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Business Services Test - 21

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Business Services Test - 21
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Weekly Quiz Competition
  • Question 1
    1 / -0
    In ______________ type of bank account no interest is paid by the bank on deposits.
    Solution
    Current accounts are, usually, opened for business enterprises. The account holder can deposit and withdraw money whenever desired. No interest is paid on the deposits of a current account, rather, a service fee is charged by the bank for rendering its services.
  • Question 2
    1 / -0
    Which of the following bank services allows you to withdraw money in excess of your account balance?
    Solution
    Under the overdraft facility, a customer having a current account is allowed to withdraw more than the balance available in his account. He can overdraw up to a specific limit and for an agreed period. Interest is charged on the amount virtually overdrawn.
  • Question 3
    1 / -0
    Under which of the following post, a receipt is given by the post office?
    Solution
    In registered posts, the sender affixes a postal stamp on the envelope, delivers it to the post office, and obtains the receipt with tracking details.
  • Question 4
    1 / -0
    Which of the following banking services can be used by mohan, a trader in Indore, to send Rs 50000 to sohan, a trader in goa?
    Solution
    A bank draft is in the form of a cheque drawn by one bank against funds deposited into the account of another bank, authorizing the latter to make payment to the person whose name is written on the draft. It is a financial instrument through which money can be remitted from one person to another. A bank draft can be obtained from a bank after depositing the required amount in the account. The bank also charges some commission for issuing bank drafts.
  • Question 5
    1 / -0
    Which of the following is not applicable in a Life Insurance contract?
    Solution
    According to this principle, insurance is not a contract of making a profit. The purpose of insurance is to bring back the insured in the same financial position as he was before the loss. For example:- A person insured his factory for Rs 2 lakh against fire. Due to fire he suffered a loss of Rs 1 lakh, then the insurance company will compensate him Rs 1 lakh only and not the policy amount that is Rs 2 lakh because the purpose of insurance is to compensate for loss and not for earning profit. The principle of indemnity is not applicable on life insurance policy because one cannot estimate the loss due to the death of a person. 
  • Question 6
    1 / -0
    What is/are function(s) of e-banking?
    Solution

    The functions of e-banking are:

    1. National Electronic Fund Transfer (NEFT) - The direct transfer of funds from one's bank a/c to another helps both parties to eliminate the inconvenience of manual procedures and visiting the bank.
    2. Automated Teller Machine (ATM) - The ATM does a teller's job 24 hours a day at less than half the cost of human tellers.
  • Question 7
    1 / -0
    Which of the following is not a principle of insurance?
    Solution
    The basic principles of insurance are:-
    1. Principle of Utmost Good Faith. 
    2. Principle of Insurable Interest.
    3. Principle of Indemnity.
    4. Principle of Contribution 
    5. Principle of Subrogation 
    6. Principle of Causa Proxima 
    7. Principle of Mitigation of Loss.
  • Question 8
    1 / -0
    In ___________ type of insurance, the insurable interest must be present at the time of policy and the loss.
    Solution
    A contract of marine insurance can be defined as an arrangement under which the insurer undertakes to indemnify the insured in the manner and to the extent thereby agreed against marine loss. Marine risks are the perils of the sea. The insurable interest must be present at the time of taking policy and at the time of loss. 
  • Question 9
    1 / -0
    ___________ principle is not applicable to Life Insurance.
    Solution
    The principle of contribution is similar to the principle of indemnity. According to this principle, if a person has taken more than one insurance policy for the same subject matter then all the insurers will contribute the amount of loss proportionately and compensate him for the actual amount of loss.
  • Question 10
    1 / -0
    A ____________ is called a debtor as well as a creditor.
    Solution
    The main functions of a bank are to accept deposits and lend loans. A bank lends what it borrows from others. That is why a bank is called a debtor and a creditor.
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