Q: 'Paid-up value' is payable on a life insurance policy _________________.

A life assurance policy in which if all the premium payments are complete and the insured is free of all reimbursement obligations, the policy stays integral until the insured's death or stop of the strategy is called a paid-up policy. 'Paid-up value' is payable on a life insurance policy on the maturity of the policy. If the policyholder continues to hold the policy, he will get the paid-up value at the end of the term. The policyholder also has the option of concession the policy before that. If you do not want to maintain the policy, it is forever better to submit the policy.

Question 1

State the following statement is True or False:Insurance is one of the important ancillary services.

Accepted Answer

Life is full of uncertainties and thus the chances of occurrence of an event causing losses are quite uncertain. There are risks of death and disability for human life; fire and burglary risk for the property; perils of the sea for shipment of goods, etc. This causes a great loss to the people. Insurance thus spreads this risk over a number of persons who are exposed to it and compensates the people suffering from these losses. Thus, it is an important ancillary service.Hence, the following statement is true.

Question 2

Telegram was charged on the basis of _________.

Accepted Answer

Telegram was charged on the basis of the number of words used. A telegraph message sent&#10; by an electrical telegraph operator or telegrapher using Morse code (or&#10; a printing telegraph operator using plain text) was known as a &#10;telegram. Telegram is regarded as a cloud-based instant messaging &#10;service.Hence, option (A) is the correct answer.

Question 3

Select a word or a term or phrase which can substitute the following statement:Permission to withdraw over and above the credit balance from the current account.

Accepted Answer

Overdraft facility is usually given to the current account holders to resolve short-term financial crisis. It is a facility attached to an existing account. Amount over and above the credit balance can be withdrawn with a limit as agreed for.Cash credit and Loan are separate accounts opened for the purpose of raising funds.

Question 4

Fill in the blanks with suitable words in the following incomplete sentences.The insurance that covers the life is called ______.

Accepted Answer

Life insurance:- A life insurance contract is a contract whereby the insurer i.e. the insurance company undertakes to pay a specific sum on the death or after the expiry of the specified period, whichever is earlier, to the insured or his beneficiary for a premium.In this type of insurance the subject matter of the contract is the life of a person. The premium may be paid in lump sum or in installment.

Question 5

State the following statement is True or False:Fire Insurance has a surrender value.

Accepted Answer

Fire insurance is a part of general insurance. A fire insurance is a contract to indemnify the loss due to fire to any property that is insured. It is taken for a period of one year and is only for the purpose of covering the risk. There is no element of investment in the policy of fire insurance. Thus, it has no surrender or paid up value at the end of the life of the policy.

Question 6

Which is the most historical way of sending information?

Accepted Answer

Telegram is the most historical way of sending information. Telegram was charged on the basis of the number of words used. A telegraph message sent&#10; by an electrical telegraph operator or telegrapher using Morse code (or&#10; a printing telegraph operator using plain text) was known as a &#10;telegram. Telegram is regarded as a cloud-based instant messaging &#10;service.Hence, option (C) is the correct answer.

Question 7

Fill in the blanks with suitable words in the following incomplete sentences.The person who receives the benefit is called ____ in insurance.

Accepted Answer

A person who buys insurance is known as an insured or as  the policyholder.  The policyholder assigns a person called &#34;the beneficiary&#34; who receives the benefit of insurance. The beneficiary can be the policyholder himself or any other person.

Question 8

'Paid-up value' is payable on a life insurance policy _________________.

Accepted Answer

A life assurance policy&#10;in which if all the premium payments are complete and the insured is free of&#10;all reimbursement obligations, the policy stays integral until the insured's death or&#10;stop of the strategy is called a paid-up policy. 'Paid-up value' is payable on a life insurance policy on the maturity of the policy. If the policyholder continues to hold the policy, he&#10;will get the paid-up value at the end of the term. The policyholder also has&#10;the option of concession the policy before that. If you do not want to maintain&#10;the policy, it is forever better to submit the policy.

Question 9

Write short answers for the following : What is Fire Insurance?

Accepted Answer

A fire insurance contract is a contract whereby the insurance company undertakes to make good the loss or damage caused due to fire for a consideration called the premium. the subject matter here is any physical property or assets. This policy usually does not exceed a period of one year. There is also no surrender value of this policy after the end of the period for which it was taken. The value of the policy cannot be more than the cost or the value of the subject matter.

Question 10

Write short notes on the following : Principle of indemnity.

Accepted Answer

All the fire and marine insurance contracts are contracts of indemnity. The principle of indemnity states that the insured must be compensated for any loss or damage cause to the goods insured by the insurer. This loss has to be measured in terms of money. According to this principle, the insurer must put the insured in the same position in which he was before the loss or damage occurred. It is not applicable to the life insurance contracts.

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Business Studies
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State the following statement is True or False:

Insurance is one of the important ancillary services.

Telegram was charged on the basis of _________.

Select a word or a term or phrase which can substitute the following statement:
Permission to withdraw over and above the credit balance from the current account.

Fill in the blanks with suitable words in the following incomplete sentences.
The insurance that covers the life is called ______.

State the following statement is True or False:

Fire Insurance has a surrender value.

Which is the most historical way of sending information?

Fill in the blanks with suitable words in the following incomplete sentences.
The person who receives the benefit is called ____ in insurance.

'Paid-up value' is payable on a life insurance policy _________________.

Write short answers for the following :
What is Fire Insurance?

Write short notes on the following :
Principle of indemnity.

Business Services

Business Studies 1431 Views

State the following statement is True or False: Insurance is one of the important ancillary services.

Telegram was charged on the basis of _________.

Select a word or a term or phrase which can substitute the following statement:Permission to withdraw over and above the credit balance from the current account.

Fill in the blanks with suitable words in the following incomplete sentences. The insurance that covers the life is called ______.

State the following statement is True or False: Fire Insurance has a surrender value.

Which is the most historical way of sending information?

Fill in the blanks with suitable words in the following incomplete sentences. The person who receives the benefit is called ____ in insurance.

'Paid-up value' is payable on a life insurance policy _________________.

Write short answers for the following : What is Fire Insurance?

Write short notes on the following : Principle of indemnity.

Business Studies
1431 Views

State the following statement is True or False:

Insurance is one of the important ancillary services.

Select a word or a term or phrase which can substitute the following statement:
Permission to withdraw over and above the credit balance from the current account.

Fill in the blanks with suitable words in the following incomplete sentences.
The insurance that covers the life is called ______.

State the following statement is True or False:

Fire Insurance has a surrender value.

Fill in the blanks with suitable words in the following incomplete sentences.
The person who receives the benefit is called ____ in insurance.

Write short answers for the following :
What is Fire Insurance?

Write short notes on the following :
Principle of indemnity.