Chapter 22 of 23
Revision Notes
Types of Insurance — Revision Notes
ICSE · Class 11 · Commerce
Types of Insurance revision notes for ICSE Class 11 Commerce: 4 topics in quick points. Part of the ICSE Class 11 Commerce syllabus.
65 questions32 flashcards5 concepts
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Key Topics to Revise
1
Classification of Insurance
- Insurance is broadly classified into two categories: Life Insurance and General Insurance.
- General Insurance includes Fire Insurance, Marine Insurance, Social Insurance, and Miscellaneous Insurance.
- Miscellaneous insurance includes several practical types such as motor vehicle insurance, burglary insurance, personal accident insurance, fidelity insurance, employees' accident insurance, and health
2
Life Insurance
- Life Insurance is a contract where the insurer pays a fixed sum on the death of the insured or on expiry of a specified period, whichever is earlier.
- Life insurance business means contracts upon human life, including cases where money is assured on death or on a contingency dependent on human life.
- Life insurance is both protection and investment.
3
Fire Insurance
- Fire insurance is a contract whereby the insurer compensates the insured for loss or damage caused by fire during a specified period.
- The Fire Insurance Act 1938 gives a legal definition of fire insurance as a contract to make good loss or damage caused to property due to fire during the policy period.
- Fire insurance is a contract of indemnity.
4
Marine Insurance
- Marine insurance covers risks associated with ocean transport and sea perils.
- Marine insurance is a contract where the insurer indemnifies the insured against marine losses incident to marine adventure.
- Section 3(1A) of the Marine Insurance Act gives the statutory definition of marine insurance.
Get complete notes with diagrams and examples
Full NotesKey Concepts
Insurance is divided into Life InsuranceLife Insurance is a contract wherebyBoth insurer and insured must discloseInsurable interest means a person mustSurrender value is the amount paid
Frequently Asked Questions
What are the important topics in Types of Insurance for ICSE Class 11 Commerce?
Key topics in Types of Insurance include Classification of Insurance, Life Insurance, Fire Insurance, Marine Insurance. Study these first, then practise questions on each for Class 11 exams.
How should I revise Types of Insurance for Class 11 exams?
Learn the core ideas first, then work through the 65 practice questions on Types of Insurance. Revise definitions regularly and use flashcards for quick recall before the exam.
Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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