JSS2 Second Term Business Studies Lesson Note – Insurance

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JS 2 (BASIC 8)

SUBJECT: BUSINESS STUDIES

WEEK 1

REVISION/INSURANCE

Preview:

1. Insurance: definition of insurance.
2. Insurance services.
3. Types of insurance policy – vehicle, fire, burglary, marine, Life insurance, pension, health, etc
4. Benefits of insurance

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Meaning of insurance: insurance is the protection against the loss of property and life. With regard to property, insurance covers practically everything an individual or business owns (building, vehicles and even clothes). Insurance can be taken out on practically anything for which risk is associated.

Insurance is usually undertaken when a person enters into an agreement with an insurance company by paying an amount of money called the Premium.  The company is known as the Insurer. The person who pays the premium is the insured.

SERVICES PROVIDED BY INSURANCE COMPANIES

1. It provides compensation for losses incurred by individuals and businesses
2. It minimizes losses and risks by spreading it through the creation of a common fund to which many contribute in order to make good the losses of a few.
3. It aids business survival and help them to quickly recover economically from natural or man-made disaster.
4. To help families whose breadwinners may die accidentally while at work
5. Provide sources of fund in case of health break down.
6. Provide continuous funds for those who have retired.
7. It provides employment opportunities.
8. It encourages savings habit.

TYPES OF INSURANCE

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