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Business Services Test - 7

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Business Services Test - 7
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The person or firm who gets the insurance compensation is called ________.
    Solution
    Insured is the individual or firm who gets the insurance compensation/claim in case of loss incurred due to the insured risk. The insured is the person/firm who takes an insurance policy and pays the premium at regular intervals.
  • Question 2
    1 / -0
    Which of the following accounts pay the highest rate of interest?
    Solution
    A fixed-term deposit is repayable after the expiry of the specified period. The period may vary from six months to five years. The longer the period of deposit, the higher is the rate of interest. It offers the highest rate of interest than other forms of deposits.
  • Question 3
    1 / -0
    Which of the following service provides protection from risk?
    Solution
    There are different types of risks that a businessman has to face. The insurance branch of commerce helps in removing the hindrance of risk by providing protection and compensation to the insured.
  • Question 4
    1 / -0
    Which of the following card allow spending money only up to the balance available in your bank account?
    Solution
    The debit card is a facility offered to account holders to make payments up to the amount of balance available in their accounts. Generally, the point of sales terminal is electronically tied to the bank computer. When the customer presents the debit card, the point of sale terminal automatically transfers money from the customer's bank account to the vendor's bank account.
  • Question 5
    1 / -0
    In which of the following bank accounts, the highest rate of interest is given?
    Solution
    A fixed deposit, also called a term deposit, offers the highest rate of interest and is repayable after the expiry of the specified period. The period may vary from six months to five years. The longer the period of deposit, the higher is the rate of interest.
  • Question 6
    1 / -0
    Which of the following services of a bank, permits withdrawal of money more than the available balance in account?
    Solution
    Overdraft is a facility in which a customer having 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 amount virtually overdrawn.
  • Question 7
    1 / -0
    __________ allows a person to spend more than the balance available in his/her bank account.
    Solution
    Credit card is a facility given by the bank to its customers to spend via card swipe, an amount more than the available balance in his/her bank account. It enables the card holders to have overdraft facility up to a fixed limit depending upon the creditworthiness of the account holder.
  • Question 8
    1 / -0
    Who provides DTH services?
    Solution
    It is a direct satellite-based media service provided by cellular companies. To receive this service, one needs a small dish antenna and a set-top box. This service is provided by DTH services providers and consists of a bouquet of multiple channels.
  • Question 9
    1 / -0
    In ______ insurance, loss is not measurable.
    Solution
    The amount of loss is not measurable in a life insurance contract because one cannot estimate the loss due to the death of a person. Also, the principle of indemnity does not apply to a life insurance policy.
  • Question 10
    1 / -0
    Which of the following is not a part of marine insurance?
    Solution

    The types of a marine insurance policy are:- 

    1. Cargo insurance 
    2. Ship insurance 
    3. Freight insurance

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