Insurance Services — Chapter Summary
NIOS · Class 10 · Business Studies
Summary of Insurance Services for NIOS Class 10 Business Studies. Part of the NIOS Class 10 Business Studies syllabus.
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Overview
Insurance is a way of shifting risk from one person or business to another party called the insurer. Business activities, transport, storage of goods, factories, and even personal life are exposed to loss from fire, theft, accident, disease, and many other causes. Insurance helps reduce the burden o
Key Concepts
Risk is the possibility of loss
Risk is the possibility of loss or damage due to factors over which the businessman has little or no control. Uncertainties cannot be foreseen, while
Insurance is a contract in
Insurance is a contract in which the insurer undertakes to pay a fixed amount on the happening of a certain event, or compensate actual loss, in excha
Insurance spreads the loss of
Insurance spreads the loss of a few insured among many premium payers. It gives security, helps trade and industry, supports national savings through
Life insurance
Life insurance, also called life assurance, pays a certain sum on death of the insured or after expiry of a certain period. The risk insured against i
Fire insurance is a contract
Fire insurance is a contract of indemnity. It compensates loss or damage caused by fire, but only up to the actual loss or the sum insured, whichever
Learning Objectives
- Define business risk and insurance
- Explain why insurance is important
- Identify the main types of insurance
- Describe life insurance, fire insurance, marine insurance, and other insurance types
- Understand the basic principles of insurance
Frequently Asked Questions
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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