11th Commerce - Book Back Answers - Chapter 15 - English Medium Gudies

 

  

 

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Tamil Nadu Board 11th Standard Commerce - Chapter 15: Book Back Answers and Solutions

    This post covers the book back answers and solutions for Chapter 15 – Commerce from the Tamil Nadu State Board 11th Standard Commerce textbook. These detailed answers have been carefully prepared by our expert teachers at KalviTips.com.

    We have explained each answer in a simple, easy-to-understand format, highlighting important points step by step under the relevant subtopics. Students are advised to read and memorize these subtopics thoroughly. Once you understand the main concepts, you’ll be able to connect other related points with real-life examples and confidently present them in your tests and exams.

    By going through this material, you’ll gain a strong understanding of Commerce  Chapter 15 along with the corresponding book back questions and answers (PDF format).

Question Types Covered:

• 1 Mark Questions: Choose the correct answer, Fill in the blanks, Identify the correct statement, Match the following 
• 2 Mark Questions: Answer briefly 
• 3, 4, and 5 Mark Questions: Answer in detail

All answers are presented in a clear and student-friendly manner, focusing on key points to help you score full marks.

All the best, Class 11 students! Prepare well and aim for top scores. Thank you!

Chapter 15: INSURANCE

I. Choose the correct answer

1. The basic principle of insurance is ________
a) Insurable Interest
b) Co-Operation
c) Subrogation
d) Proximate causa
Answer key:
a) Insurable Interest

2. ______ is not a type of general insurance
a) Marine Insurance
b) Life Insurance
c) Fidelity Insurance
d) Fire Insurance
Answer key:
b) Life Insurance

3. Which of the following in not applicable in insurance contract?
a) Unilateral contract
b) Conditional contract
c) Indemnity contract
d) Inter-personal contract
Answer key:
c) Indemnity contract

4. Which one of the following is a type of marine insurance?
a) Money Back Policy    
b) Cargo Insurance
c) Hull Insurance                
d) both b & c
Answer key:
d) both b & c

II. Very Short answer questions

1. List any five important types of policies.

• Whole Life Policy       
• Endowment Life Assurance Policy     
• Joint Life Policy
• Annuity Policy           
• Children’s Endowment Policy.

2. What is health insurance?

• Health insurance policy is a contract between an insurer and an individual or group.
• In which the insurer agrees to provide specified health insurance at an agreed upon price.

 

III. Short answer questions

1. Define Insurance.
“Insurance is a plan by themselves which large number of people associate and transfer to the shoulders of all, risk that attacks to individuals”
                                                                        - According to John Merge.
2. Give the meaning of Crop insurance.

• This policy is to provide financial support to farmers in case of a crop failure due to drought or flood.
• It generally covers all risks of loss or damages relating to production of

               i) rice 

               ii) wheat

               iii)millets

               iv) oil seeds

               v)pulses

3. Write a note on IRDAI.

• IRDAI – Insurance Regulatory Development and Authority of India is the statutory, independent and apex body that governs, regulates and supervises the Insurance Industry in India.
• It was constituted in the year 2000 by Parliament of India Act called IRDAI Act, 1999.
• Presently IRDAI headquarters is in Hyderabad.

IV.Long answer questions

1. Explain the various types of Insurance. (any 5)
1. Life Insurance:

• Life Insurance may be defined as a contract in which the insurance company called insurer undertakes to insure the life of a person called assured in exchange of a sum of money called premium which may be paid in one lump sum or monthly, quarterly, half yearly or yearly.

2. Non – Life Insurance:
    (a) Fire Insurance

• Fire insurance is a contract whereby the insurer, in consideration of the premium paid, undertakes to make good any loss or damage caused by a fire during a specified period upto the amount specified in the policy.

    (b) Marine Insurance

•  Marine insurance is a contract of insurance under which the insurer undertakes to indemnify the insured in the manner and to the extent thereby agreed against marine losses.

    (c) Health Insurance:

•  Health insurance policy is a contract between an insurer and an individual or group.

    (d) Miscellaneous Insurance:
3. Motor Vehicle Insurance

•      This is also known as ‘Auto Insurance’. This policy comes under General Insurance.

2. Explain the principles of Insurance. (any 5)
Utmost Good Faith:

• According to this principle, both insurer and insured should enter into contract in good faith.

Insurable Interest:

• The insured must have an insurable interest in the subject matter of insurance.

Indemnity:

• Indemnity means security or compensation against loss or damages.

Contribution:

• The same subject matter may be insured with more than one insurer then it is known as ‘Double Insurance’.

Mitigation:

• In case of a mishap, the insured must take off all possible steps to reduce or mitigate the loss or  damage to the subject matter of insurance.