Self Studies
Self Studies
Self Studies
Self Studies

Business Services Test - 22

Result Self Studies

Business Services Test - 22
  • Score

    -

    out of -
  • Rank

    -

    out of -
TIME Taken - -
Self Studies

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Self Studies Self Studies
Weekly Quiz Competition
  • Question 1
    1 / -0
    To which insurance contract, the principle of indemnity is not applicable?
    Solution
    The purpose of indemnity is to make good the loss of the insured to help him retain his/her financial position. 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 2
    1 / -0
    Which principle of insurance is violated, if the insured does not take steps to minimise the loss?
    Solution
    According to the mitigation principle, the insured must take care of his property or the subject matter of insurance in the same way as he would take care of it had he not taken the insurance policy. This includes minimisation of the loss of property to the extent possible by the insured.
  • Question 3
    1 / -0
    Fire insurance contract includes the element of _____________.
    Solution
    Fire insurance is a contract in which the insurer, in return for a consideration (premium), agrees to indemnify the insured for the financial loss which the latter may suffer due to damage to the property insured by fire during a specific period and up to a specific amount.
  • Question 4
    1 / -0
    The principle of insurance wherein the insured is not allowed to make any profit is called ____________.
    Solution
    According to the Principle of Subrogation, after paying the compensation, the insurer steps into the shoes of the insured. In other words, when the insured is compensated for the loss or damage to the property insured by him, the right of ownership of such damaged property passes on to the insurer. 
  • Question 5
    1 / -0
    Which of the services listed below provides risk protection?
    Solution
    Insurance is a contract between the insurer and insured in which the insurer agrees to make good the loss, if any, of the insured on the happening of any event mentioned in the contract for a regular payment called the premium. This agreement or contract is in writing and is known as an insurance policy.
  • Question 6
    1 / -0
    "The insured must have an interest in the subject matter of insurance." Which principle of insurance is related to this statement?
    Solution
    Principle of Insurable Interest:- According to this principle, the insured must have an insurable interest in the subject matter of the insurance policy. Without the interest, taking an insurance policy is considered a gamble (fraudulent activity), which the law does not permit.
  • Question 7
    1 / -0
    Who can get an overdraft facility from the bank?
    Solution
    A businessman can avail an overdraft facility from the bank in which he has a current account and is allowed to withdraw more than the available balance of deposits 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 8
    1 / -0
    A self-service terminal that provides the customers with facilities of withdrawing and depositing cash, fund transfer, obtaining abridged account statement and closing balance, etc. but only through a unique and secured PIN, is called _______________.
    Solution
    Automated Teller Machine (ATM):- The person who makes payments and accepts deposits in the bank is known as a teller. The ATM refers to a mechanical and automatic teller that can do the job twenty-four hours a day at less than half the cost of human tellers.
  • Question 9
    1 / -0
    A facility wherein the bank allows its current account holders to withdraw over and above the available balance up to a specified threshold is called ____________.
    Solution
    Overdraft - Under this arrangement, a customer holding a current account is allowed to withdraw more than the available balance 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 10
    1 / -0
    "It is binding on both the parties of insurance to disclose all material facts about the subject matter of proposed insurance." Which principle of insurance is associated with this statement?
    Solution
    Principle of Utmost Good Faith - According to this principle, insurance is a contract based on faith. The insured and insurer must disclose all the material facts regarding the purpose and the subject matter of the insurance.
Self Studies
User
Question Analysis

  • Correct -

  • Wrong -

  • Skipped -

My Perfomance
  • Score

    -

    out of -
  • Rank

    -

    out of -
Re-Attempt Weekly Quiz Competition
Self Studies Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Self Studies
Click on Allow to receive notifications
Allow Notification
Self Studies
Self Studies Self Studies
To enable notifications follow this 2 steps:
  • First Click on Secure Icon Self Studies
  • Second click on the toggle icon
Allow Notification
Get latest Exam Updates & FREE Study Material Alerts!
Self Studies ×
Open Now