Business Services Test - 24

A Bank  is an institution that accepts deposit of Money from the public withdraw-able by cheque and used for lending by way of loan and advances. The interest is payable and chargeable at both.

Life insurance is a contract between an insured and an insurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person while Indemnity contract is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability for damages.

A life insurance contract does not resemble a contract of indemnity because the insurer does not undertake to indemnify the assured for any loss on maturity or death of the assured but promises to pay sum assured in that event. 

A bank overdraft facility allows customers to withdraw funds exceeding their account balance, providing temporary access to additional funds for various financial needs.

Banks and transport companies do not provide any DTH services. Airtel is the cellular company which provides DTH Services.

A fixed deposit account requires depositors to invest a lump sum for a fixed period, usually earning a higher interest rate than savings accounts.

Fixed deposit accounts are designed for depositors to invest a lump sum for a predetermined period, typically earning a higher interest rate than regular savings accounts.

Savings accounts allow individuals to earn interest on their idle funds while retaining the flexibility to withdraw funds as needed, making them suitable for short-term savings goals.

Burglary insurance is a policy that covers losses resulting from a burglary, Burglary is the unlawful taking of property from within premises, entry to which has been obtained by force. Usually Jewellery and other valuable items like cash etc are subject to burglary and hence are covered under Burglary Insurance.

A fixed deposit (FD) is a financial instrument provided by banks which provides investors with a higher rate of interest than a regular savings account, until the given maturity date.

In a recurring deposit account, depositors contribute a fixed amount regularly over a specified period, and interest is earned on the accumulated amount.