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Question
State with Reasons whether the following statement is TRUE or FALSE.
An individual must always tries to minimise the loss by fire as far as possible.
Options
True
False
Solution
An individual must always tries to minimise the loss by fire as far as possible- True
Explanation:
The insured must take all the necessary measures and steps to control and minimise the loss caused by fire. He/she should not remain inactive while the accident occurs. This is a statement under the principle of mitigation of loss.
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RELATED QUESTIONS
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Select the proper option from the options given below and rewrite the completed sentence.
The costliest means of transport is ________.
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 |
Write a word or phrase or a term which can substitute the following:
An account where fixed amount is kept for a specific period.
Write a word or phrase or a term which can substitute the following:
A bank, which is known as banker's bank.
Write a word or phrase or a term which can substitute the following:
The type of insurance where the principle of indemnity is not applicable
Write a word or phrase or a term which can substitute the following:
The principle of insurance under which the insurer and the insured must show complete faith towards each other
Distinguish between the following:
Rail Transport & Air Transport
Write Short Note on the following:
Types of life insurance policies
Write Short Note on the following:
Types of marine insurance policies
Write Short Note on the following:
Other modes of transport
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.
Transport helps in raising standard of living.
State with Reasons whether the following statement is TRUE or FALSE.
Water transport is the costliest means of transport available.
State with reasons whether the following statement is True or False.
Transport is useful in raising standard of living.
