Table of contents |
|
Introduction |
|
Very Short Answer type Questions |
|
Short Answer type Questions |
|
Long Answer type Questions |
|
HOTS (High Order Thinking Skill) |
|
1 Crore+ students have signed up on EduRev. Have you? |
The chapter Business Services gives you a brief introduction to the characteristics of business services, the difference between services and goods, classification on types of business services, the concept of e-banking, identification and classification of types of insurance policies and the description of different types of warehouses.
Auxiliaries to trade are also known as business services. Service sector includes commercial firms engaged in banking, communication, transport, insurance and warehousing. Business cannot be even imagined in the absence of these services. All these services collectively constitute the Service Sector.
Nature/Features/characteristics of Services:
Difference between Services and Goods:
Bank Services: bank is an institution that accepts deposits, withdrawal by cheques and makes loans and advances for the purpose of earning profits.
E-BANKING: E-banking means banking transactions carried out with the help of computer systems (i.e., banking over the internet).
Insurance: It is a contract where by in exchange of fixed consideration one party promises to pay a fixed amount either at happening of an event or at the expiry of certain period.
• Functions of Insurance
• Fundamental Principles of insurance:
Types of Insurance:
Life Insurance: It is a contract under which the insurer, in consideration of a premium, undertakes to pay a fixed sum of money on the death of the insured or on the expiry of a specified period of time, which ever is earlier.
Fire insurance: It is a contract whereby the insurer undertakes to make good any loss/damage caused by fire during a specified period.
Marine Insurance: A marine insurance is an agreement where by the insurer undertakes to indemnify the insured loss against perils of the sea.
Difference between Life, Fire and Marine Insurance:
Types of Life Insurance Policies (Insurance Products)
Communication services:
These are helpful to business for establishing links with outside world. The main service is postal and telecommunication.
Transportation:
It refers to the physical movement of goods from one place to another.
Warehousing: It refers to that activity under which goods are kept safely and systematically at a particular place.
Warehouse : It refers to the specially built building where the raw materials and finished goods are kept safely till their owner does need them.
Types of Warehouses:
38 videos|106 docs|44 tests
|