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Insurance Services

NIOS · Class 10 · Business Studies

Quick revision notes for Insurance Services — NIOS Class 10 Business Studies. Key concepts, formulas, and definitions for last-minute revision.

45 questions33 flashcards5 concepts

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Key Topics to Revise

1

1. Nature of Business Risks

  • Risk means the possibility of loss or damage due to factors over which a businessman has little or no control.
  • Uncertainties are events that cannot be foreseen, while risks can be anticipated from past experience.
  • Business risks arise in storing goods, manufacturing, and transporting goods.
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2. Meaning and Importance of Insurance

  • Insurance is a contract in which the insurer undertakes to pay the insured a fixed amount on the happening of a certain event, or compensate the actual loss, in exchange for premium.
  • The insurer is the party, generally an insurance company, who accepts the risk.
  • The insured is the party whose risk is shifted to the insurer.
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3. Types of Insurance

  • Insurance is broadly classified into life insurance, fire insurance, marine insurance, and other types of insurance.
  • LIC was, until recently, the only organization engaged in life insurance business in India.
  • General Insurance Corporation with its subsidiaries was, until recently, the only organization engaged in general insurance business in India.
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4. Life Insurance

  • Life insurance, also called life assurance, is a contract in which the insurer pays a certain sum on death of the insured or on expiry of a certain number of years.
  • The risk insured against in life insurance is certain to happen, though the time may be uncertain.
  • Premium may be paid as a lump sum or in instalments.

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Full Notes

Key Concepts

Risk is the possibility of lossInsurance is a contract inInsurance spreads the loss ofLife insuranceFire insurance is a contract

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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