Secondary Business Teaching Scheme. Federal Insurance Scheme of Work for SS 1. Limitations of indemnity – Schemeofwork
INSURANCE SS 1 FIRST TERM SCHEME
| WEEK | TOPICS/CONTENT | ACTIVITIES |
| 1 2 3 4 5. 6. 7. 8 9 10. 11 12 13 | Introduction to Insurance:- i) definition of insurance ii) Insurer and the insured(Policy holder) iii) Insurance Contract(parties involved in insurance contract) iv) Essential features of insurance contracts:-Adhesion, Disclosure, Material factors, insurable interest, and warranty. Historical development of insurance :- i)pre independent insurance market ii) Post independent insurance market iii) Local legislator for insurance Risks :- i)Definition of risk, risks and society. ii) Classification of risk Fundamental riskSpeculative risk Classification of Risk:- i)Pure risk ii)particular risk iii)Dynamic risk iv)Static risk, examples of risks in homes, roads and risks organization is expose to Hazards :- i)Definition of physical hazard in property with examples(life, motor and liability) ii) moral hazards : landlessness, dishonesty Hazards (cont) i)Meaning of peril ii) relationship between risk and peril iii) Relationship between peril and hazard. (distinguish between risk and hazard) Insurable and uninsurable risks:- i)meaning if insurable risks ( a) insurable risk in life:- -risk of pre-mature death -risk of disability -risk of retirement -risk of medical expenses etc. b)property risks c)liability risks: employer liability ii)meaning of uninsurable risks with examples- earthquake, war, bad publicity, natural cause. Etc iii) characteristics of insurable and uninsurable risks Functions of Insurance: I) Primary functions- spreading of insurance risk. ii) Secondary functions- loss prevention, security.etc. Benefits of Insurance;- i)Important of insurance benefits ii) Benefit of insurance to the individual, society and business organization. iii)Primary, secondary functions of insurance iv) Importance of insurance (reasons why insurance should be encouraged). Insurable interest: i)Meaning of insurable interest ii) Legal requirements of insurable interest. iii) Interest (insurable interest in various classes of insurance life assurance, property. Insurance interest(cont): Creation of insurable interest ii) Different between insurable contract and wagering contract. Revision Examination | Teacher explains insurance contracts, parties in insurance contracts , essential features students participates Instructional resources of word cards Teacher gives brief history of insurance. Students narrate the historical development. Instructional resources; magazine, journal. Teachers explain the concepts students participates. Give examples of risks at home/roads. Instructional resources:- Chart showing road accident victims/other risks. Teacher states classes of risks. Students participates by giving examples of risks at home, on the road and institutions Teacher explains the concepts with examples. Students participates in describing hazards Instructional resources: – Use of school environments. Teacher states the relationship between peril and risk. Students distinguished between the concepts. Instructional resources: – Use of school environments. Teacher explains with examples. Students participate in the discussion. Instructional resources: – Cardboard displaying insurable and uninsurable risk in a tabular form, characteristic of insurable and uninsurable in a tabular form. Teacher guides discussion on the concepts. Students state the differences between these concepts. Instructional resources: – Tabular presents. Teacher enumerates and explains benefits of insurance. Students state with the example s the benefits of each concept. Instructional Resources: charts. Teacher explains the concepts, state the essentials of insurable interest. Students give example of insurable interest in life property Instructional Resources: -magazine, chart. Teacher explains the concept and enumerates differences between insurable contract and wagering contract. Students listen and take down notes. Charts. Revision Examination |
INSURANCE SS 1 SECOND TERM SCHEME
| WEEK | TOPIC/CONTENT | ACTIVITIES |
| 1 2 3 4 5 6 7 8 9 10 11 12-13 | Insurable Interest (cont.) i)creation of insurable interest ii)difference between insurance contract and wagering contract Principles of insurance i)utmost good faith ii) the insured and the insurer duty of disclosure iii)facts required to be disclosed iv) breaches of utmost good faith, effect of a breach v) penalties for breach of duties disclosure Principles of insurance (cont.) Proximate cause:- i) Definition of proximate cause, examples. ii) Determination of proximate cause. iii) application of simple claims iv)effect of proximate cause on claims Indemnity:- Definition, method of providing indemnity to insurance contractOptions available to insurers to execute indemnity(cash, replacement, repair, reinstatement Application of indemnity in property and liability, insurance life.Limitations of indemnity Subrogation Meaning of subrogation ii)subrogation rights iii)reasons for subrogation rights iv)How subrogation rights arises v) Sources of subrogation (waiver of subrogation rights):- knock for – knock agreements, third party shaving. Contribution:- I definition of contribution ii. How contribution may arise (conditions required for contribution to arise. iii. Application of contribution Iv. Methods/Example applying contribution in a contract, modification to the principles of contribution. Insurance practice: i) Proposal form: Meaning and features of proposal forms. Examples (a company , personal details, property details) ii)function and uses of proposal form iii) Contracts where proposal forms are used: Fire, burglary/theft, personal accident and sickness, motor insurance. Cover notes:- i)Meaning of cover note characteristic, functions and uses of cover notes ii)contracts where cover notes are issued Certificate of insurance:- Definition of certificate of insurance ii)certificate of insurance in -motor insurance -Marine insurance -employer liability Revision Examination | Teachers explains the concepts Students identify the differences. Instructional Resources: – chart. Teacher explains with examples Students itemize the point required. Instructional Resources:-charts, magazine, word cards. Teacher explains with examples Students itemize the point required. Instructional Resources:-charts, magazine, word cards. Teacher explains with illustrations the concepts. Students write down the meaning, classifies the insurance peril. Teacher explains with examples Students itemize the point required. Instructional Resources: – charts and journal. Teacher explains, gives options/ methods of selling indemnity. Students state its application to property and life. Instructional Resources:- charts Teacher explains the concepts, state how subrogation rights arises Students give meaning of concepts. Instructional Resources: charts Teacher explains with examples Students mention conditions for contribution to arise. Instructional Resources: – charts/ word card. Specimen of proposal form. Teachers explain and students identify the specimen together. Instructional Resources:- specimen of proposal form from a recognized insurance company Teacher explains cover notes, its function sand applicable contracts where it is issued. Students state the functions/.characteristics. Specimen of covered notes. Teachers explain the concepts Students enumerate the component of the typical certificates Instructional Resources:- specimen document Revision Examination |
INSURANCE SS1 THIRD TERM SCHEME
| WEEK | TOPICS/CONTENT | ACTIVITIES |
| 1 2 3 4 5 6 7 8 9. 10 11 12-13 | Insurance practice: i)Cover notes ii)certificate of Insurance iii) marine insurance Policy document:- i)Definition of policy document ii)component parts of a policy documents iii) Contraction of a policy, uses of a policy document. Reinsurance. i)Meaning of reinsurance, parties to reinsurance contract ii)Forms of reinsurance facultative and treaty iii) functions of reinsurance iv)Application of reinsurance Reinsurance (Cont.) Insurance renewal:- i)Meaning of renewal notice, need for renewal notice ii)Consideration at renewals iii)Procedure of renewals iv)Duties of the insurer, insured in processing claims Insurance renewal( cont) i) Legal status of renewal notice. ii) long term agreement (LTA) iii)The use of NCD and LTD to ensure renewal iv) Reasons for renewal of contracts. Insurance claims: i)Meaning of claims notification ii) Duties of the insured and underwriters (insurer) in claims. Insurance claims (cont.) i) Duties of loss Assessors and adjusters. Insurance premium:- i)Meaning of premium, premium in life and non life ii)Premium loading(factor that are considered before loading a premium. iii) How premium can be returned. Insurance premium cont. i)Total return of premium ii) Reason for total return of premium. iii)Partial return of premium iv)Reason for partial return of premium Revision Examinations. | Teacher explains. Students identify specimen document. Teacher explains the concepts, Students identify the component parts of the policy documents. Instructional Resources: – specimen document. Teacher explains with examples. Students identify and state two types of reinsurance and its functions. Instructional Resources:- word card, chart Teacher explains with examples. Students identify and state two types of reinsurance and its functions. Instructional Resources:- word card, chart Teacher explains the concepts Students identify the duties of the parties Instructional Resources:-specimen documents. .Teacher explains concepts. Students state reasons for renewals Instructional resources : chart Teachers explains the concepts Students identify specimen. Instructional resources:-Charts. Teacher explains the concept. Students list duties of Loss Assessors. Charts. Teacher makes use of table to explain the concepts. Students list factors to be considered before loading a premium. Use of chart. Teacher .explains the concepts. Student enumerate reasons for partial return of premium Use of chart, use of word card Revision Examination |
