(iv) Agency Functions Bank pay insurance premium on behalf of their clients. It is an important service that helps in establishing links between businessmen. Courier Services: Letters, documents, parcels etc. There is greater customer satisfactions through E-banking as it offers unlimited access and great security as they can avoid travelling with cash. The Indian insurance market is a mega market with a huge potential. Different types of Bank accounts areas follows: A. The insurers promise to indemnify the insured “in the manner and to the extent agreed.” In case of ‘Hull Policy’, the amount insured is fixed at a level above the current market value; (ii) Similar to life and fire insurance, the contract of marine insurance is a contract of utmost good faith. The principles of insurance are the rules of action or conduct adopted by the stakeholders involved in the insurance business. These are governed by Indian Banking Regulation Act 1949 and according to it banking means accepting deposits of money from the public for the purpose of lending or investment. The funds lent out by banks contribute a great deal to trade, industry, transport and other business activities. The needs of people for life insurance can be family needs, children’s needs, old age and special needs. Both the insurer and the insured display good faith towards each other in regard to the contract. Principles of Insurance. The agreement states that a certain sum will be paid by the insurer when the children attain a particular age. Some of these are explained below: (i) Whole Life Policy: In this kind of policy, the amount payable to the insured will not be paid before the death of the assured. The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the time of death or at the expiry of a certain period. Current account deposits can be withdrawn to the extent of the balance at any time without any prior notice. Insurable interest: The insured must have an insurable interest in the subject matter of insurance. The items were moved manually to a storage within the warehouse and hand piled in stacks on the floor. (iv) The insurer is liable to compensate only when fire is the proximate cause of damage or loss. The main elements of a fire insurance contract are: The general principles of insurance discussed in the previous section apply to life insurance also with a few exceptions. To get fastest exam alerts and government job alerts in India, join our Telegram channel. As borrowers they pay interest and as lenders they grant loans and get interest. In the first, 50 years of independence, India saw the construction of around 13, 000 kilometers of national highways. The chief electronic services are the following: 1. can be sent through the courier service. (b) Cargo insurance: The cargo while being transported by ship is subject to many risks. Which of the following is not applicable in life insurance contract? 4. Credit Card: A. bank issues a credit card to those of its customers who enjoy good reputation. make some of the permitted transactions from office or house. For example, a person is presumed to have an interest in his own life and every part of it, a creditor has an insurable interest in the life of his debtor, and a proprietor of a drama company has an insurable interest in the lives of the actors; (iv) Life insurance contract is not a contract of indemnity. 8. This is happening, for example, in the case of mobile services. The insurance company charges a nominal premium every year and in return undertakes to provide up to stipulated amount for the treatment of certain diseases such as heart problem, cancer, etc. Go to NCERT Class XI Business Studies Book Home Page All NCERT Books. Recognising the potential in enhancing quality of life and to facilitate India’s vision of becoming IT super power by the year 2025, new Telecom Policy Framework 1999 and Broadband Policy 2004 were developed by the Government of India. Principles of Insurance: These principles are : 1. The payee can present the draft on the drawee bank at his place and collect the money. It can be viewed on our television without being dependent on the services provided by the cable network services provider. Service Sector Service sector includes commercial firm engaged in banking. Warehousing: The warehouse was initially viewed as a static unit for keeping and storing goods in a scientific and systematic manner so as to maintain their original quality, value and usefulness. The basic difference between RTGS and NEFT is that while RTGS transactions are processed continuously, NEFT settles transactions in batches.

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