CBSE · Class 11 · Business Studies · Business ServicesLife insurance contract is a contract of:
Step-by-Step Solution
Life insurance is not a contract of strict indemnity because human life cannot be measured in terms of money, though a specific sum is assured.
Detailed Options Breakdown
Option : Strict Indemnity
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Business Services.
Option 1: Assurance rather than Indemnity (Correct Answer)
Correct choice. Refer to the step-by-step verified solution guidelines above for details.
Option 2: Wagering
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Business Services.
Option 3: Charity
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Business Services.
💡 Study Guide: This question tests core syllabus concepts from Business Services. For formulas, key summaries, and mock exam reference guides, read the full Business Services Revision Notes.