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Commerce · Class 11 Commerce

Ch 15Insurance — Class 11 Commerce, concept-first.

Every business and every individual faces the possibility of an uncertain, unwanted future event — fire destroying a warehouse, a ship sinking with its cargo, an accident, illness, or premature death.

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Q&A

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Concepts

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Key concepts

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Meaning and Importance of Insurance

Insurance is a contract where the insurer, for a premium, promises to compensate the insured for a specified financial loss from an uncertain event; it works through risk-pooling across many policyholders, spreading the…

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Chapter contents

The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.

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Meaning and Importance of Insurance

Every business and every individual faces the possibility of an uncertain, unwanted future event — fire destroying a warehouse, a ship sinking with its cargo, an accident, illness, or premature death.…

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Fundamental Principles of Insurance

For an insurance contract to be valid and fair to both parties, it must satisfy several well-established legal principles:

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Types of Insurance

Insurance in India is broadly classified into two categories, each covering a different kind of risk:

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Functions and Importance of Insurance

Insurance performs several genuine economic and social functions beyond simply compensating an occasional unlucky policyholder:

Exercises

+Show 4 questions4 questions
  1. Q4Define insurance and explain how the principle of risk-sharing operates.Free
  2. Q5Explain the principle of Insurable Interest with a suitable example.Free
  3. Q6Distinguish between Life Insurance and General Insurance.Preview
  4. Q7Explain the principle of Subrogation with an example.Preview

Long Answer Questions

+Show 2 questions2 questions
  1. Q8Explain the fundamental principles of a valid insurance contract.Free
  2. Q9Discuss the functions and importance of insurance in trade and the economy.Preview

Sample & Board Papers

Sample papers and previous-year board questions for this subject.

+Show 8 questions8 questions
  1. Q1Explain under which principle of Insurance, a creditor takes Insurance on his debtors.Preview
  2. Q2(a) Explain any five principles of Insurance. OR (b) Explain any five kinds of mercantile agent.Preview
  3. Q3The basic principle of Insurance is ________. (a) Subrogation (b) Utmost good faith (c) Proximate Causa (d) Co-operationPreview
  4. Q4List out the principles of Insurance and explain any one of them.Preview
  5. Q5(a) Explain the principles of Insurance. (any 5) OR (b) What are the items included in an Income ?Preview
  6. Q6________ is not a type of General Insurance. (a) Medical Insurance (b) Marine Insurance (c) Fire Insurance (d) Life InsurancePreview
  7. Q7Define Insurance.Preview
  8. Q8Write a note on IRDA?Preview

More questions

+Show 3 questions3 questions
  1. Q1Insurance operates mainly on the principle of: (a) speculation on future prices (b) risk-sharing/pooling among many policyholders (c) guaran…Free
  2. Q2The principle under which an insured can recover only the actual financial loss suffered, and no more, is called the principle of: (a) Utmos…Preview
  3. Q3Which type of insurance is NOT a strict contract of indemnity, since the subject-matter cannot be given a precise money value? (a) Fire Insu…Preview