BUSINESS STUDIES FOR JSS2 SECOND TERM

SUB -THEME: COMMERCE-THE HEART OF BUSINESS

WEEK 3

Insurance

Performance objectives:

The student should be able to:

(1)Define insurance

(2)Explain services provided by insurance companies

(3) Mention types of insurance

(4) Identify the benefits of insurance

Content:

Meaning of Insurance

Insurance can be defined as the process whereby there is protection against any risk that may terminate life or destroy the business or individual property. Loss of damage to property may arise from accident, theft, fire, flood and so on.

Insurance can also be defined as the transfer of risk of life or property from one person that ensures himself (called the insured) to another person i.e. the insurance company (called the insurer) in return for a fixed amount (called a premium) which the.... View More