Commerce · Class 12 Commerce
Ch 6Insurance, Warehousing and Transport — Class 12 Commerce, concept-first.
This chapter returns to the "aids to trade" idea you first met in your first-year Business Activities chapter, and takes up three of those aids in real depth: insurance (which removes the obstacle of RISK), warehousing (which removes the obstacle of TIME, by holding goods until they are needed), and transport (which re…
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
Meaning and Principles of Insurance
Insurance is a contract in which the insurer, for a premium, agrees to pay the insured a sum of money on a specified uncertain event, or to compensate the actual loss it causes, working on the principle of risk-sharing a…
Most relevant Q&A
- The principle that requires a person seeking an insurance policy to disclose every material fact relevant to the risk, honestly and complete…Free
- A stranger who has no financial stake whatsoever in a particular warehouse cannot validly insure that warehouse against fire, because doing…Free
- Which of the following statements correctly describes the Principle of Indemnity? (A) It applies equally to Life Insurance and General Insur…Free
- After paying a policyholder in full for damage caused to their insured car by a careless third-party driver, the insurance company acquires…Preview
- State any four general principles that govern an insurance contract.Free
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Overview
This chapter returns to the "aids to trade" idea you first met in your first-year Business Activities chapter, and takes up three of those aids in real depth: insurance (which removes the obstacle of…
Meaning and Principles of Insurance
Insurance is a contract between two parties — the insurer (the insurance company) and the insured (the person or business seeking cover) — under which the insurer, in return for a fixed payment called…
Life Insurance
Life Insurance is a contract under which the insurer agrees to pay a fixed sum of money — the sum assured — either on the death of the person whose life is insured, or on that person surviving to the…
General Insurance
General Insurance covers every kind of risk OTHER than the risk to human life — chiefly risks to property, goods in transit, vehicles, health, and legal liability.
Warehousing — Meaning, Functions and Types
Warehousing is the commercial activity of storing goods, on a large scale, in a systematic and orderly manner, so that they remain safe and in a saleable condition until they are actually needed for c…
Transport — Meaning, Importance and Modes
Transport is the physical movement of goods and people from one place to another. It is the aid to trade that overcomes the obstacle of PLACE — no matter how efficiently a good is produced, financed,…
Sample & Board Papers
Sample papers and previous-year board questions for this subject.
+−Show 7 questionsHide questions7 questions
- Q1What is transport ? What are the benefits of transport ?Preview
- Q2Write a short note on: Double Insurance.Preview
- Q3Write a short note on: Pipelines.Preview
- Q4Write a short note on: Whole life policy.Preview
- Q5Define InsurancePreview
- Q6Explain the advantages of Insurance.Preview
- Q7Write a short note on: Bonded WarehousePreview
More questions
15 Q+−Show 9 questionsHide questions9 questions
- Q1The principle that requires a person seeking an insurance policy to disclose every material fact relevant to the risk, honestly and complete…Free
- Q2A stranger who has no financial stake whatsoever in a particular warehouse cannot validly insure that warehouse against fire, because doing…Free
- Q3Which of the following statements correctly describes the Principle of Indemnity? (A) It applies equally to Life Insurance and General Insur…Free
- Q4After paying a policyholder in full for damage caused to their insured car by a careless third-party driver, the insurance company acquires…Preview
- Q6Life Insurance is best described as a contract of: (A) Indemnity, exactly like Fire and Marine Insurance (B) Assurance, because death is a c…Preview
- Q7A life insurance policy that pays the sum assured on the insured's death within a fixed term, OR on the insured surviving to the end of that…Preview
- Q9A shipping company wants to insure the goods it is carrying by sea against loss or damage during the voyage. Which specific branch of Marine…Preview
- Q11A warehouse licensed by customs authorities to store imported goods on which import duty has NOT yet been paid, with the goods remaining und…Preview
- Q13Which mode of transport is used specifically and exclusively for the continuous movement of liquids and gases such as crude oil, petroleum p…Preview