Business Services Business Studies - Business Services

DTH services are provided by________.

CWC stands for_______.

Which of the following companies offer DTH services in our country?

Indian postal department's international money transfer services which enables customers to remit money to countries through a post office is in collaboration with:

Which of the following is not a function of insurance?

Rahul’s father wants to save Rs. 100,000 so that he can gift the money to Rahul on his graduation day. Which type of deposit should he open with bank?

List any two functions of insurance that are associated with risk of loss.

List any two types of marine insurance that are associated with ship only.

Under which policy, policy money is payable after the assured attains a certain age in monthly, quarterly, halfyearly or annual instalments?

As per your understanding, state what is the meaning of ‘lending of funds'.

Aprajita Kumar has around ₹ 20,00,000 balance in her savings bank account. She earns well and is not a big spender, so she routinely ends up with surplus money at the end of the month. She is aware that she should invest the money, but is unable to make up her mind on where to invest it. Expectedly, she is very confused because of the various options before her. Her close friend Shika Sharma a banking official advised her to maintain an account which is a combination of transactional (debit) account and deposit account. She told Aprajita that this is a time deposits wherein the rate of interest is better and at the time of need for funds, withdrawals can be made from the deposits by issuing a cheque from savings bank account or from ATM/branch or through any other channel. The sum of available balance in the transactional account and deposit balance can be used for issuing cheques or withdrawal or making any other payment. Finally, Aprajita Kumar is able to make up her mind to shift to the account advised by Shika Sharma. Identify and explain the type of banking account advised by Shika Sharma to Aprajita Kumar.

Aneesh insured his house for ₹ 30,00,000. He has also insured himself and his brother for ₹ 25,00,000 and ₹ 20,00,000 respectively. Due to major accidental fire his house was completely damaged and his brother expired in the incident. Theinsurance company assessed the loss of damaged house and paid ₹ 20,00,000 each for the house and also for his brother. The burnt out and damaged material of the house was sold by the insurance company for ₹ 84,000 Explain the principle on the basis of which insurance company paid ₹ 20,00,000 for the house and the same amount for his brother

Rahul gets his godown insured against fire for 1,00,000 but does not take enough precautions to minimize the chances of fire like installing fire extinguisher in the godown. During the policy period, a fire take place in his godown and he does not take any steps like throwing water and calling the employees from the fire fighting department to control the fire.

Can he still claim the compensation from the insurance company? State the relevant principle in this context.

Harish took a fire insurance policy of 50 lakh for his factory at the annual premium of 50,000. In order to avoid further increase in the premium amount, he did not disclosed the fact that highly explosive chemicals are being used in his factory to aid production. Due to a fire, his factory gets severely damaged. The insurance company refused to make the payment for claim as it came to know about the usage of the highly explosive chemicals in the factory.

Is Harish entitled to receive the claim? Explain the relevant principle of insurance violated by Harish.

Abhishek Purohit gets his house insured against a fire for ₹ 25 lakh with insurer J and ₹ 15 lakh with insurer K. Due to outbreak of fire one night he suffered a loss of ₹ 8 lakhs.

(a) How much compensation can he claim from J and K? Why?
(b) State the relevant insurance principle in this regard.

Identify the types of bank accounts being highlighted in following situations:
(a) This account can be opened by any limited company. Payments can be made in the account unlimited number of times. Funds can be remitted from any part of the country to the corresponding account. Overdraft facility and Internet banking facility are available.
(b) It is a kind of account in which two free cheque books will be issued each year. Internet banking facility will be provided without any charge. Balance enquiry, NEFT, bill payment, mobile recharge, etc., are provided through mobile phones. Students can open this account with zero balance by providing the required documents.
(c) Any resident is eligible to open this account in single/joint names. The account can be opened for any period ranging from 6 months to 120 months for monthly installment. The amount selected for installment at the start of the scheme is payable every month and the number of installments once fixed, cannot be changed. The rate of interest is compounded quarterly and the final amount is paid on maturity.
(d) A kind of deposit scheme introduced by different banks, where the excess amount in the savings bank account is transferred to fixed deposit account and the account holder earns more rate of interest In short, it gives the account holder the interest of a term deposit with the flexibility of partial withdrawal, whereas, the remaining cash will get better. interest

Your father got a promotion in his company and so he bought you a Digital Tablet. It came with an insurance cover for breakage and theft for 1 year, as part of an offer. After 8 months, you lost your Digital Tablet and didn't search well for it and did not report anyone as you were under the impression that you will get a new one from insurance company. But to your surprise the insurance company declined your request for a new Digital Tablet and also didn't even pay any claim to you.
Identify and explain the principle that you violated because of which the insurance company didn't pay you any claim.

Manish Roy purchased a new car and got it insured with Oriental Insurance Company for ₹3,00,000 and National Insurance Company for ₹4,00,000. In an accident, the car was damaged. He claimed for a compensation of ₹70,000 from both the companies.

(a) Is he entitled to get a compensation from both the companies?
(b) Explain the relevant principle of insurance applicable in this regard.
(c) How much compensation will be received from both companies?

Identify the principle of insurance highlighted in each of the following statements:
(a) The insured is expected to disclose all the important facts related to the property insured.
(b) Insured must have some economic interest in the subject matter of Insurance contract.
(c) To claim for insurance the insured must take reasonable steps to minimize the loss.
(d) Insured is entitled to recover the loss suffered by him, up to the limit of policy amount.

Balaji Transport Company has maintained a fleet of refrigerated transportation vehicles to ensure fresh delivery of Fruits and Vegetables from Nagpur to other parts of country. The consignment is always sent on the most direct route, with fewest transit stops, thereby minimizing the elapsed time and eliminating unnecessary climatic changes Balaji transport company has accident insurance policy for all its vehicles. A truck of the company carrying oranges from Nagpur to Varanasi met with an accident. There was no damage to the oranges but the consignment had to be reloaded in a new truck. Due to the time consumed in unloading and reloading, the oranges got spoiled.

On the basis of given information, answer the following questions:
(a) Will the company get compensation for the loss of oranges from the insurance company? Give reason in support of answer.
(b) Explain the relevant principle of insurance.

Prateek Yadav sent the consignment of the sacks of rice to his importer in London in the vessel of Shreya Shipping & Logistics Company. Prateek Yadav got his consignment insured against the sea perils. There were few rodents on the ship. They made holes in the deck of the ship and damaged Prateek Yadav's goods.

On the basis of the given information about Prateek Yadav, answer the following questions:

(a) Identify the type of insurance policy Prateek Yadav has taken for protection of his consignment.
(b) What are the three main types of insurance policy highlighted in part (a)?
(c) Do the insurance company is liable to pay the compensation? Explain the relevant principle of insurance applicable.

Mahesh Time Machine Ltd. is engaged in manufacturing electronic watches in Delhi. The company received an order for supply of 600 watches from Karan Electronics in Madhya Pradesh. As the amount of payment is more than ₹ 3 lakhs, Karan Electronics decided to transfer the funds directly from their bank account through the mobile application. Now-a-days due to these services the customers do not need to go to the bank every time he has to transact with bank.
On the basis of the given information about Mahesh Time Machine Ltd., answer the following questions:
(a) State the service of bank through which Karan Electronic has transferred the funds directly from his bank account.
(b) Explain the benefits of this service available to customers.

Amarjeet had insured the stock of timber on his land under a fire policy. He had already sold the timber to a company of which he was the only shareholder. Later on the timber was damaged by fire. The insurance company refused to make the payment for claim as it came to know about the situation.
On the basis of the given information about Amarjeet, answer the following questions:
(a) Is Amarjeet entitled to receive the claim? Give reason in support of your answer.
(b) Explain the relevant principle of insurance applied by insurance company in rejecting the claim.

Subhash sent the sacks of sugar in the ship of Samudra Shipping & Logistics Company. Subhash got his consignment insured against the sea perils. There were few rodents on the ship. They made holes in the deck of the ship and sea water seeped in through the holes and damaged Subhash's goods.
On the basis of the given information about Subhash, answer the following questions:
(a) Identify the type of insurance Subhash has taken for protection of his consignment.
(b) Do the insurance company is liable to pay the compensation? Explain the relevant principle of insurance applicable in this regard.

Anjali lives in a small village in Uttar Pradesh. Her parents are very poor but have somehow managed to provide good education to Anjali. She comes to Delhi for her graduation. She works on a part time to help her family and fund her education. She wants to send money to her parents in the village but money order will take a lot of time. Her friend Jaya tells her about e-Banking. Anjali is very happy to know about this service of banks. She wants to be well versed with the service of e-Banking and its benefits.
You are requested to suggest the concept and benefits of e-Banking to Anjali.