Title: Exploring Insurance: Calculating Premiums and Understanding Cover and Renewal

Grade Level: Year 10

Objective: - Students will understand the factors that affect insurance cover and renewal. - Students will learn the procedures involved in calculating insurance premiums.

Materials: - Whiteboard or blackboard - Markers or chalk - Handouts with insurance scenarios - Calculators

Procedure:

1. Introduction (5 minutes):
   • Begin the lesson by asking students if they have ever heard of insurance and what they think it means.
   • Explain that insurance is a way to protect against financial loss in case of unexpected events.
   • State the objective of the lesson: to understand the factors affecting insurance cover and renewal, as well as the procedures for calculating premiums.
2. Factors Affecting Insurance Cover (15 minutes):
   • Divide the class into small groups and provide each group with a handout containing different insurance scenarios.
   • Instruct the groups to identify and discuss the factors that could affect the insurance cover in each scenario.
   • After the discussion, ask each group to share their findings with the class.
   • Facilitate a class discussion to summarize the factors affecting insurance cover, such as the type of insurance, risk factors, policy limits, and deductibles.
3. Understanding Insurance Renewal (10 minutes):
   • Explain the concept of insurance renewal, which is the process of extending or continuing an insurance policy after its expiration.
   • Discuss the importance of reviewing and renewing insurance policies regularly to ensure adequate coverage.
   • Provide examples of situations where insurance renewal may be necessary, such as when purchasing a new car or moving to a new house.
4. Calculating Insurance Premiums (20 minutes):
   • Introduce the concept of insurance premiums as the amount of money paid by the insured to the insurance company for coverage.
   • Explain that insurance premiums are calculated based on various factors, including the type of insurance, risk assessment, and coverage limits.
   • Divide the class into pairs and distribute a handout with a sample insurance scenario to each pair.
   • Instruct the pairs to calculate the insurance premium for the given scenario using the provided formula or guidelines.
   • After completing the calculations, ask each pair to share their results and explain their reasoning.
   • Facilitate a class discussion to compare different approaches and highlight the importance of accurate calculations.
5. Conclusion and Reflection (5 minutes):
   • Summarize the key points covered in the lesson, including the factors affecting insurance cover, the importance of insurance renewal, and the procedures for calculating premiums.
   • Ask students to reflect on what they have learned and how it relates to their own lives.
   • Encourage students to ask any remaining questions or seek clarification on any concepts discussed.

Note: This lesson plan focuses on engaging students in hands-on activities and calculations to enhance their understanding of insurance cover, renewal, and premium calculations.