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Chapter 10 of 20
Chapter Summary

Insurance Services

NIOS · Class 10 · Business Studies

Summary of Insurance Services for NIOS Class 10 Business Studies. Key concepts, important points, and chapter overview.

45 questions33 flashcards5 concepts

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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

What are the important topics in Insurance Services for NIOS Class 10 Business Studies?
Key topics in Insurance Services include Insurance Services - Comprehensive Topic Overview, Mind map showing different categories and types of business risks that companies face, Pie chart showing the relative distribution of different types of business risks. These are the concepts NIOS Class 10 examiners draw on most — study them first, then practise related questions.
How to score full marks in Insurance Services — NIOS Class 10 Business Studies?
Understand the core concepts first, then work through the 45 practice questions available for this chapter. Revise formulas and 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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