Insurance Documents Policy Note, Cover Note, Insurance Certificates, Claim Forms, etc Business Studies JSS 2 Third Term Lesson Notes Week 1

Business Studies

Term :

Third Term / 3rd Term

Week:

Week 1

Class :

JSS 2./ Basic 8

Grade Level: JSS 2 (Junior Secondary School 2)

Subject: Business Studies

Term: Third Term

Week: 1

Previous lesson : 

The pupils have previous knowledge of

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

that was taught in their previous lessons

Duration: 40 minutes

Learning Objectives:

1. Understand the purpose and importance of insurance documents.
2. Identify and differentiate between various insurance documents such as policy note, cover note, insurance certificates, and claim forms.
3. Demonstrate knowledge of the role and significance of premium receipts and endorsements in insurance.

Embedded Core Skills:

1. Critical thinking and analysis
2. Communication and presentation skills
3. Reading comprehension
4. Research and information gathering
5. Problem-solving and decision-making

Learning Materials:

1. Whiteboard/Chalkboard and markers/chalk
2. Visual aids (charts, diagrams, or posters of insurance documents)
3. Handouts containing key information on insurance documents
4. Sample insurance policy documents, cover notes, insurance certificates, claim forms, premium receipts, and endorsements (optional)

Content

Lesson Topic: Insurance Documents

Week 1 Lesson Notes:

1. Introduction to Insurance Documents:
   • Insurance documents are essential paperwork used in the insurance industry to provide evidence of insurance coverage and facilitate the claims process.
   • These documents serve as proof of a contract between the insured (policyholder) and the insurance company.
2. Policy Note:
   • A policy note, also known as a policy document or insurance policy, is a written agreement between the insured and the insurer.
   • It outlines the terms and conditions of the insurance coverage, including the types of risks covered, premium amounts, policy duration, and policy exclusions.
3. Cover Note:
   • A cover note is a temporary document issued by an insurance company to provide immediate insurance coverage while the policy is being processed.
   • It serves as proof of insurance until the formal policy is issued.
   • Cover notes are typically used for short-term insurance policies, such as motor vehicle insurance.
4. Insurance Certificates:
   • Insurance certificates are documents issued by an insurance company to provide evidence of insurance coverage to a third party.
   • These certificates are often requested by individuals or organizations to verify that a particular party has insurance coverage.
   • For example, contractors may need to provide insurance certificates to clients before starting a construction project.
5. Claim Forms:
   • Claim forms are documents used to initiate the claims process when a loss or damage covered by the insurance policy occurs.
   • The insured must complete and submit a claim form to the insurance company, providing details of the incident and supporting evidence.
   • The insurance company uses the claim form to assess the validity of the claim and determine the compensation amount, if applicable.
6. Premium Receipts:
   • Premium receipts are documents issued by the insurance company as proof of payment for insurance premiums.
   • It is important for the insured to keep these receipts as evidence of premium payment, especially when a claim needs to be made.
7. Endorsements:
   • Endorsements are modifications or additions to the original insurance policy that alter the terms or extend the coverage.
   • These changes may include adjustments in premium amounts, changes in policy conditions, or the addition of new coverage options.
   • Endorsements are issued as separate documents and should be kept with the original policy for reference.
8. Importance of Proper Documentation:
   • Insurance documents play a crucial role in the insurance process, providing evidence of coverage and facilitating the claims process.
   • It is essential to keep these documents safe and readily accessible in case of emergencies or when making claims.
   • Properly documenting insurance-related paperwork ensures transparency, accuracy, and smooth communication between the insured and the insurer.

Note: Throughout the lesson, students should actively engage by asking questions, taking notes, and participating in discussions to enhance their understanding of insurance documents. Encourage students to seek clarification on any concepts they find challenging.

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Evaluation

1. A ____________ serves as proof of insurance coverage until the formal policy is issued. a) Policy Note b) Cover Note c) Claim Form
2. ____________ are documents used to initiate the claims process when a loss or damage occurs. a) Insurance Certificates b) Policy Notes c) Claim Forms
3. ____________ are issued by an insurance company to provide evidence of insurance coverage to a third party. a) Insurance Certificates b) Cover Notes c) Claim Forms
4. ____________ outline the terms and conditions of the insurance coverage. a) Policy Notes b) Cover Notes c) Insurance Certificates
5. ____________ are modifications or additions to the original insurance policy. a) Policy Notes b) Endorsements c) Claim Forms
6. Premium Receipts serve as proof of ____________ for insurance premiums. a) Policy exclusions b) Claim forms c) Payment
7. ____________ are temporary documents issued to provide immediate insurance coverage. a) Insurance Certificates b) Endorsements c) Cover Notes
8. ____________ are used to verify that a particular party has insurance coverage. a) Insurance Certificates b) Policy Notes c) Claim Forms
9. ____________ are documents issued as evidence of a contract between the insured and the insurer. a) Policy Notes b) Premium Receipts c) Endorsements
10. ____________ are used to assess the validity of an insurance claim. a) Policy Notes b) Claim Forms c) Cover Notes

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Lesson Plan Presentation: Insurance Documents

Presentation:

1. Greeting and Introduction (3 minutes):
   • Greet the students and introduce the topic of the lesson: Insurance Documents.
   • Explain the importance of insurance documents in the insurance industry.
2. Overview of Insurance Documents (5 minutes):
   • Discuss the purpose and significance of insurance documents, emphasizing their role in providing evidence of insurance coverage and facilitating the claims process.
   • Highlight the various types of insurance documents to be covered in the lesson: policy note, cover note, insurance certificates, claim forms, premium receipts, and endorsements.
3. Explanation of Insurance Documents (15 minutes): a) Policy Note:
   • Define and explain the purpose of a policy note.
   • Discuss the contents of a policy note, including terms and conditions, coverage details, policy duration, and exclusions. b) Cover Note:
   • Define and explain the purpose of a cover note.
   • Discuss the temporary nature of a cover note and its role in providing immediate insurance coverage. c) Insurance Certificates:
   • Define and explain the purpose of insurance certificates.
   • Highlight situations where insurance certificates are required and their importance in verifying insurance coverage. d) Claim Forms:
   • Define and explain the purpose of claim forms.
   • Discuss the process of initiating a claim and the role of claim forms in providing necessary information for the claims process. e) Premium Receipts:
   • Define and explain the purpose of premium receipts.
   • Emphasize the importance of keeping premium receipts as proof of premium payment. f) Endorsements:
   • Define and explain the purpose of endorsements.
   • Discuss how endorsements modify or add to the original insurance policy.
4. Teacher’s Activities (5 minutes):
   • Engage students in discussions by asking questions related to each type of insurance document.
   • Use visual aids and examples to enhance understanding.
   • Encourage students to take notes during the presentation.
5. Learners’ Activities (10 minutes):
   • Students review the handouts provided, paying attention to the key information on each insurance document.
   • Students participate in class discussions, ask questions, and seek clarification on any areas of confusion.
   • Students can work in pairs or small groups to discuss and share their understanding of insurance documents

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Assessment:

1. Evaluation Questions (5 minutes):
   • Distribute evaluation questionnaires containing ten multiple-choice questions related to the lesson.
   • The questions should assess students’ understanding of insurance documents, their purposes, and their significance.
   • Example evaluation questions:
     1. What is the purpose of a cover note in insurance? a) To provide evidence of insurance coverage b) To initiate the claims process c) To provide immediate insurance coverage
     2. Which insurance document serves as proof of a contract between the insured and the insurer? a) Policy Note b) Claim Form c) Premium Receipt
     3. When are insurance certificates typically requested? a) When initiating a claim b) When purchasing insurance c) When renewing a policy
     4. What is the purpose of a claim form? a) To verify insurance coverage b) To initiate the claims process c) To modify the insurance policy
     5. Why is it important to keep premium receipts? a) To assess the validity of a claim b) To provide evidence of premium payment c) To add new coverage options
     6. What are endorsements in insurance? a) Modifications or additions to the original policy b) Proof of insurance coverage for a third party c) Temporary documents issued for immediate coverage
     7. Which insurance document is used to assess the validity of a claim? a) Policy Note b) Claim Form c) Insurance Certificate
     8. Which insurance document provides immediate coverage while the policy is being processed? a) Claim Form b) Insurance Certificate c) Cover Note
     9. When are insurance certificates commonly required? a) When starting a construction project b) When renewing a driver’s license c) When applying for a loan
     10. What is the purpose of a policy note? a) To outline the terms and conditions of the insurance coverage b) To initiate the claims process c) To provide proof of premium payment

Conclusion (2 minutes):

• Summarize the key points discussed in the lesson, emphasizing the importance of insurance documents in the insurance industry.
• Encourage students to review their notes and further explore the topic if they have any remaining questions.
• Provide additional resources or references for further reading, if available.

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Weekly Assessment /Test 

1. A ____________ serves as proof of insurance coverage until the formal policy is issued. a) Policy Note b) Cover Note c) Claim Form
2. ____________ are documents used to initiate the claims process when a loss or damage occurs. a) Insurance Certificates b) Policy Notes c) Claim Forms
3. ____________ are issued by an insurance company to provide evidence of insurance coverage to a third party. a) Insurance Certificates b) Cover Notes c) Claim Forms
4. ____________ outline the terms and conditions of the insurance coverage. a) Policy Notes b) Cover Notes c) Insurance Certificates
5. ____________ are modifications or additions to the original insurance policy. a) Policy Notes b) Endorsements c) Claim Forms
6. Premium Receipts serve as proof of ____________ for insurance premiums. a) Policy exclusions b) Claim forms c) Payment
7. ____________ are temporary documents issued to provide immediate insurance coverage. a) Insurance Certificates b) Endorsements c) Cover Notes
8. ____________ are used to verify that a particular party has insurance coverage. a) Insurance Certificates b) Policy Notes c) Claim Forms
9. ____________ are documents issued as evidence of a contract between the insured and the insurer. a) Policy Notes b) Premium Receipts c) Endorsements
10. ____________ are used to assess the validity of an insurance claim. a) Policy Notes b) Claim Forms c) Cover Notes
11. An insurance certificate provides evidence of ____________ coverage. a) Premium payment b) Claim settlement c) Insurance
12. A cover note is a ____________ document issued by an insurance company. a) Permanent b) Temporary c) Legal
13. Claim forms are used to provide details of a ____________. a) Policy coverage b) Premium payment c) Loss or damage
14. Endorsements modify or ____________ the original insurance policy. a) Cancel b) Extend c) Verify
15. Premium receipts serve as proof of ____________ payment for insurance. a) Claim b) Policy c) Premium
16. An insurance certificate is often requested by a ____________ party to verify insurance coverage. a) Third b) First c) Second
17. A policy note outlines the ____________ and conditions of an insurance coverage. a) Premium amount b) Terms c) Claim process
18. A cover note provides ____________ insurance coverage until the formal policy is issued. a) Temporary b) Permanent c) Optional
19. Claim forms are used to initiate the ____________ process when a loss occurs. a) Premium payment b) Claims c) Policy renewal
20. Endorsements are issued as ____________ documents to modify the original insurance policy. a) Separate b) Duplicate c) Shared

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Further Reading and Research 

Pupils may supply samples of various insurance documents of these companies for learning purposes

1. AIICO Insurance Plc
2. AXA Mansard Insurance Plc
3. Leadway Assurance Company Limited
4. NEM Insurance Plc
5. Wapic Insurance Plc
6. Cornerstone Insurance Plc
7. Custodian Investment Plc
8. FBNInsurance Limited
9. LASACO Assurance Plc
10. Continental Reinsurance Plc
11. African Alliance Insurance Plc
12. Mutual Benefits Assurance Plc
13. Regency Alliance Insurance Plc
14. NSIA Insurance Limited
15. Goldlink Insurance Plc
16. Sovereign Trust Insurance Plc
17. Law Union & Rock Insurance Plc
18. Prestige Assurance Plc
19. Industrial and General Insurance Plc
20. Great Nigeria Insurance Plc

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