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Question
Select the proper option from the options given below and rewrite the completed sentence.
Insurable interest must exist in ________.
Options
Life insurance contract only
Marine insurance contract only
Every insurance contract
Solution
Insurable interest must exist in every insurance contract.
Explanation:
Insurable interest is a financial benefit that the insured derives from the existence of the product that is insured. For example, a person would have insurable interest in his own car and not in his neighbour's car. This simply implies that the insured has an interest in the subject matter of insurance. This insurable interest is essential to all insurance contracts
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RELATED QUESTIONS
State the advantages of Road Transport.
Distinguish between Water Transport and Air Transport
Select the proper option from the options given below and rewrite the completed sentence.
Door to door services is offered by ________.
Match the correct pairs:
| Group “A” | Group “B” | ||
| a. | RBI | 1 | Recurring deposit account |
| b. | Overdraft | 2 | 12 hours service |
| c. | Saving account | 3 | Withdrawals after fixed period of time |
| d. | ATM | 4 | Central Bank |
| e. | Fixed deposit account |
5 | Current Account |
| 6 | Salaried people | ||
| 7 | 24 hours service | ||
| 8 | Commercial bank | ||
| 9 | Cash credit | ||
| 10 | Withdrawal before fixed period of time. |
Match the correct pairs :
| Group “A” | Group “B” | ||
| a. | Life Insurance | 1 | Claim made by insured |
| b. | Mitigation of loss | 2 | Perishable goods |
| c. | Premium | 3 | Insurable interest |
| d. | Cold storage | 4 | Maximum loss |
| e. | Warehousing | 5 | Transfer of goods from one place to other |
| 6 | To minimise the loss | ||
| 7 | Imported goods | ||
| 8 | Principle of indemnity | ||
| 9 | Storage of goods | ||
| 10 | Payment made by policy holder |
Match the correct pairs:
| Group “A” | Group “B” | ||
| a. | Road transport | 1 | Government owned |
| b. | Rail transport | 2 | Co-operative societies |
| c. | Air transport | 3 | Self employed |
| d. | Postal department | 4 | Owned by private companies |
| e. | Courier services | 5 | Door to door service |
| 6 | Owned by individuals | ||
| 7 | Costliest means of transport | ||
| 8 | Huge carrying capacity | ||
| 9 | Difficulty in transport | ||
| 10 | Cheapest means of transport |
Write a word or phrase or a term which can substitute the following:
Overdraft facility is given to a certain definite account holder.
Write a word or phrase or a term which can substitute the following:
The policy under which cargo is insured for a specific period & voyage.
Write a word or phrase or a term which can substitute the following:
The costliest mode of transport.
Distinguish between the following:
Road transport & Rail transport
Write Short Note on the following:
Types of marine insurance policies
Write Short Note on the following:
Air transport
State with Reasons whether the following statement is TRUE or FALSE.
The principle of indemnity applies to life insurance.
State with Reasons whether the following statement is TRUE or FALSE.
Duty paid warehouses help to provide storage for perishable commodities.
State with Reasons whether the following statement is TRUE or FALSE.
E –payment facility is not available to general public.
State with Reasons whether the following statement is TRUE or FALSE.
Rail transport provides door to door services.
Answer the following question in short:
What are the agency functions of banks?
Answer the following question:
Describe the role of transport in modern times.
