Insurance Sellers, Buyers and Supporting Services for SS 3

Class: SS 3
Term: First Term
Week: 5
Age: 16 years
Duration: 45 minutes
Subject: Insurance
Curriculum Theme: The Insurance Market
Previous Lesson: Insurance Market, Companies, Intermediaries and Their Roles
Topic: Insurance Sellers, Buyers and Supporting Services
Subject Matter: Individual/private, cooperate and public institutions; Insurance supporting services; Nigeria Insurance Association(NIA):-

Specific Objectives

By the end of the lesson, pupils/students should be able to:

Cognitive Domain

• Identify different categories of insurance sellers.
• Explain the various types of insurance buyers.
• List examples of insurance supporting services.
• Describe the role of the Nigeria Insurers Association (NIA).

Affective Domain

• Appreciate the interconnectedness of the insurance market.
• Recognise the importance of supporting services in the insurance industry.

Psychomotor Domain

• Categorise given examples into sellers, buyers, or supporting services.

Reference Materials

The following resources were used in planning this lesson:

• 2025 Revised 9 Years Basic Education Curriculum
• Relevant State Unified Scheme of Work
• Essential Insurance for Senior Secondary Schools, Book 3
• The HeadTeacher Scheme of work

Instructional Materials

The teacher will teach this lesson with the aid of:

• Charts illustrating insurance entities
• Pictures of various insurance companies and their agents
• Sample insurance policy documents
• Whiteboard and markers

Rationale for the Lesson

Understanding the different participants in the insurance market is fundamental for students to grasp how the industry functions. This lesson provides a clear overview of who sells and buys insurance, as well as the crucial services that facilitate these transactions, preparing students for more advanced topics in insurance.

Prerequisite/Previous Knowledge

Students should have a basic understanding of what insurance is and its general purpose.

Lesson Content/Board Summary

Insurance Sellers, Buyers and Supporting Services

Insurance Sellers

Insurance sellers are individuals or organisations that offer insurance policies to the public. They are the primary contact point for individuals and businesses seeking insurance coverage.

1. Insurance Companies (Insurers): These are the entities that underwrite insurance policies, bear the risk, and pay claims. Examples include AIICO Insurance Plc, Leadway Assurance Company Ltd.
2. Insurance Agents: Individuals who represent one or more insurance companies and sell their products. They act on behalf of the insurer.
3. Insurance Brokers: Professionals who represent the interests of the insurance buyer. They search the market for the best policies and advise clients on suitable coverage from various insurers.

Insurance Buyers

Insurance buyers are individuals, groups, or institutions that purchase insurance policies to protect themselves against financial losses arising from specified risks.

Individual/Private Buyers

These are single individuals or families who buy insurance policies for personal protection against risks to their lives, health, property, or liabilities.

1. Individuals: People buying life insurance, health insurance, or motor insurance for their personal vehicles.
2. Families: Households purchasing home insurance or family health plans.

Corporate Buyers

These are businesses, companies, and other commercial organisations that purchase insurance to protect their assets, operations, employees, and liabilities.

1. Businesses: Small and medium-sized enterprises (SMEs) buying property insurance, business interruption insurance, or liability insurance.
2. Large Corporations: Multinational companies obtaining complex risk management solutions, marine insurance, or aviation insurance.

Public Institutions

These include government agencies, parastatals, and other public sector organisations that secure insurance to protect public assets, services, and employees.

1. Government Agencies: Ministries, departments, and agencies (MDAs) insuring public infrastructure, vehicles, or employee benefits.
2. Educational Institutions: Universities, colleges, and schools insuring their facilities, students, and staff.

Insurance Supporting Services

These are various professionals and organisations that provide essential services to the insurance industry, facilitating its smooth operation and efficiency.

1. Loss Adjusters: Independent professionals who assess the extent of damage or loss in an insurance claim and recommend the appropriate compensation.
2. Actuaries: Experts who use mathematical and statistical methods to assess risk in insurance, pension, and financial planning. They calculate premiums and reserves.
3. Surveyors: Professionals who inspect property or assets to determine their value, condition, or compliance with safety standards, often before insurance is issued or a claim is processed.
4. Reinsurance Companies: Insurers for insurance companies. They assume part of the risk from primary insurers, helping them manage large or catastrophic claims.
5. Insurance Lawyers: Legal professionals specialising in insurance law, handling disputes, policy interpretation, and regulatory compliance.

Nigeria Insurers Association (NIA)

The Nigeria Insurers Association (NIA) is the umbrella organisation of all licensed insurance companies in Nigeria. It plays a significant role in regulating and promoting the insurance industry.

1. Self-Regulatory Body: It sets standards of practice and ethical conduct for its members.
2. Advocacy: Represents the interests of insurance companies to the government and the public.
3. Industry Development: Promotes the growth and development of the insurance industry in Nigeria.
4. Public Education: Engages in public awareness campaigns about insurance.

Teaching Methods/Instructional Techniques

Discussion, Explanation, Question and Answer, Listing, Guided Practice

Instructional Procedures

Step 1: Introduction

Time: 5 minutes

Teaching Skill: Engaging/Activating prior knowledge

Teacher’s Activity: The teacher greets the students and asks them to recall what insurance is and why people buy it. The teacher then introduces the topic of who sells and buys insurance, and the services that support them.

Pupils’ Activity: Students respond to the questions and listen attentively to the introduction.

Learning Point: Insurance market participants

Step 2: Insurance Sellers

Time: 8 minutes

Teaching Skill: Explanation/Listing

Teacher’s Activity: The teacher explains who insurance sellers are, detailing the roles of insurance companies, agents, and brokers. The teacher provides examples of each and asks students to contribute known examples.

Pupils’ Activity: Students listen, ask questions, and list examples of insurance companies, agents, and brokers.

Learning Point: Insurance sellers identified

Step 3: Individual/Private Buyers

Time: 6 minutes

Teaching Skill: Explanation/Discussion

Teacher’s Activity: The teacher explains the concept of individual/private insurance buyers, giving examples of policies they typically purchase (e.g., life, health, motor insurance). The teacher encourages students to discuss why individuals need insurance.

Pupils’ Activity: Students listen, participate in the discussion, and identify common insurance needs for individuals and families.

Learning Point: Individual/private buyers

Step 4: Corporate and Public Institutions as Buyers

Time: 6 minutes

Teaching Skill: Explanation/Comparison

Teacher’s Activity: The teacher differentiates between corporate buyers and public institutions, providing examples of each and the types of insurance they typically acquire. The teacher uses charts to illustrate these categories.

Pupils’ Activity: Students observe the charts, listen to explanations, and identify differences in insurance needs between corporations and public bodies.

Learning Point: Corporate and public buyers

Step 5: Insurance Supporting Services

Time: 8 minutes

Teaching Skill: Explanation/Categorisation

Teacher’s Activity: The teacher explains the various insurance supporting services, such as loss adjusters, actuaries, surveyors, and reinsurance companies. The teacher describes the function of each service and asks students to suggest scenarios where these services would be needed.

Pupils’ Activity: Students listen, ask clarifying questions, and provide scenarios for the application of supporting services.

Learning Point: Supporting services roles

Step 6: Nigeria Insurers Association (NIA)

Time: 6 minutes

Teaching Skill: Explanation/Defining

Teacher’s Activity: The teacher defines the Nigeria Insurers Association (NIA), explaining its role as an umbrella body and its functions in the Nigerian insurance industry (e.g., self-regulation, advocacy, industry development).

Pupils’ Activity: Students listen and identify the key functions of the NIA.

Learning Point: NIA’s functions

Step 7: Evaluation/Review

Time: 5 minutes

Teaching Skill: Questioning/Assessment

Teacher’s Activity: The teacher evaluates the learning by asking the following questions:

1. Mention two types of insurance sellers.
2. Give an example of an individual insurance buyer.
3. Name two insurance supporting services.
4. What is the main role of the Nigeria Insurers Association (NIA)?

Pupils’ Activity: Pupils answer orally and in writing.

Learning Point: Key insurance entities

Step 8: Note-Taking

Time: 4 minutes

Teaching Skill: Guided Writing

Teacher’s Activity: The teacher guides pupils/students to copy the essential Board Summary notes on insurance sellers, buyers, supporting services, and NIA into their notebooks.

Pupils’ Activity: Pupils/students copy the notes carefully into their notebooks.

Learning Point: Lesson concepts recorded

Step 9: Conclusion

Time: 6 minutes

Teaching Skill: Summarising/Reinforcement

Teacher’s Activity: The teacher summarises the lesson by reiterating the main categories of insurance sellers, buyers, and supporting services, and the importance of NIA in the industry. The teacher encourages students to observe these entities in their daily lives.

Pupils’ Activity: Students listen and ask any final questions.

Learning Point: Insurance ecosystem understanding

Continuous Assessment/Further Study

Type: Homework

Instruction: Answer the following questions in your notebook:

1. Differentiate between an insurance agent and an insurance broker, providing an example for each.
2. Identify three types of risks that a corporate buyer might seek to insure against.
3. Explain how a loss adjuster contributes to the insurance claims process.
4. Research and write a short paragraph on one recent initiative by the Nigeria Insurers Association (NIA) to improve the insurance industry in Nigeria.

Lesson Keywords

• Insurance Sellers – Individuals or organisations offering insurance policies.
• Insurance Buyers – Individuals or entities purchasing insurance policies.
• Individual/Private Buyers – Single persons or families buying insurance for personal protection.
• Corporate Buyers – Businesses and companies purchasing insurance for assets and operations.
• Public Institutions – Government bodies and parastatals insuring public assets.
• Supporting Services – Professionals and organisations aiding the insurance industry.
• Loss Adjusters – Assess damage and recommend compensation for claims.
• Actuaries – Use statistics to assess risk and calculate premiums.
• Nigeria Insurers Association (NIA) – Umbrella body for licensed insurers in Nigeria.

Differentiation

For students who grasp concepts quickly, encourage them to research specific examples of insurance products tailored for individual, corporate, or public buyers. For students who need more support, provide simplified examples and visual aids, and allow them to work in pairs to discuss the roles of each entity before answering questions.

Suggested Lesson Videos

For further understanding, search on YouTube for:

• “Who are the players in the insurance market?”
• “Role of insurance brokers and agents”
• “Nigeria Insurers Association functions”

Teacher Guide for Using This Lesson Plan

Before the lesson, ensure you have charts or visual aids ready that clearly illustrate the different categories of insurance sellers, buyers, and supporting services. Prepare examples of local insurance companies and types of policies. During the lesson, explain each category clearly, providing practical and relatable examples to make the concepts easy to understand for SS 3 students. Encourage active participation through questions and discussions. Guide students to copy the Board Summary notes after the main teaching points have been covered and evaluated. Pay attention to students’ understanding of the distinct roles of agents, brokers, and supporting services, as these can sometimes be confused. Conclude by reinforcing the interconnectedness of these roles in the overall insurance ecosystem.