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Commercial Law and Preliminaries of Auditing · Class 12 Commerce

Ch 6Law of Insurance — Class 12 Commercial Law and Preliminaries of Auditing, concept-first.

Law of Insurance carries 6 of the 40 marks on Part A (Commercial Law) of the Semester IV (Class XII) paper — the smallest unit on this semester's paper alongside Company Law's counterpart in Semester III.

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Key concepts

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Contract of Insurance — Essential Elements and Key Terms

An insurance contract must satisfy the general essentials of any valid contract under Section 10 of the Indian Contract Act, 1872, plus special insurance-specific principles: insurable interest (a genuine pecuniary inter…

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Chapter contents

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Overview

Law of Insurance carries 6 of the 40 marks on Part A (Commercial Law) of the Semester IV (Class XII) paper — the smallest unit on this semester's paper alongside Company Law's counterpart in Semester…

Introduction to Insurance

Advantages and the object of insurance. No individual or business can predict exactly when a fire, an accident, a death, or a shipwreck will strike, but a large group of people exposed to a similar ri…

Life Insurance

Definition. A contract of life insurance is one whereby the insurer, in consideration of a premium (paid as a lump sum or in periodic instalments), undertakes to pay a certain sum of money — the sum a…

General Insurance — Marine and Fire Insurance

Marine Insurance.

More questions

9 Q
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  1. Q1What is a 'Cover Note' in insurance?Free
  2. Q2Distinguish between 'Insurer' and 'Insured'.Preview
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  1. Q3Distinguish between Double Insurance and Reinsurance.Free
  2. Q4Distinguish between Life Insurance and General Insurance.Preview
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  1. Q5Explain the essential elements of a valid contract of insurance.Free
  2. Q6Explain the meaning and different types of Marine Insurance.Preview
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  1. Q7A godown worth ₹1,00,000 is insured against fire — ₹60,000 with Insurer A and ₹40,000 with Insurer B, both policies covering the same risk.…Free
  2. Q8A factory building actually worth ₹2,00,000 is insured for only ₹1,50,000 under a fire policy containing an Average Clause. A fire causes a…Preview
  3. Q9Mr. Roy takes a life insurance policy on 1 April 2024 for a sum assured of ₹10,00,000. He dies by suicide on 1 October 2024. Separately, ass…Preview