Q2: Assertion (A) Services are intangible which means they can’t be touched, but can only be felt or experienced by the consumers.
Reason (R) Services can be separated from the production activity.
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)
(c) Assertion (A) is true, but Reason (R) is false
(d) Assertion (A) is false, but Reason (R) is true
Q3: Assertion (A) Business services are those services which are used by business enterprises for the production or sale of good and services.
Reason (R) Business enterprises are much dependent on business services as these services help the enterprises to carry on their activities smoothly.
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)
(c) Assertion (A) is true, but Reason (R) is false
(d) Assertion (A) is false, but Reason (R) is true
Q4: Assertion (A) Life insurance policy can be taken for any amount.
Reason (R) In case of fire insurance policy, the insurer is liable to compensate for the loss only when the proximate cause of loss is fire.
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)
(c) Assertion (A) is true, but Reason (R) is false
(d) Assertion (A) is false, but Reason (R) is true
Q5: Assertion (A) In order to minimise the impact of uncertainities, there is a need for insurance.
Reason (R) There are risks of death and disability human life, fire and burgalary risk for property.
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)
(c) Assertion (A) is true, but Reason (R) is false
(d) Assertion (A) is false, but Reason (R) is true
Q2: Which of the following is/are function(s) of insurance?
(a) Providing certainity
(b) Protection
(c) Risk sharing
(d) All of the above
Q3: The person or the firm who gets compensation is called
(a) Insurer
(b) Insured
(c) Premium
(d) Happening of an event
Q4: Do you think Vithal Rao has ‘insurable interest’ in the shop and the stock destroyed?
(a) Yes
(b) No
(c) Can’t say
(d) None of these
Q5: Which one of the following principles is not described in above case?
(a) Principle of utmost good faith
(b) Principle of indemmity
(c) Principle of mitigation
(d) Both (b) and (c)
Madhu is running a general store. The store was insured against natural disaster like flood, earthquake and fire from Hindustan General Insurance Company for the amount of ₹50 lacs.
Heavy raining in the city caused massive flood.This left the store without any security. The store was looted by people which was caught on CCTV.
She claimed from the insurance company the amount of damage of ₹13 lacs for the material and furniture spoiled from flood and also ₹ 5 lacs for the loss of material by theft, she also claimed another ₹ 25 lacs to convert the store into fully AC and additional floor for more storage space.
Insurer after assessing the damage to the property and stock due to flood and seeing the CCTV footage, accepted the claim of ₹ 13 lacs. Madhu argued that as she has being paying premium for ₹ 50 lacs, she should be paid the full claim of ₹ 43 lacs.
Q6: What is the fundamental principle of insurance on the basis of which insurer accepted a claim?
(a) Subrogation
(b) Mitigation
(c) Proximate cause
(d) None of these
Q7: According to you, how much compensation should be reimbursed by insurance company?
(a) ₹ 43 lacs
(b) ₹ 13 lacs
(c) ₹ 3 lacs
(d) ₹ 25 lacs
Q8: How many types of losses are there in proximate cause?
(a) Insured perils
(b) Uninsured perils
(c) Both (a) and (b)
(d) None of these
Q9: Identify the another principle of insurance involved by insurance company by accepting the claim amount of ₹ 13 lacs.
(a) Principle of indemnity
(b) Principle of mitigation
(c) Principle of utmost faith
(d) Principle of contribution
Q10: In which type of insurance, ‘Principle of Indemnity’ is not applicable?
(a) Marine insurance
(b) Fire insurance
(c) Life insurance
(d) None of these
Dhani Mani Bank is a private sector bank offering various services to its customers. It offers various types of bank account options to its customers.
Raksha being a businessman has chosen the type of account in which the deposits all the most liquid and there is no limit to the number of transactions or the amount of transactions in a day.
On the other hand, his mother has opened a type of account where she can conveniently deposit the money she saves. She has got cheque facility and lot of flexibility for deposits and withdrawal whereas Raksha’s sister Reema opened the account where she will deposit ₹ 2,000 per month for next 2 years and one of his employee opened an account which is a combination of savings account and fixed deposit account.
Q11: ‘‘On the other hand, his mother ____ the money she saves.’’
Identify the type of bank account used by his mother.
(a) Saving account
(b) Current account
(c) Recurring account
(d) None of these
Q12: Raksha’s sister Reema opened ____ for next year.’’
Identify the type of bank account used by Reema.
(a) Current account
(b) Recurring deposit
(c) Saving account
(d) Fixed deposit account
Q13: Which of the following account is not discussed in above case?
(a) Fixed deposit account
(b) Saving account
(c) Recurring deposit account
(d) Current account
Q14: ‘‘Raksha being a businessman ____ amount of transactions in a day.’’ Identify the type of bank account used by Raksha.
(a) Saving account
(b) Current account
(c) Fixed deposit account
(d) Recurring account
Q15: ‘‘One of his employee opened ____ and fixed deposit account.’’
Identify the type of bank account used by his employee.
(a) Saving account
(b) Current account
(c) Multiple option deposit account
(d) None of the above
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1. What are some examples of business services? |
2. How do business services contribute to a company's success? |
3. What are the key benefits of outsourcing business services? |
4. What factors should be considered when choosing a business service provider? |
5. How can businesses ensure the quality of the services provided by a business service provider? |
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