Test: Business Services - 2 - Commerce MCQ

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.

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.

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.

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.

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).

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.

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.