Podcast
Questions and Answers
What are the restrictions placed on withdrawal from fixed accounts?
What are the restrictions placed on withdrawal from fixed accounts?
- Withdrawal is not allowed under any circumstances
- Only number of withdrawals is restricted
- No restrictions on amount or frequency
- Amount and frequency restrictions apply (correct)
What is the primary advantage of fixed accounts over savings accounts?
What is the primary advantage of fixed accounts over savings accounts?
- They have lower interest rates
- They offer a higher rate of interest (correct)
- They require no minimum balance
- They allow unlimited withdrawals
What is a potential consequence of a premature withdrawal from a fixed account?
What is a potential consequence of a premature withdrawal from a fixed account?
- Additional fees for the bank
- Increased interest rates
- No penalties imposed
- Forfeiture of a percentage of interest (correct)
Which of the following is NOT considered an allied service provided by banks?
Which of the following is NOT considered an allied service provided by banks?
What primary activity do commercial banks perform in addition to providing fixed accounts?
What primary activity do commercial banks perform in addition to providing fixed accounts?
What is a key feature of e-banking?
What is a key feature of e-banking?
Which of the following is NOT a method of Electronic Funds Transfer (EFT)?
Which of the following is NOT a method of Electronic Funds Transfer (EFT)?
What does RTGS stand for in the context of banking?
What does RTGS stand for in the context of banking?
What is the primary purpose of insurance?
What is the primary purpose of insurance?
How does insurance benefit policyholders in terms of risk?
How does insurance benefit policyholders in terms of risk?
What do policyholders contribute to an insurance plan?
What do policyholders contribute to an insurance plan?
What is meant by the 'premium' in an insurance context?
What is meant by the 'premium' in an insurance context?
Which sector of the Indian economy accounts for the largest Gross Value Added (GVA)?
Which sector of the Indian economy accounts for the largest Gross Value Added (GVA)?
How does an insurer determine probable losses?
How does an insurer determine probable losses?
What is the main role of an insurance company?
What is the main role of an insurance company?
What percentage of India’s total Gross Value Added (GVA) did the services sector account for in 2016-17?
What percentage of India’s total Gross Value Added (GVA) did the services sector account for in 2016-17?
What is the primary function of insurance?
What is the primary function of insurance?
What does the principle of utmost good faith entail in an insurance contract?
What does the principle of utmost good faith entail in an insurance contract?
How does insurance assist in capital formation?
How does insurance assist in capital formation?
What is the role of risk sharing in insurance?
What is the role of risk sharing in insurance?
Which principle states that all material facts must be disclosed by both parties in an insurance contract?
Which principle states that all material facts must be disclosed by both parties in an insurance contract?
What does an insurance policy typically require from the insured concerning the risk?
What does an insurance policy typically require from the insured concerning the risk?
In the context of insurance, what function does the concept of indemnity serve?
In the context of insurance, what function does the concept of indemnity serve?
Why does a person have an insurable interest in a property?
Why does a person have an insurable interest in a property?
What happens to the ownership of property once the insured is compensated for a loss?
What happens to the ownership of property once the insured is compensated for a loss?
Which of the following is a required disclosure for Personal Accident insurance?
Which of the following is a required disclosure for Personal Accident insurance?
According to the principle of contribution in insurance, what is the insurer's right once a claim is paid?
According to the principle of contribution in insurance, what is the insurer's right once a claim is paid?
What is one reason why insured individuals must not profit from their insurance claims?
What is one reason why insured individuals must not profit from their insurance claims?
In the case of double insurance, what does the insured have no right to recover?
In the case of double insurance, what does the insured have no right to recover?
Which type of insurance requires the disclosure of driver details?
Which type of insurance requires the disclosure of driver details?
What is a common risk associated with life insurance?
What is a common risk associated with life insurance?
What is a possible risk an individual may face regarding life insurance if they live too long?
What is a possible risk an individual may face regarding life insurance if they live too long?
What is one risk that cargo faces while being transported by ship?
What is one risk that cargo faces while being transported by ship?
Which type of insurance covers the loss of freight if the cargo does not reach its destination?
Which type of insurance covers the loss of freight if the cargo does not reach its destination?
What is a fundamental principle that distinguishes marine insurance from life insurance?
What is a fundamental principle that distinguishes marine insurance from life insurance?
Who is responsible for compensating the owner of a ship or cargo for losses at sea?
Who is responsible for compensating the owner of a ship or cargo for losses at sea?
What type of insurance insures against damage to the ship itself?
What type of insurance insures against damage to the ship itself?
Which of the following is NOT a risk associated with cargo insurance?
Which of the following is NOT a risk associated with cargo insurance?
What is the general outcome if a ship or cargo is captured by pirates?
What is the general outcome if a ship or cargo is captured by pirates?
In marine insurance, what is the role of the insured?
In marine insurance, what is the role of the insured?
What primary function does a modern warehouse serve beyond just storage?
What primary function does a modern warehouse serve beyond just storage?
Which type of warehouse is operated by a company for handling its own goods?
Which type of warehouse is operated by a company for handling its own goods?
What is a significant benefit of private warehousing?
What is a significant benefit of private warehousing?
How are public warehouses typically accessed by users?
How are public warehouses typically accessed by users?
What role does the government have in regulating public warehouses?
What role does the government have in regulating public warehouses?
What type of warehouse allows the owner to delay payment of import duties?
What type of warehouse allows the owner to delay payment of import duties?
What improvement is mentioned for modern warehouses in terms of product movement?
What improvement is mentioned for modern warehouses in terms of product movement?
Which of the following is NOT a characteristic of private warehouses?
Which of the following is NOT a characteristic of private warehouses?
Flashcards
Withdrawal restrictions
Withdrawal restrictions
Limits on the amount and frequency of money withdrawals from accounts.
Fixed accounts
Fixed accounts
Time deposits with higher interest rates than savings accounts.
Premature withdrawal
Premature withdrawal
Withdrawing money from an account before the agreed-upon time, often with penalties.
Bank drafts
Bank drafts
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Allied services
Allied services
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e-Banking
e-Banking
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Automated Teller Machine (ATM)
Automated Teller Machine (ATM)
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Electronic Fund Transfer (EFT)
Electronic Fund Transfer (EFT)
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Insurance
Insurance
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Policyholders
Policyholders
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Premium
Premium
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Insurer
Insurer
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Risk Management
Risk Management
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Equitable Transfer of Risk
Equitable Transfer of Risk
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Service Sector
Service Sector
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Gross Value Added (GVA)
Gross Value Added (GVA)
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Insurance Certainty
Insurance Certainty
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Insurance Protection
Insurance Protection
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Risk Sharing
Risk Sharing
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Capital Formation
Capital Formation
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Utmost Good Faith
Utmost Good Faith
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Material Fact
Material Fact
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Insurable Interest
Insurable Interest
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Contract of Indemnity
Contract of Indemnity
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Insurance Claim Settlement
Insurance Claim Settlement
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Insured's Ownership Rights (after settlement)
Insured's Ownership Rights (after settlement)
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Contribution Principle
Contribution Principle
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Double Insurance
Double Insurance
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Fire Insurance Disclosure
Fire Insurance Disclosure
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Motor Insurance Disclosure
Motor Insurance Disclosure
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Life Insurance Risks
Life Insurance Risks
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Types of Insurance
Types of Insurance
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Marine Insurance
Marine Insurance
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Ship Hull Insurance
Ship Hull Insurance
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Cargo Insurance
Cargo Insurance
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Freight Insurance
Freight Insurance
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Marine Insurance Contract
Marine Insurance Contract
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Perils of Marine Insurance
Perils of Marine Insurance
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Insurer Underwriter
Insurer Underwriter
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Contract of Indemnity
Contract of Indemnity
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Private Warehouses
Private Warehouses
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Public Warehouses
Public Warehouses
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Warehouses (Modern)
Warehouses (Modern)
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Warehouses (Initial)
Warehouses (Initial)
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Bonded Warehouses
Bonded Warehouses
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Material Handling System
Material Handling System
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Entrepot Trade
Entrepot Trade
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Warehouses (Transportation)
Warehouses (Transportation)
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Study Notes
Learning Objectives
- State the characteristics of services
- Distinguish services from goods
- Classify different types of business services
- Explain the concept of e-banking
- Identify and classify different types of insurance policies
- Describe different types of warehouses
Business Services
- All people have interacted with business services at some point in their lives
- Examples include purchasing ice cream from a store, watching a movie, buying a bus ticket, etc.
- Services are intangible activities, unlike goods, which are physical products
- Services have some distinguishing characteristics compared to goods
- The purchasing and experiencing of a service is different from purchasing and owning a good
Nature of Services
- Intangibility: Services cannot be physically touched or possessed
- Inconsistency: Services depend on the person performing the service, making quality vary
- Inseparability: The production and consumption of the service happen simultaneously.
- Inventory (Less): Services cannot be stored for use in the future as they happen when needed
- Involvement: The consumer participates in the delivery of the service
Types of Services
- Business Services: Services utilized by other businesses (e.g., banking, transportation)
- Social Services: Services provided to benefit society (e.g., healthcare, education)
- Personal Services: Services experienced differently by individual consumers (e.g., restaurants, entertainment)
Banking
- Commercial banks are important institutions for lending money
- They act as both borrowers and lenders
- Banks accept various deposit types (current, savings, fixed)
- Banks provide loans and advances to businesses.
Insurance
- Insurance is a way to transfer risk
- People buy insurance to pay a small amount (premium) for possible major losses
- Insurance companies estimate possible losses and compensate the insured if an event occurs.
Types of Insurance
- Life Insurance: Protects families or dependents in the event of death
- Fire Insurance: Compensates for losses resulting from fire
- Marine Insurance: Protects goods at sea during transport
- Other types exist (e.g., health, motor, burglary, crop)
Warehousing
- Warehousing stores goods in a safe manner to preserve the product's quality
- Warehouses are used by businesses, manufacturers, importers and retailers
- They can hold products until needed, such as during off-season or slow periods
- Different types exist, including private, public, bonded, and government warehouses
Communication Services
- Communication is essential for business.
- Telecom and Postal services allow businesses to communicate with each other and their customers
Transportation
- Services move goods (freight) and people (passengers) across distances
- Various forms exist: roads, railways, airways, waterways
- Efficiency and infrastructure are important factors.
Social Security Schemes
- Atal Pension Yojana: Pension scheme for individuals aged 18–40.
- Pradhan Mantri Suraksha Bima Yojana: Accident and disability insurance with low premium.
- Pradhan Mantri Jan Dhan Yojana: Savings account, accident, and life cover.
- Pradhan Mantri Jeevan Jyoti Bima Yojana: Term life insurance with low premium.
Types of Digital Payments
- Cash, Plastic cards (debit, credit)
- Digital methods (AEPS, UPI, BHIM, Mobile wallets, Prepaid cards, USSD)
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Description
This quiz tests your understanding of business services, including their characteristics, classification, and the differences between services and goods. Additionally, it covers concepts like e-banking and various types of insurance policies and warehouses.
