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Business Services Test - 19

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Business Services Test - 19
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The insured can, in the event of loss, recover the actual amount of loss from the insurer. Which of the following elements of fire insurance makes it happen?
    Solution
    The principle of indemnity states that under an insurance contract the insurer undertakes to put the insured in the same position that he occupied immediately before the mishap. 

    The insurance company undertakes to compensate the insured for the loss caused to him due to damage of the property insured. 

    For this purpose, the compensation payable and the loss suffered need to be measured in terms of money.  All insurance contracts of fire or marine insurance are contracts of indemnity. 
  • Question 2
    1 / -0
    Under _______ the insurer (Insurance Company) undertakes to pay a specified sum when the insured attains a particular age or on his death which ever is earlier.
    Solution
    A.
    There are various kinds of life insurance policies. Under the Endowment Life Assurance Policy, the Insurance Company undertakes to pay a specified sum to the insured when he attains a particular age or on his death whichever is earlier. However, in the case of his death, the sum is payable to his legal heir or nominee named therein. Thus, the endowment policy is only for a specific period and it matures after a specified number of years.
  • Question 3
    1 / -0
    Usually ______ policy is taken up by husband and wife or by two partners in a partnership firm. 
    Solution
    Joint life policy as the name suggests is taken up by two or more persons jointly. The premium can be paid jointly or by either of them in installments or lump sum. 

    On the death of any one person the assured sum or policy money is payable to the other survivor or survivors. 
    Usually, husband and wife or partners in a partnership firm take this policy where the amount is payable to the survivor on the death of either of the two.
  • Question 4
    1 / -0
    _________ comprises of freight services together with supporting and auxiliary services by all modes of transportation.
    Solution
    Transportation is a major contributor to the economy and a competitive force in business. It is the activity that physically connects the business to its supply chain partners, such as suppliers and customers, and is a major influence on the customer's satisfaction with the company.
    Transportation is a major contributor to the economy and a competitive force in business. 
    It is the activity that physically connects the business to its supply chain partners, such as suppliers and customers, and is a major influence on the customer's satisfaction with the company.
  • Question 5
    1 / -0
    In India, presently the health insurance exists primarily in the form of _______.
    Solution
    In India, presently the health insurance exists primarily in the form of mediclaim policy. Mediclaim policy forms a part of the health insurance policy. It helps to protect the insured from soaring medical expenses. It provides financial protection in case of accidental hospitalization or hospitalization due  to illness.
  • Question 6
    1 / -0
    In ________, the amount payable to the insured will not be paid before the death of the assured.
    Solution
    Whole life policy :-
    In the Whole life policy, the amount payable to the insured is paid only after the death of the assured. Thus, the sum assured becomes payable only to the beneficiaries or the legal heir of the deceased. The premium is usually payable for a fixed period say for 20 or 30 years or for the whole life of the assured. If the premium is paid for the fixed period, the policy will continue till the death of the assured.
  • Question 7
    1 / -0
    Which of the following are ways to prove access rights?
  • Question 8
    1 / -0
    Number of units are 5000 and per unit price is $60, then flexible budget variable would be __________.
  • Question 9
    1 / -0
    Rate of return which considers riskiness and an available returns on investments is classified as _______________.
  • Question 10
    1 / -0
    ..........account is opened by the investor while registering with an investment broker.
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