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11th Standard English Medium Commerce Subject Insurance Creative 2 Mark Questions with Solution Part - II

Published on: 26/06/2021

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Creative Questions in class 11 Commerce Subject. It will helps to get more idea about question pattern in every Creative questions with solution.

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Std: 11th Standard - Commerce

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

What do you mean by surrender value?

What is Double Insurance?

State the difference between Double Insurance and re-insurance?

State any two differences between whole life policy and endowment policy.

How is Insurable Interest applied to various types of Insurance?

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Answers Key:

Generic 2

5 x 2 = 10

The surrender value is the cash value of the policy which is payable to policyholder if he decides to terminate the contract.

When more than one insurance policy is taken to cover the same subject matter, it is known as double insurance.

(i) In case of Double Insurance, the same subject matter is insured by the insured with two or more insurers.
(ii) But in the case of re-insurance, the insured insurers the subject matter only with one insurer.

Whole Life Policy	Endowment Policy
The period of policy is indefinite.	The period of policy is definite or fixed
The Policy amount is paid only on the death of the policy holder.	The Policy amount will be paid either on the maturity or on the death of the policy holder

(i) In case of 'Life Insurance' the insurable interest must be present at the time of taking policy.
(ii) In the case of Marine Insurance, the insurable interest must exist at the time of loss.
(iii) In the case of Fire Insurance, the insurable interest must apply at the time of taking policy as well as at the time of occurring loss.