Types of Insurance Policies. Accident insurance, fidelity guarantee, Agricultural insurance, export credit insurance, etc Business Studies JSS 2 Third Term Lesson Notes Week 3

Business Studies

Term :

Third Term / 3rd Term

Week:

Week 3

Class :

JSS 2./ Basic 8

 

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

 

 

Learning Objectives:

1. Understand the concept of insurance and its importance in personal and business contexts.
2. Identify and differentiate various types of insurance policies, such as accident insurance, fidelity guarantee, agricultural insurance, and export credit insurance.
3. Discuss the purpose and coverage of each insurance policy.
4. Recognize the role of insurance in managing risks and providing financial protection.

 

Embedded Core Skills:

1. Critical thinking: Analyzing and comparing different types of insurance policies.
2. Communication: Participating in class discussions and presenting ideas.
3. Problem-solving: Identifying risks and determining appropriate insurance coverage.
4. Research: Conducting further investigations into specific insurance policies.

 

Learning Materials:

1. Whiteboard/Blackboard and markers/chalk.
2. Handouts with definitions and explanations of different insurance policies.
3. Visual aids (charts, diagrams, or images) representing each type of insurance policy.
4. Examples of insurance policy documents (if available).
5. Pen and paper for students.

Topic :

Types of Insurance Policies. Accident insurance, fidelity guarantee, Agricultural insurance, export credit insurance, etc Business Studies JSS 2 Third Term Lesson Notes Week 3

Content

Title: Types of Insurance Policies

Introduction: Hello, JSS 2 students! Today, we’re going to explore the different types of insurance policies. Insurance is an important aspect of our lives and businesses, as it provides financial protection against unexpected events. Let’s dive into the various types of insurance policies:

1. Accident Insurance:

• Provides coverage against accidents resulting in bodily injury or disability.
• Offers financial assistance for medical expenses, disability benefits, and accidental death benefits.
• Commonly used by individuals and organizations to protect against unexpected accidents.

2. Fidelity Guarantee Insurance:

• Designed to protect businesses against financial losses caused by dishonest employees.
• Provides coverage for losses resulting from theft, fraud, forgery, or embezzlement committed by employees.
• Ensures businesses can recover their losses and maintain financial stability.

3. Agricultural Insurance:

• Specifically tailored for farmers and agricultural businesses.
• Offers protection against losses caused by unpredictable events such as natural disasters, pests, diseases, or crop failure.
• Provides coverage for crops, livestock, farm machinery, and structures.

4. Export Credit Insurance:

• Assists exporters in managing the risks associated with international trade.
• Protects against non-payment or default by foreign buyers.
• Enables exporters to confidently extend credit terms to buyers and explore new markets.

5. Health Insurance:

• Provides coverage for medical expenses and healthcare services.
• Helps individuals and families manage the cost of healthcare, including hospitalization, doctor visits, and medication.
• Different plans are available, including individual, family, and group health insurance policies.

6. Property Insurance:

• Covers damage or loss to property, including buildings, homes, and belongings.
• Protects against risks such as fire, theft, vandalism, or natural disasters like earthquakes or floods.
• Common types include homeowner’s insurance, renter’s insurance, and commercial property insurance.

7. Auto Insurance:

• Offers financial protection for vehicles and drivers.
• Provides coverage for accidents, theft, damage, and liability for bodily injury or property damage.
• Different types of auto insurance include comprehensive, collision, liability, and personal injury protection (PIP).

8. Life Insurance:

• Provides financial security to beneficiaries in the event of the insured person’s death.
• Offers a lump sum payment or periodic income to support the family’s financial needs.
• Can also be used as an investment or savings tool.

9. Marine Insurance:

• Protects against losses and damage to ships, cargo, and terminals during maritime transport.
• Covers risks like collisions, piracy, storms, and damage caused by handling operations.
• Provides coverage for shipowners, cargo owners, and logistics companies.

Conclusion:

Understanding the different types of insurance policies is crucial for individuals and businesses alike. Each policy serves a specific purpose in providing financial protection against different risks and uncertainties. By being aware of these options, we can make informed decisions to safeguard our assets, health, and overall well-being.

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Evaluation

1. _______ insurance provides coverage against accidents resulting in bodily injury or disability. a) Health b) Accident c) Property
2. _______ insurance protects businesses against financial losses caused by dishonest employees. a) Fidelity Guarantee b) Auto c) Marine
3. _______ insurance is specifically tailored for farmers and agricultural businesses. a) Export Credit b) Agricultural c) Life
4. _______ insurance assists exporters in managing the risks associated with international trade. a) Accident b) Fidelity Guarantee c) Export Credit
5. _______ insurance provides coverage for medical expenses and healthcare services. a) Property b) Health c) Life
6. _______ insurance covers damage or loss to property, including buildings and belongings. a) Health b) Property c) Auto
7. _______ insurance offers financial protection for vehicles and drivers. a) Auto b) Life c) Agricultural
8. _______ insurance provides financial security to beneficiaries in the event of the insured person’s death. a) Marine b) Life c) Accident
9. _______ insurance protects against losses and damage to ships, cargo, and terminals during maritime transport. a) Property b) Marine c) Export Credit
10. _______ insurance covers losses resulting from theft, fraud, forgery, or embezzlement committed by employees. a) Fidelity Guarantee b) Accident c) Auto

Note: Please keep in mind that the correct answers to the questions are as follows:

1. b) Accident insurance,
2. a) Fidelity Guarantee insurance,
3. b) Agricultural insurance,
4. c) Export Credit insurance,
5. b) Health insurance,
6. b) Property insurance,
7. a) Auto insurance,
8. b) Life insurance,
9. b) Marine insurance,
10. a) Fidelity Guarantee insurance

 

Lesson Plan Presentation: Types of Insurance Policies.

Presentation:

1. Introduction (5 minutes):
   • Greet the students and briefly explain the importance of insurance in personal and business contexts.
   • State the learning objectives for the lesson.
2. Definition and Explanation of Insurance (10 minutes):
   • Define insurance as a means of financial protection against unexpected events.
   • Explain the concept of risk and the role insurance plays in managing it.
   • Discuss the basic principles of insurance, such as indemnity, insurable interest, and utmost good faith.
3. Types of Insurance Policies (15 minutes):
   • Introduce various types of insurance policies, including accident insurance, fidelity guarantee, agricultural insurance, and export credit insurance.
   • Provide detailed explanations of each insurance policy, emphasizing their purpose and coverage.
   • Use visual aids and examples to enhance understanding and engagement.
4. Teacher’s Activities: (5 minutes)
   • Ask questions to check comprehension and encourage student participation.
   • Clarify any doubts or misconceptions raised by students.
   • Guide students in taking notes and organizing information.
5. Learners’ Activities: (10 minutes)
   • Engage students in discussions by asking open-ended questions related to insurance policies.
   • Encourage students to share their personal experiences or examples related to insurance.
   • Assign small group activities where students research and present on a specific insurance policy.

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Assessment:

1. Formative Assessment:
   • Observe students’ participation in class discussions and group activities.
   • Review students’ note-taking and their ability to organize information effectively.
2. Summative Assessment:
   • Distribute a short quiz or worksheet with ten evaluation questions.

Evaluation Questions:

1. What is the purpose of accident insurance? a) Protecting against medical expenses b) Providing coverage for vehicle damage c) Ensuring financial security in case of disability
2. Which insurance policy protects businesses against losses caused by dishonest employees? a) Agricultural insurance b) Fidelity guarantee c) Export credit insurance
3. What does agricultural insurance primarily cover? a) Damage caused by natural disasters b) Medical expenses for farmers c) Employee theft and fraud
4. Export credit insurance helps exporters manage the risks associated with: a) International trade b) Domestic transportation c) Property damage
5. What does health insurance typically cover? a) Losses due to theft and burglary b) Medical expenses and healthcare services c) Accidents and injuries during travel
6. Property insurance protects against losses or damage to: a) Vehicles and drivers b) Buildings and belongings c) Agricultural crops and livestock

7. Auto insurance provides financial protection for: a) Vehicles and drivers b) Medical expenses c) Home and property
8. Life insurance offers financial security to: a) Business owners b) Beneficiaries in the event of the insured person’s death c) Farmers and agricultural workers
9. Marine insurance primarily covers risks related to: a) Theft and vandalism b) Shipbuilding and repairs c) Maritime transport and cargo
10. Fidelity guarantee insurance protects against: a) Financial losses caused by dishonest employees b) Accidents and injuries in the workplace c) Natural disasters and property damage

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Conclusion (5 minutes):

• Recap the key points discussed during the lesson.
• Highlight the importance of understanding different insurance policies for personal and business purposes.
• Encourage students to explore further resources and ask questions if they have any doubts.
• Emphasize the role of insurance in managing risks and providing financial protection.

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Weekly Assessment /Test 

1. _______ insurance provides coverage against accidents resulting in bodily injury or disability. a) Health b) Accident c) Property
2. _______ insurance protects businesses against financial losses caused by dishonest employees. a) Fidelity Guarantee b) Auto c) Marine
3. _______ insurance is specifically tailored for farmers and agricultural businesses. a) Export Credit b) Agricultural c) Life
4. _______ insurance assists exporters in managing the risks associated with international trade. a) Accident b) Fidelity Guarantee c) Export Credit
5. _______ insurance provides coverage for medical expenses and healthcare services. a) Property b) Health c) Life
6. _______ insurance covers damage or loss to property, including buildings and belongings. a) Health b) Property c) Auto
7. _______ insurance offers financial protection for vehicles and drivers. a) Auto b) Life c) Agricultural
8. _______ insurance provides financial security to beneficiaries in the event of the insured person’s death. a) Marine b) Life c) Accident
9. _______ insurance protects against losses and damage to ships, cargo, and terminals during maritime transport. a) Property b) Marine c) Export Credit
10. _______ insurance covers losses resulting from theft, fraud, forgery, or embezzlement committed by employees. a) Fidelity Guarantee b) Accident c) Auto
11. _______ insurance is designed to protect businesses against financial losses due to natural disasters or fire. a) Agricultural b) Property c) Health
12. _______ insurance provides coverage for liability arising from professional services or advice. a) Professional Indemnity b) Export Credit c) Accident
13. _______ insurance covers damage or loss to crops, livestock, and farm machinery. a) Marine b) Agricultural c) Property
14. _______ insurance protects individuals or businesses against the risk of legal claims or lawsuits. a) Liability b) Health c) Fidelity Guarantee
15. _______ insurance provides coverage for damage or loss to goods during transportation. a) Auto b) Export Credit c) Marine
16. _______ insurance offers financial protection in case of theft, burglary, or damage to personal belongings. a) Property b) Health c) Life
17. _______ insurance covers medical expenses and hospitalization costs for individuals or families. a) Life b) Health c) Accident
18. _______ insurance protects businesses against financial losses due to interruption of operations. a) Agricultural b) Business Interruption c) Fidelity Guarantee
19. _______ insurance provides coverage for loss or damage to vehicles in the event of an accident or theft. a) Auto b) Property c) Life
20. _______ insurance offers protection against losses resulting from non-payment or default by customers. a) Export Credit b) Liability c) Fidelity Guarantee

 

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Suggested Answers

Note: Please keep in mind that the correct answers to the questions are as follows:

1. b) Accident insurance,
2. a) Fidelity Guarantee insurance,
3. b) Agricultural insurance,
4. c) Export Credit insurance,
5. b) Health insurance,
6. b) Property insurance,
7. a) Auto insurance,
8. b) Life insurance
9. b) Marine insurance
10. a) Fidelity Guarantee insurance,
11. b) Property insurance,
12. a) Professional Indemnity insurance,
13. b) Agricultural insurance,
14. a) Liability insurance,
15. c) Marine insurance,
16. a) Property insurance,
17. b) Health insurance,
18. b) Business Interruption insurance,
19. a) Auto insurance,
20. a) Export Credit insurance

 

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Please note that the answers provided above are specific to the options given and may not cover all possible variations of insurance policies.

Further Reading and Research

List of some Nigerian companies that offer various types of insurance policies:

1. Accident Insurance:
   • AIICO Insurance Plc
   • Leadway Assurance Company Limited
   • AXA Mansard Insurance Plc
   • Custodian and Allied Insurance Limited
   • Sovereign Trust Insurance Plc
2. Fidelity Guarantee Insurance:
   • NEM Insurance Plc
   • Continental Insurance Company Limited
   • Cornerstone Insurance Plc
   • Lasaco Assurance Plc
   • Consolidated Hallmark Insurance Plc
3. Agricultural Insurance:
   • Nigerian Agricultural Insurance Corporation (NAIC)
   • Royal Exchange General Insurance Company Limited
   • NSIA Insurance Limited
   • Ensure Insurance Plc
   • Wapic Insurance Plc
4. Export Credit Insurance:
   • Export Credit Guarantee Company of Nigeria Limited (ECGC)
   • NAIC Insurance Limited
   • AIICO Insurance Plc
   • Prestige Assurance Plc
   • Linkage Assurance Plc
5. Health Insurance:
   • Hygeia HMO Limited
   • AXA Mansard Health Limited
   • Total Health Trust Limited
   • Clearline International Limited
   • Reliance HMO Limited
6. Property Insurance:
   • Leadway Assurance Company Limited
   • AIICO Insurance Plc
   • Lasaco Assurance Plc
   • Custodian and Allied Insurance Limited
   • Continental Insurance Company Limited
7. Auto Insurance:
   • AXA Mansard Insurance Plc
   • NEM Insurance Plc
   • Sovereign Trust Insurance Plc
   • Law Union & Rock Insurance Plc
   • Universal Insurance Plc
8. Life Insurance:
   • AIICO Insurance Plc
   • Leadway Assurance Company Limited
   • Mutual Benefits Assurance Plc
   • Custodian Life Assurance Limited
   • ARM Life Plc

Please note that this is not an exhaustive list, and there are other insurance companies in Nigeria that provide these types of insurance policies. It is always advisable to research and compare different insurance providers to choose the one that best suits your needs.

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THIRD TERM EXAMINATION FOR JUNIOR SECONDARY SCHOOL JSS 2 BASIC SCIENCE