Business Services Test

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Business Services Test - 18

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following is/are the benefit(s) of e-banking to the banker?

A
Competitive advantage

B
Network is expanded beyond branches

C
Centralised database reduces work load

D
All of the above

Solution

E-banking can be defined as a method of banking. Through e-banking customers can conduct transactions electronically. E-banking is a product designed for the purpose of online banking. Benefits of e-banking to the banker are:
a) Competitive advantage
b) Network is expanded beyond branches
c) Centralized database reduces work load.
Question 2
1 / -0

How does warehousing help in the widening of the market?

A
The goods stored are maintained in good condition.

B
Goods can be transported in bulk.

C
Processed goods can be packaged.

D
Goods produced at one place can be supplied at a distant place by storing them in various cities.

Solution

Goods produced at one place can be supplied at a distant place by storing them in various cities as because warehousing help in widening of the market. Warehousing can be defined as an act of storing goods which are to be distributed or sold later.
Question 3
1 / -0

Which state government has announced a unique scheme to provide life insurance of up to Rs. $$5$$ lakh per farmer in the state?

A
Telangana

B
Karnataka

C
Odisha

D
Uttar Pradesh

Solution

The Telangana government has announced a unique life insurance scheme for farmers. Under the scheme, the government will provide life insurance facility of Rs 5 lakh to the nominee, after the death of the insured farmer. The entire premium will be paid by the government to the insurance agency and the nominee will get the amount within 10 days of the claim after the death of the farmer. With this, the dependent family will get the benefit irrespective of the reason for the death of the farmer. The state government has tied up with the state-run Life Insurance Corporation of India (LIC) for the implementation of the scheme. The farmers in the age group of 18 to 60 are eligible to enroll their names to get benefit from it. The insurance scheme will commence on August 15 and farmers will be given insurance bonds. Every year on August 1, the total premium amount will be credited to LIC.
Question 4
1 / -0

In India, life insurance was nationalized in the year __________.

A
1946

B
1951

C
1956

D
1961
Question 5
1 / -0

Which one of the following generalisations can be drawn from the principle of subrogation?

A
It is the principle by which the insurer, after having paid the loss to the insured, steps into the shoes of the insured person and acquires all rights and remedies as the insured would have enjoyed regarding the said loss

B
A person who keeps a stock of inflammable material in his premises

C
The insured can get only the compensation against the actual loss and he can't make profit out of insurance

D
In marine insurance the immediate cause and not the remote cause shall be considered for bearing the loss

Solution

In principle of subrogation the insurer, after having paid the loss to the insured, steps into the shoes of the insured and acquires all rights and remedies as the insured would have enjoyed regarding the said loss.

It basically means that insurer has a legal right to claim any future gains from the property after the said loss for any recovery/settlement.
Question 6
1 / -0

Tick mark the correct answer.
Which one of the following may not necessarily be an advantage of co-ordination?

A
Effective supervision

B
Unity of direction

C
Creative force

D
Summarisation of all management functions
Question 7
1 / -0

The aim of doctrine of subrogation is ___________________.

A
to predetermine the worth of insured

B
that the insured should not get more than the actual loss or damage

C
doctrine of acceptance

D
that there has to be an insurable interest

Solution

Option B is correct.
The principle or the doctrine of subrogation states that after the insured is paid compensation for the loss or damage caused, the ownership of the property that was insured passes to the insurer.

This implies that the insured needs to surrender the property to the insurer i.e. the insurance company and cannot make any profit by selling its scrap.
Question 8
1 / -0

The main element(s) of a fire insurance contract is/are _________________.

A
In fire insurance, the insured must have insurable interest in the subject matter of the insurance.

B
The contract of fire insurance is a contract of utmost good faith.

C
The contract of fire insurance is a contract of strict indemnity.

D
All of the above

Solution

All the above are strictly the features of a contract of insurance. Fire Insurance contract is no different from an insurance contract and thus, these are also the features of a fire insurance contract.
The insured must have an insurable interest in the subject matter of the contract both at the time of taking the policy and as well as at the time of taking the claim for loss or damage.

In this case also the insured must disclose all the material facts such as fire detection and fire fighting equipment, nature of their use, etc. It is a contract of indemnity as the insured can claim only the actual damages from the insurer.
Question 9
1 / -0

Which of the following talks about the principle of utmost good faith?

A
Premium is computed on the basis of assessment of the proposal form.

B
Insurer agrees to compensate for loss of sea perils.

C
A person who enters into contract has a legal obligation to act with honesty.

D
It is mainly concerned with how the losses or damages happened.

Solution

An insurance contract is a contract found on utmost good faith. It implies that the insurer and the insured both are under a legal obligation to disclose all the material facts related to the contract of insurance.
The insured shall disclose all the material facts accurately and voluntarily to the insurer. The insurer should also disclose all the terms and conditions clearly to the insured.

In case the insured fails to make such disclosure the insurance contract is voidable at the discretion of the insurer i.e. the insurance company.
Question 10
1 / -0

Scope of _______ has widened to include disability insurance, health/medical insurance, annuity insurance and life insurance proper.

A
Marine insurance

B
Life insurance

C
Fire insurance

D
Motor insurance

Solution

Scope of life insurance has widened to include disability insurance, health/medical insurance, annuity insurance and life insurance proper. In life insurance, the insurance company charges a premium which is to be paid by the insured at a certain time interval.
According to the basis of the sum insured, the family of the insured will be paid the fixed amount after the death of the insured or at the end of a specific term.

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Re-Attempt Weekly Quiz Competition

Business Services Test - 18

Result

Business Services Test - 18

Score

-

Rank

-

SHARING IS CARING

Question 1

Competitive advantage

Network is expanded beyond branches

Centralised database reduces work load

All of the above

Solution

Question 2

The goods stored are maintained in good condition.

Goods can be transported in bulk.

Processed goods can be packaged.

Goods produced at one place can be supplied at a distant place by storing them in various cities.

Solution

Question 3

Telangana

Karnataka

Odisha

Uttar Pradesh

Solution

Question 4

1946

1951

1956

1961

Question 5

It is the principle by which the insurer, after having paid the loss to the insured, steps into the shoes of the insured person and acquires all rights and remedies as the insured would have enjoyed regarding the said loss

A person who keeps a stock of inflammable material in his premises

The insured can get only the compensation against the actual loss and he can't make profit out of insurance

In marine insurance the immediate cause and not the remote cause shall be considered for bearing the loss

Solution

Question 6

Effective supervision

Unity of direction

Creative force

Summarisation of all management functions

Question 7

to predetermine the worth of insured

that the insured should not get more than the actual loss or damage

doctrine of acceptance

that there has to be an insurable interest

Solution

Question 8

In fire insurance, the insured must have insurable interest in the subject matter of the insurance.

The contract of fire insurance is a contract of utmost good faith.

The contract of fire insurance is a contract of strict indemnity.

All of the above

Solution

Question 9

Premium is computed on the basis of assessment of the proposal form.

Insurer agrees to compensate for loss of sea perils.

A person who enters into contract has a legal obligation to act with honesty.

It is mainly concerned with how the losses or damages happened.

Solution

Question 10

Marine insurance

Life insurance

Fire insurance

Motor insurance

Solution

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