognize the benefits of insurance in personal and business contexts.

4. Develop an awareness of the importance of financial planning and risk management.

 

Embedded Core Skills:

1. Critical thinking and analysis

2. Communication and presentation skills

3. Problem-solving and decision-making

4. Numeracy and financial literacy

 

Materials:

1. Whiteboard and markers

2. Chart paper and markers

3. Handouts on insurance schemes and benefits

4. Case studies/examples related to insurance schemes

 

Teacher’s Activities:

1. Introduction (5 minutes):

a. Greet the students and briefly explain the objectives of the lesson.

b. Engage the students in a class discussion by asking them questions like: “Have you heard about insurance before? What do you think it means?”

 

2. Presentation on Insurance Scheme (15 minutes):

a. Define insurance scheme and provide examples of different types of insurance schemes.

b. Explain the purpose and benefits of insurance schemes using real-life scenarios and case studies.

c. Discuss the concept of premiums, coverage, and claims process in insurance schemes.

d. Highlight the importance of insurance in managing risks and promoting financial security.

 

3. Presentation on Pension Scheme (10 minutes):

a. Define pension scheme and explain its purpose in providing financial security during retirement.

b. Discuss the concept of employee contributions, employer contributions (if applicable), and the role of pension scheme providers.

c. Highlight the benefits of a pension scheme, including tax advantages and employer contributions.

 

4. Presentation on Health Insurance Scheme (10 minutes):

a. Define health insurance scheme and explain its importance in covering medical expenses.

b. Discuss the features of health insurance schemes, such as premiums, coverage, network providers, and co-payments/deductibles.

c. Highlight the benefits of health insurance, including affordability, access to quality healthcare, and preventive care.

 

Learners Activities:

1. Take notes during the teacher’s presentation.

2. Participate in class discussions and ask questions for clarification.

3. Engage in group activities and case studies to analyze and understand insurance schemes and benefits.

4. Share personal experiences or examples related to insurance schemes and their significance.

 

Assessment:

1. Class Participation: Monitor students’ active participation in discussions and group activities.

2. Question and Answer Session: Pose questions related to the lesson content to assess students’ understanding.

3. Group Activities: Evaluate group work and presentations based on accuracy, critical thinking, and communication skills.

 

Ten Evaluation:

1. Provide students with a worksheet containing multiple-choice questions related to insurance schemes, pension schemes, and health insurance schemes.

2. Assign a short written essay where students describe the benefits of insurance in personal and business contexts.

3. Conduct a role-play activity where students act as insurance agents and customers, demonstrating their understanding of insurance schemes and their benefits.

 

Conclusion:

1. Summarize the key points discussed in the lesson, emphasizing the importance of insurance schemes, pension schemes, and health insurance schemes in personal and business life.

2. Reinforce the benefits of insurance, such as risk mitigation, financial security, and economic stability.

3. Encourage students to explore further resources and engage in real-life examples to deepen their understanding of the topics covered.

 

Note: Adjust the duration of each activity according to the pace of the class and allow for flexibility to accommodate additional questions or discussions that may arise during the lesson.

 

Homework

1. Which of the following is NOT a type of insurance scheme?

a) Life insurance

b) Property insurance

c) Education insurance

 

2. A pension scheme helps individuals save money for __________.

a) Buying a car

b) Starting a business

c) Retirement

 

3. Which insurance scheme provides coverage for medical expenses?

a) Life insurance

b) Property insurance

c) Health insurance

 

4. Premiums are regular payments made by individuals to the __________.

a) Insurance provider

b) Government agency

c) Pension scheme

 

5. An insurance scheme is a contract between the insured and the __________.

a) Government

b) Insurance company

c) Employer

 

6. Which benefit of insurance ensures that businesses can recover and resume operations after unexpected events?

a) Risk mitigation

b) Peace of mind

c) Economic stability

 

7. Which insurance scheme provides financial support to the family or beneficiaries of the insured person in case of their death?

a) Life insurance

b) Auto insurance

c) Travel insurance

 

8. Health insurance schemes often have a network of __________ where policyholders can receive treatment.

a) Supermarkets

b) Schools

c) Healthcare providers

 

9. The purpose of insurance is to provide financial protection against __________.

a) Good luck

b) Unexpected events or losses

c) Government regulations

 

10. Which benefit of insurance ensures individuals have access to quality healthcare and can afford medical treatments?

a) Risk mitigation

b) Financial security

c) Preventive care

 

Note: Please note that these questions are for educational purposes only and may need to be reviewed and adjusted to align with the specific curriculum and learning objectives of the Lagos State JSS 2 Business Studies class.

 

 

What is NHIS

NHIS stands for the National Heal Insurance Scheme. It is a government-led healthcare financing program implemented in several countries, including Nigeria. The NHIS in Nigeria was established by the National Health Insurance Scheme Act of 1999 and is regulated by the National Health Insurance Scheme Council.

 

The primary goal of the NHIS is to provide accessible and affordable healthcare services to all Nigerians. It aims to protect individuals and their families from the financial burden of high medical expenses by providing them with health insurance coverage. The NHIS operates on the principle of pooling funds from various sources, such as contributions from individuals and employers, and using those funds to provide healthcare services to beneficiaries.

 

Under the NHIS, individuals and families can enroll in a health insurance scheme and pay regular premiums. These premiums contribute to a pool of funds that are used to cover the cost of healthcare services when the insured individuals need medical treatment. The NHIS provides coverage for a wide range of healthcare services, including hospitalization, consultations, laboratory tests, surgeries, and medications, among others.

 

The NHIS also works with healthcare providers, including hospitals, clinics, and pharmacies, to ensure that beneficiaries have access to quality healthcare services within a network of accredited healthcare facilities. By establishing partnerships with healthcare providers, the NHIS aims to improve the overall quality of healthcare and ensure that beneficiaries receive timely and appropriate medical care.

 

The NHIS has played a significant role in expanding access to healthcare services in Nigeria, particularly for vulnerable populations who may not have been able to afford medical care otherwise. It promotes the principles of equity, solidarity, and social health insurance to achieve its objective of universal health coverage for all Nigerians.

 

Evaluation

1. What does NHIS stand for?

a) National Health Insurance Service

b) National Health Insurance System

c) National Health Insurance Scheme

 

2. The NHIS is a government-led program that aims to provide __________.

a) Accessible and affordable healthcare services

b) Free healthcare services to all citizens

c) Exclusive healthcare services for the wealthy

 

3. The NHIS operates on the principle of pooling funds from various sources to __________.

a) Generate profits for the government

b) Cover the cost of healthcare services

c) Fund medical research initiatives

 

4. Individuals and families can enroll in the NHIS by paying __________.

a) Taxes to the government

b) Premiums for health insurance coverage

c) Fees for medical consultations

 

5. The NHIS provides coverage for a wide range of healthcare services, including __________.

a) Only emergency treatments

b) Hospitalization, consultations, and medications

c) Cosmetic surgeries and elective procedures

 

6. Accredited healthcare facilities that work with the NHIS are called __________.

a) Insurance agencies

b) Preferred providers

c) Healthcare regulators

 

7. The NHIS promotes the principles of equity, solidarity, and __________.

a) Individualism

b) Competition

c) Social health insurance

 

8. The NHIS aims to achieve __________ for all citizens.

a) Universal health coverage

b) Privatized healthcare services

c) Selective medical treatment

 

9. The NHIS plays a significant role in expanding access to healthcare services, particularly for __________.

a) Wealthy individuals

b) Rural populations

c) Foreign nationals

 

10. The NHIS is regulated by the __________.

a) National Health Insurance Service Council

b) Ministry of Finance

c) World Health Organization

 

Note: Please note that these questions are for educational purposes only and may need to be reviewed and adjusted to align with the specific  curriculum and learning objectives of your class.

 

The official website typically has a URL that starts with “www.nhis.gov.ng“.