Types of Insurance — Chapter Summary
ICSE · Class 11 · Commerce
Summary of Types of Insurance for ICSE Class 11 Commerce. Part of the ICSE Class 11 Commerce syllabus. Insurance is broadly classified into Life Insurance.
Interactive on Super Tutor
Studying Types of Insurance? Get the full interactive chapter.
Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for chapter summary and more.
Free trial, no card needed.
Overview
Insurance is broadly classified into Life Insurance and General Insurance. Life Insurance provides both protection and investment, while General Insurance covers risks such as fire, marine losses, social security needs, and other miscellaneous risks. Life insurance, fire insurance, and marine insura
Key Concepts
Insurance is divided into Life Insurance
Insurance is divided into Life Insurance and General Insurance. General Insurance includes Fire Insurance, Marine Insurance, Social Insurance, and Mis
Life Insurance is a contract whereby
Life Insurance is a contract whereby the insurer undertakes to pay a certain sum of money on the death of the insured or at the expiry of a specified
Both insurer and insured must disclose
Both insurer and insured must disclose all material facts honestly. Concealment of facts can make the policy void.
Insurable interest means a person must
Insurable interest means a person must have a lawful financial interest in the subject matter of insurance. In life insurance, it must exist at the ti
Surrender value is the amount paid
Surrender value is the amount paid when a life policy is discontinued before maturity and it is less than the sum assured. A paid-up policy continues
Learning Objectives
- To identify the main categories of insurance
- To understand the meaning and features of life insurance
- To understand fire insurance as a contract of indemnity
- To understand marine insurance, its subject matter, and implied warranties
- To compare life insurance, fire insurance, and marine insurance
Frequently Asked Questions
What are the important topics in Types of Insurance for ICSE Class 11 Commerce?
How should I revise Types of Insurance for Class 11 exams?
Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
More resources for Types of Insurance
For serious students
Get the full Types of Insurance chapter — start free.
Quizzes, flashcards, an AI doubt solver and a study plan for ICSE Class 11 Commerce. Free to start, no card needed.