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Test: Business Services - 2 - Commerce MCQ


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20 Questions MCQ Test Business Studies (BST) Class 11 - Test: Business Services - 2

Test: Business Services - 2 for Commerce 2024 is part of Business Studies (BST) Class 11 preparation. The Test: Business Services - 2 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Business Services - 2 MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Business Services - 2 below.
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Test: Business Services - 2 - Question 1

From the following which of this is covered under marine Insurance?

Detailed Solution for Test: Business Services - 2 - Question 1

Marine Insurance is a type of insurance that covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. It also covers other related risks such as war risks, piracy, and liability risks.

Liability Insurance is a type of insurance that provides protection against claims arising from injuries or damages that the insured may be legally liable for. In the context of marine insurance, liability insurance covers the insured against claims arising from loss or damage caused to third parties, such as cargo owners, other ships, or terminals, due to the insured's vessel or operations.

Whole Life policy and Endowment policy are types of life insurance policies that provide coverage for the life of the insured or for a specific period, and they are not covered under marine insurance.

Act only insurance is a type of motor insurance policy that covers the legal liability of the insured towards third-party property damage or bodily injury caused by the insured's vehicle. It is also not covered under marine insurance.

Test: Business Services - 2 - Question 2

Which of the following contained one of the earliest applications of insurance principles?

Detailed Solution for Test: Business Services - 2 - Question 2

The correct option is Option C.

The Code of Hammurabi was one of the earliest and most complete written legal codes and was proclaimed by the Babylonian king Hammurabi, who reigned from 1792 to 1750 B.C. Hammurabi expanded the city-state of Babylon along the Euphrates River to unite all of southern Mesopotamia. The Hammurabi code of laws, a collection of 282 rules, established standards for commercial interactions and set fines and punishments to meet the requirements of justice. Hammurabi’s Code was carved onto a massive, finger-shaped black stone stele (pillar) that was looted by invaders and finally rediscovered in 1901.

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Test: Business Services - 2 - Question 3

From the following which of this is covered under BurglaryInsurance ?

Detailed Solution for Test: Business Services - 2 - Question 3

Burglary insurance is an insurance policy that provides financial compensation for loss or damage caused to property and valuable items due to burglary. Jewelry and Valuables are covered under Burglary Insurance.

Test: Business Services - 2 - Question 4

In which year Crop Insurance scheme was introduced in India.?

Test: Business Services - 2 - Question 5

Bankers are not only dealers of money but also leaders in

Test: Business Services - 2 - Question 6

A bank, which occupies a central position in the monetary and banking system of the country and has a superior financial authority, is

Test: Business Services - 2 - Question 7

When money is deposited for a fixed period it s called

Test: Business Services - 2 - Question 8

bankers are called as manufacturers of

Test: Business Services - 2 - Question 9

A cheque in circulation for more than six months is called

Detailed Solution for Test: Business Services - 2 - Question 9

A state cheque is a cheque which has to presented to the bank after six or more then 6 months after the cheque was written.

Test: Business Services - 2 - Question 10

Banks are necessary for the effective implementation of _________policy.

Test: Business Services - 2 - Question 11

Banks accept deposits and ___________ money.

Test: Business Services - 2 - Question 12

___________ banks are included in the second schedule of RBI.

Detailed Solution for Test: Business Services - 2 - Question 12

Scheduled Banks in India refer to those banks which have been included in the Second Schedule of Reserve Bank of India Act, 1934. RBI in turn includes only those banks in this Schedule which satisfy the criteria laid down vide section 42(6).

Test: Business Services - 2 - Question 13

_____ arrangement by which a bank allows his customer to borrow money up to specified limit.

Test: Business Services - 2 - Question 14

___________ cheque is payable to the person named in the cheque or his order.

Detailed Solution for Test: Business Services - 2 - Question 14

An order cheque is one which is payable to a particular person. The payee can transfer an order cheque to someone else by signing his or her name on the back of it.

Test: Business Services - 2 - Question 15

Addition of the words___________ directs the banker to collect the cheque and credit the proceeds to the payees account.

Test: Business Services - 2 - Question 16

__________ means any thing written on the back of a negotiable instrument.

Test: Business Services - 2 - Question 17

Insurance is based on the principle of ______________

Test: Business Services - 2 - Question 18

Insurance is a contract between _________ and ________

Test: Business Services - 2 - Question 19

An insurance provides support after the death of the policy holder is called____

Detailed Solution for Test: Business Services - 2 - Question 19

 

Test: Business Services - 2 - Question 20

Motor insurance had its beginning in the _____________

Detailed Solution for Test: Business Services - 2 - Question 20

A compulsory car insurance scheme was first introduced in the United Kingdom with the Road Traffic Act 1930. This ensured that all vehicle owners and drivers had to be insured for their liability for injury or death to third parties whilst their vehicle was being used on a public road.

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