case study on insurance class 11

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Class 11 Business Studies Case Study Questions

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CBSE Class 11 Business Studies Case Study Questions are available on myCBSEguide App . You can also download them from our student dashboard .

For students appearing for grade 11 CBSE exams from the Commerce stream, Business Studies is a fundamental subject. Business Studies is considered to be quite interesting as well as an occupying subject as compared to all other core subjects of the CBSE class 11 commerce stream. To ace this CBSE exam, students are not only required to work hard but they ought to learn to do smart work too.

Among all the other core subjects of the Commerce stream i.e accountancy, economics and business studies, Business Studies is the one that is purely theoretical. It is termed to be comparatively easier and more scoring than the other mandatory subjects of the commerce stream. Many students who opt for the commerce stream after their 10-grade exams desire to learn in-depth about the business organizations and their work, for them the subject is of utmost importance. Business Studies is an essential component of the class 11 commerce stream curriculum.

In order to ace the subject the student needs to have conceptual clarity. CBSE has designed the syllabus for class 11 Business Studies so as to provide students with a basic understanding of the various principles prevalent in the Business organizations as well as their interaction with their corresponding environment.   

Case Study Questions in class 11 (Business Studies)

Case-based questions have always been an integral part of the Business Studies question paper for many years in the past. The case studies have always been considered to be challenging for the students, for such questions demand the application of their knowledge of the fundamental business concepts and principles. Last year i.e-  2021 CBSE introduced a few changes in the Business Studies question paper pattern to enhance and develop analytical and reasoning skills among students.

It was decided that the questions would be based on real-life scenarios encountered by the students.CBSE not only changed the way case-based questions were formulated but also incremented their weightage in the Business Studies question paper. The sole purpose of increasing the weightage of case-based questions in the class 11 curriculum by CBSE was to drift from rote learning to competency and situation-based learning.

What is a case study question? (Business Studies)

In Business Studies, a case study is more like a real-world test of how the implementation works. It is majorly a report of an organization’s implementation of anything, such as a practice,a product, a system, or a service. The questions would be based on the NCERT textbook for class 11 Business Studies. Case-based questions will definitely carry a substantial weightage in the class 11 Business Studies question paper. questions.

A hypothetical text will be provided on the basis of which the student is expected to solve the given case-based question asked in the Business Studies class 11 exam. Initially, the newly introduced case-based questions appeared to be confusing for both the students and the teachers. Perhaps, they were reluctant to experiment with something new but now a lot more clarity is there that has made the question paper quite student-friendly.

Case study questions could be based on any chapter or concept present in the NCERT textbook. Thus, it is expected from the students to thoroughly revise and memorize the key business fundamentals. 

Business Studies syllabus of class 11 CBSE   

The entire Business Studies course is divided into 2 parts:

• Part A, Foundation of Business
• Part B, Finance and Trade

The class 11 Business Studies exam is for a total of 100 marks, 80 marks are for the theory and the remaining 20 for the project. Most of the questions are based on the exercises from the NCERT textbook. It is recommended to rigorously go through the contents of the book. A single textbook has been published by NCERT for Class 11 Business studies. There are a total of 10 chapters in this book divided into 2 parts. 

CBSE Class – 11

Business Studies (Code No. 054)

Theory: 80 Marks Time: 3 Hours Project: 20 Marks

Case Study Passage (Business Studies class)

As part of these questions, the students would be provided with a hypothetical situation or text, based on which analytical questions will have to be answered by them. It is a must for the students to read the passage in depth before attempting the questions. In the coming examination cycle (2022-23), case-based questions have a weightage of around 30%. These questions can be based on each chapter in the NCERT book for Business Studies, grade 11.

Students must prepare well for the case-based questions before appearing for their Business Studies exam as these questions demand complete knowledge of the various concepts in their syllabus. CBSE plans to increase the weightage of such questions in the upcoming years.

Sample case-based Questions in Business Studies

Business Studies as a subject provides a way of perceiving and interacting with the business ecosystem. It is a core subject of the commerce stream that is purely theoretical and relevantly easier than the other compulsory subjects of the stream. Class 11 Business Studies syllabus is closely related to trade and commerce. The subject cannot be ignored as it is the foundation of many concepts and theories which are studied at an advanced level in class 12.

The case-based questions asked in the CBSE Business Studies question paper for class 11 are of two types:

As per the latest circular issued by CBSE on Assessment and Evaluation practices of the board for the session 2022-23, CBSE has clearly mentioned that competency-based questions including case studies will be different from subjective questions.  

The questions can also be categorized on their difficulty level:

• Direct: such questions can be easily solved. Their answer is visible in the given passage itself.
• Indirect/ Analytical: such questions are confusing and tricky. These can be solved by the application of the theory or principle that is highlighted in the provided text. 

How To Prepare For Case-based Questions? (Business Studies grade 11)

Students need to prepare well for the case-based questions before appearing for their class 11 Business Studies exam. Here are some tips which will help the student to solve the case-based questions at ease:

• Read the provided text carefully
• Try to comprehend the situation and focus on the question asked
• Analyze and carefully answer the question asked
• In general, the passage given would be lengthy in Business Studies case-based questions but their solutions are comparatively short and simple
• One can significantly save time if they follow a reversal pattern, that is going through the questions before reading the comprehensive case study passage.
• Answer in a concise manner
• One should concentrate on solidifying key fundamental principles/theories
• Go through the NCERT textbook in depth. The language used is crisp and simple.
• While providing solutions to the case-based question, pick the keyword/keyline based on which you are driving insights.

 In order to excel in the Business Studies class 11 exam, one needs to ignore the shortcut techniques and get to read the NCERT textbook rigorously. Case studies can be easily solved if your key fundamentals are strong and clear. The best part of having these questions is that the asked question itself projects a hint of its answer. These simple points if kept in mind will definitely help the students to fetch good marks in case study questions, class 11 Business Studies. 

Case study question examples in Business Studies

Here a re some given case study questions for CBSE class 11 Business Studies. If you wish to get more case study questions and other study material, download the myCBSEguide app now. You can also access it through our student dashboard.

Business Studies Case Study 1

Read the hypothetical text given and answer the following questions:

Manish, Rahul and Madhav live in the same locality. They used to meet and discuss their ideas. After discussing the recent fire breakout in their area, they decided to take fire insurance for their house or work area. Manish gets his house insured against fire for ₹1 lakh and during the policy period, his house gets damaged due to fire and the actual loss amounts to ₹2.5 lakh. The insurance company acquired the burning material and approved his claim. Rahul gets his godown insured against fire for ₹1 lakh but does not take enough precautions to minimize the chances of fire like installing fire extinguishers in the factory. During the policy, a fire takes place in his godown and he does not take any preventive steps like throwing water and calling the employees from the fire fighting department to control the fire. He suffered a loss of ₹1,20,000. Madhav took a fire insurance policy of ₹20 lakh for his factory at an annual payment of ₹24,000. In order to reduce the annual premium, he did not disclose that highly explosive chemicals are being manufactured in his factory. Due to a fire, his factory gets severely damaged. The insurance company refused to make payment for the claim as it became aware of the highly explosive chemicals.

How much can Manish claim from the insurance company?

• None of the above

How much compensation can Rahul get from the insurance company?

Which principle is violated in the case of Rahul?

• Insurable Interest
• Utmost Good Faith

How much amount is the insurance company liable to pay to Madhav if he files a case against it?

• Insufficient information

Which principle of Insurance is violated by Madhav?

• Insurable interest
• Subrogation
• Proximate Cause

The insurance company acquired the burnt material and approved his claim. Which principle of Insurance is highlighted in the given statement.

• (a) Mitigation
• (a) Utmost Good Faith
• (d) Subrogation

Business Studies Case Study 2

 Sarthak Electronics Ltd. has a loss of Rs 15,00,000 to pay. They are short of funds so they are trying to find means to arrange funds. Their manager suggested a claim from the insurance company against stock lost due to fire in the warehouse. He actually meant that they can put their warehouse on fire and claim from insurance companies against stock insured. They will use the claim money to pay the loan.

• Will the company receive a claim if the surveyor from the insurance company comes to know the real cause of fire?
• Write any two Values which the company ignores while planning to arrange money from false claims.
• State any three elements of fire insurance

Business Studies Case Study 3

OLX and qickr are examples of well-known websites used to conduct business. Tarasha’s sofa set got spoiled in the rain. Her friend suggested that she should change the fabric so that it looks new and put it for sale on Olx. Tarasha followed her friend’s advice and got her sofa repaired so that it looked better and uploaded nicely clicked pictures on the website without disclosing the fact that it was damaged from the inside. She found a buyer and sold it for Rs 10,000. After five days the buyer found the real state of the sofa set and called Tarasha but she did not answer any of the calls.

• identify the type of business highlighted in the above case.
• Identify any two values which are overlooked by Tarasha.
• Explain any two benefits and limitations of e-business.

Advantages of case study questions in Business Studies

Class 11 Business Studies syllabus is not very vast but has to be focussed upon as it forms the base for your 12th grade Business Studies syllabus. Students are supposed to prepare themselves thoroughly from the NCERT textbook. The Case-based questions prominently focus on the real and current scenarios of the Business world. Approximately 30% of the question paper will comprise case study questions that demand high-order thinking and reasoning skills from the students. The students ought to practice class 11 Business Studies case-based questions from the various options available to them, so as to excel in the subject.

• Enhance the qualitative and quantitative analysis skills of students
• Provides an in-depth understanding of the key Business theories/concepts
• Inculcate intellectual capabilities in students
• Help students retain knowledge for a longer period of time
• The questions would help to discard the concept of rote learning
• Case studies promote and strengthen practical learning.

“Failure is success if you learn from it”

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Project on Insurance- Business Studies Project Class 11

Table of Contents

Introduction to insurance

Insurance is mean of protection from financial loss. It is a form of risk management, primarily used to judge against the risk of an uncertain loss. An entity that provides insurance to known as an insurer, insurance company, and Insurance carrier on the underwriter. A person on an entity who buys insurance is known as an insured assuring a guarantee and known relatively small loss in the form of payment to the insurance in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may it mat not be financial, but it must be reducible to financial forms and equally involves something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship.

Insurance in its current form has its history dating back to18 when an oriental Life insurance company was started by Antila Bharsar in Kolkata to cater to the needs of the European Community. The pre-independence era in India saw discrimination between the lives of foreigners(English) and Indians with higher premiums being charged for the latter in 1870, Bombay Mutual Life Assurance society became the first Indian Insurer.

At the dawn of the 20th century, many insurance companies were founded. In the year 1912, the life insurance companies Act and the provident fund Act were passed to regulate the insurance business the life insurance companies Act,1912 made it necessary that the premium rate tables and pre periodical valuations of companies should be certified by an actuary. However, the disparity still existed as discrimination between Indian and foreign companies.

The oldest existing insurance company in India is the National Insurance Compan which was founded in 1906 and is still in business. The government of India issued an ordinance on 19 January 1956 nationalising the life insurance sector and life insurance corporations came into existence in the same,e year.

The life insurance corporation(LIC) absorbed 154, Indian 16 non-Indian issuers and also 75 provident societies-245 Indian and foreign insurers in 1970 with the general insurance Business Act was passed by the Indian parliament, and consequently, the General insurance business was nationalized with effect from 1 January 11973,107 insurers were amalgamated and grouped into four companies, namely National Insurance co. Limited the New India Insurance.Ltd, the Oriental Insurance co. ltd.the general insurance corporation of India was incorporated as a company in 1971 and it commenced business on 1 Jan 1973.

CHARACTERISTICS OF INSURANCE

The insurance has the following characteristics which are generally, observed in the case of life, marine, fire and general insurance.

• SHARING OF RISK Insurance is a device to share the financial losses which might fall on an individual or his family on the happening of a specified event the event may the be the death of the breadwinnernner to the family in the case of life insurances ,marine-perils in marine insurance, fire in fire insurance ad other certain events in general insurance, eg, theft in burglary insurance, etc. This loss arising mom these events of the insured is shared by all the insured in the form of a premium.
• CO-OPERATIVE DEVICE The most important feature of every insurance plan is the cooperation of a large number of persons who, in effect, agree to share the financial loss arising due to a particular risk that is insured. Such a group of people may be brought together voluntarily or through publicity or solicitation of the agent
• VALUE OF RISK The risk is evaluated before insuring to charge the amount of share of an individual here in called, consideration or premium. There are several methods of evaluation of risks if there is the expectation of more loss, a higher premium may be charged so, the probability of loss is calculated at the time of insurance.
• PAYMENT AT CONTINGENCY The payment is made at a certain contingency insured if the contingency occurs, payment is made since the life insurance contract is a contract of certainly,because the contingency, the death is the expiry of the term, will containly occur, the payment is certain. In other insurances contracts, the contingency is the fire or the marine perits etc, may or may not occur.So if the contingency occurs,payment is made,otherwise no amount is given to the policy holder.
• AMOUNT OF PAYMENT The amount of payment depends upon the values of occured due etc particular insured risk provided insurance is there up to that amount . In life insurance, the purpose is not to make good the financial loss sufffered.TThe insurance promises to pay a fixed sum on the happening of an event
• LARGE NUMBER OF INSURED PERSONS To spread the loss immediately, smoothly and a cheaply large number of people should be insured. The cooperation of a small number of persons may also be insured but it will be limited to a smaller area. the cost of insurance for each member may be higher so it, maybe unmarkable.
• INSURANCE IS NOT GAMBLING The insurance services indirectly increase the productivity of the community by eliminating womy and increasing initiative the uncertainty is changed into insurer promises to pay a definite sum for the damage of death.
• INSURANCE IS NOT CHARITY Charity is given without consideration but insurance is not possible without premium. It provided secuity and safety t with an individual and to society although it is a kind of business because in consideration of premium it guarantees the payment of loss.It is a profession because it provides adequate sources at the time of disasters only by changing a nominal premium for the service

IMPORTANCE OF INSURANCE

• PROVIDES SAFETY AND SECURITY TO INDIVIDUAL AND BUSINESS Insurance provides financial support and reduces uncertainties that individuals ad businesses face at every step of their lifecycle. It provides an ideals risk mitigation mechanism against events that can potentially cause financial distress to individuals and businesses for instance, with medical inflation growing at approximately 15% per annum even simple medical procedures cost enough to disturb a family’s well-calculated budget, but a health insurance would ensure financial security for the family.
• GENERATE LONG TERM FINANCIAL RESOURCES The insurance sector generated funds by way of premiums from millions of policy provider holders. Due to the long-term nature of these funds, these are invested in building long-term infrastructure assets that are significant to nation-building employment opportunities and are increased by big investments leading to capital formation in the economy.
• PROMOTES ECONOMIC GROWTH The insurance sector makes a significant impact on the overall economy by mobilizing domestic savings. Insurance fees are accumulated capital into production investments insurance also enables mitigation of losses, financial stability and promoted trade eg commerce activities this result in sustainable economic development and growth.
• PROVIDES SUPPORT TO FAMILIES DURING MEDICAL EMERGENCIES The well-being of the family is important for all eg health of family members is the biggest concern for most from elderly parents to newborn children, medication and hospitalization play, an important role while ensuring well-being of families. rising medical treatment costs and soaring medicine prices are enough to drain your savings if not well prepared. Anyone can fall victim to critical illness(Such as stroke, heart attack etc).
• SPREADS RISK insurance facilities mean the risk of loss from the insured to the insurer. The basic principle of insurance is to spread risk among a large number of people. A large population gets insurance policies and pays a premium to the insurer .whenever a loss occurs, it is communicated out of the corpus of finds collected from the millions of policy holders.

PRINCIPLES OF INSURANCE

• PRINCIPLES OF UTMOST GOOD FAITH According to the principle, insurance is a contract based on faith. The insured and insurer must disclose all the material facts to each other if the isnured hides any material fact from the insurance company and later on the insurer comes to know about it, then he can refuse to pay compensation. Failure to make disclosure of material fact by the insured makes the contract of insurance voidable at the discretion of the insurance.
• PRINCIPLE OF INSURANCE INTEREST According to this principle, the insured must have an insurable interest in the subject matter of the insurance policy without interest taking an insurance policy is a gamble and fraudent activity and the law does not permit it. In the case of life insurance, the insurable interest comes with the relation of insured with the person taking an insurance policy.
• PRINCIPLE OF INTEGRITY According to this principle, insurance is not a contract for making a profit>the purpose of insurance is to bring back the insured n the same financial position as he was before the loss.
• PRINCIPLE OF CONTRIBUTION It is corallary of the priciple of identity accordingto this principle, if a person has taken more than one insurance policy for trhe same subject matter then all the insurer will contibution the amount of loss and compensate him for the actual amount of loss seperately he cannot claim total loss from each insurer the insurer contributes to the total loss in proportion to the amount assured by each
• PRINCIPLE OF SUBROGATION According to this principle after paying the compensation, the insurer steps into the shoes of the insured in ither words, when the insured is compensated for the loss or damage, to the property insured by her thing the right of ownership of such property passes on the insurer.
• PRINCIPLE OF CAUSES PROXIMA According to this principle the causes or reason for the loss must be related to the subject matter of the insurances contract. If loss is due to some other cause then the insurer can silent to pay the compensation.
• PRINCIPLES OF MITIGATION OF LOSS According to this principle, the insured must take care of his property or subject matter of insurance in the same way as he would take care without taking the insurance policy. It is the duty of the insured to make a reasonable effort to make all available precautions to save the insured property.

SOCIAL EFFECTS OF INSURANCE

Insurance provides people from all walks of life and business a form of safety net and security. Because it offers protection it makes people feel safe and secure from loss and illness as well. Its benefits apply to so many aspects of life that can range from paying huge medical bills should you become seriously ill and saving you from loss of income or having to file bankruptcy. Should a natural disaster happen that wipes your home or business people who carry the adequate amount of insurance coverage are not faced with the stress and worries of how they can recover from the catastrophe event?

The social effects of insurance affect almost every part of our lives today it virtually controls the simple everyday life of what people want to do as it is required with most major purchases. A good example is a married couple who have found their dream home and are excited because it fits their budget only to find out when they call to get a homeowner insurance quote they cannot afford it spp insurance has crushed their dreams.

Insurance can also cause hardships for so many people and keep them from driving a car because they cannot afford policy insurance can be costly and insurance companies gamble on the fact that the mass population will never use it. However, it’s better to have insurance and not need it than to need it and not have it should something occur. Today, everyone is expected to carry insurance coverage is often frowned upon when they say no. Insurance today is woven into our social circles of daily living it protects us from loss, and has many benefits in most cases of our daily liver.

INSURANCE vs ASSURANCE

Generally, the terms insurance and assurance are considered the same thing but these two are not synonymous. These two are different in meaning assurance refers to a contract in which the sum assured is bound to be paid sooner or later in case of loss insurance the sum.

METHODS OF INSURANCE

According to the study of books of the chartered insurance institute, there are variant methods of insurance, two of which are

• RE-INSURANCE h is an insurance that is purchased by an insurance company in the classic case, reinsurance allows insurance companies to remain solvent after major claims events, risk of major disasters like hurricanes and wildfires.
• DOUBLE INSURANCE The situation in which some risk to insured by two overlapping but independent insurance policies.it is lawful to obtain double insurance,and the insured can make claim to both insures in the event of a loss.
• LIFE INSURANCE It is diffferent from other insurance in the sense that, here the subject matter of insurance to the life of human being.
• PROPERTY INSURANCE Under the property insecure if persons are involved aginst a certain specified risk. The risk may be fine, money theft, etc.
• MARINE INSURANCE It protected against the loss of marine perils. the marine perils are a collision with a rock, on the ship, captured perils.
• LIABILITY INSURANCE The general insurance also includes liability insurance whereby the insureds are liable to pay the property damage.
• FIRE INSURANCE Fire insurance comes with the risk of the fire in the absence of fire is insurance, the first work well increase not only for the individual but the society as well.

SOME INSURANCE COMPANIES ARE

• KOTAK Life Insurance
• National insurance company
• American Management Cooperation(AMP)
• SBI Life insurance company
• TATA AIG Travel Insurance
• ICICI Pre Life Insurance
• Apollo Munich Health Insurance
• Metlife Auto Insurance
• AVIVA Life Insurance
• Birla Sun Life Insurance

Insurance is a superior tool to other forms of savings as it provides protection, collective hearing of risk, assessment of risks, certainty factor, easy liquidity and above all the safest means of saving and investment.

• There are various insurance products
• Your needs will change according to your life stage
• Build and reconfigure your insurance portfolio
• Review your plan regularly

ACKNOWLEDGEMENT

I would like to express my special thanks of gratitude to my teacher of this subject who gave me the golden opportunity to make this wonderful project on INSURANCE which helped me in doing a lot of research and to learn many new things. I am thankful to them. Sadly I would also like to thank my parents who also helped me in preparing this project within the limited time frame.

BHABYA SINGH XI-B

CERTIFICATE

This is to certify that xx of class XI-B has completed her project on insurance under my supervision. She has taken proper care and sincerity in this business studies project class 11. I certify that this project is up to my expectation and as per the CBSE guidelines

TEACHER’S SIGNATURE PRINCIPAL

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Monday 12 September 2016

Business studies case studies class 11; chapters 3,4 and 5, 14 comments:.

Sir inke solutions kha milenge

Sir where are the answers of all these questions

Yes sir we want answers

anssererdsd

sir answers pls

answer de na

Ans. Dasso yrr

Give answer of these case studies

answers bhej do yrr

Sir answer kaha h

Amul is a big brand now. Read how supply chain of amul work.

Thank you for sharing amazing case studies related to business. Case Studies For Small Businesses