Banking and Insurance Companies

Banking and Insurance Companies

By Christal Roberts-Benson

Banking and Insurance

​Lesson Objectives

• Define the term bank.

• ​List services received at the bank.

• ​State types of banks in The Bahamas.

• List services offered by insurance companies.​

Watch the video link below and return to the lesson.

https://www.youtube.com/watch?v=S90pcbG6gsc​

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What is a bank?

A bank is a business place that looks after money and valuable things such as (deeds, wills, family heirlooms) for its customers. People can open bank accounts both as individuals and businesses. Money deposited in a bank over a period of time earns interest. This is an amount paid by the bank to a customer. For example, the bank may pay $10.00 interest for every $100.00 deposited with it for a whole year. This is called 10 percent interest.

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Multiple Choice

A _____ is a business place that looks after money and valuable things for its customers.

• bank

• insurance company

• church

• hotel

Multiple Choice

____ is an amount paid by the bank to its customers over a period of time.

• withdrawal

• investment

• interest

• deposit

Banking Services

At a bank, you can also buy travelers' cheques which is the currency (money) of other countries. Tourists exchange travelers' cheques for Bahamian currency at the bank. People can also save money, buy bank draft or change a personal cheque for cash, withdraw money with a bank teller or an ATM (automatic teller machine), make payments with credit card or apply for or borrow money at banks. Government employees or workers are paid through banks.

Multiple Select

Select the services that you can do at a bank.

• save money

• exchange traveler's checks

• Book an international flight.

• buy bank draft

Multiple Select

Select services that can be done at the bank.

• buy insurance

• withdraw money at the ATM

• deposit money

• make payments with credit/debit cards

• borrow money

Types of Banks in The Bahamas

There are many different commercial banks in The Bahamas. Commercial banks offer their services to local people as well as tourists. Some of these Banks include Commonwealth Bank, Bank of The Bahamas, Bank of Nova Scotia (Scotia Bank), Royal Bank of Canada (RBC), First Caribbean Bank (CIBC). There are also offshore banks on our islands. An offshore is one where foreigners deposit their money for various reasons. There are also trust banks in our country.

Multiple Select

Select the types of banks found in The Bahamas.

• trust banks

• commercial banks

• offshore banks

• cooperation banks

Importance of Banks

Banking is very important to The Bahamas because man people are employed in this type of business. Our banks handle large sums of money from countries around the world. Some of the profits obtained from banking go into the public treasury. This is then used for the needs of the country. Banking and finance, therefore, making big contributions to our country's revenue. It is the second largest source of income after tourism.

Multiple Choice

True or false. Banking is not very important to The Bahamas.

• false

• true

Multiple Choice

True of false. Many Bahamians work in the banking industry.

• false

• true

Multiple Choice

True or false. Money from the treasury is used for the needs of the country.

• false

• true

Multiple Choice

What is the country's second largest industry?

• agriculture

• tourism

• banking and finance

• fishing and farming

Click the link below to watch the video.

https://www.youtube.com/watch?v=z3NEM1HptqU

Subject | Subject

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Insurance Companies

Insurance Companies provides many services to the Bahamas. Here are a few of them:

1. Health Insurance which assists us with the cost of medical care.

2. Protection for property such as a house, boat or vehicle.

3. Life Insurance. This is a scheme that pays a sum of money to the family and other persons when the person with life insurance dies.​

Insurance companies provide jobs for the people of The Bahamas. They also lend money to some of their customers. ​

Multiple Choice

Which of the following if NOT a type of insurance offered by insurance companies?

• Health Insurance

• Vacation Insurance

• Protection of Property

• Life Insurance

Open Ended

What is something new that you learned about banks in the lesson today?

Open Ended

What is something new that you learned about insurance companies in the lesson today?