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Answered on 17 Mar CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

Discuss the object behind double insurance.

Kavithayini.k

Specialised in NLP

The object of double insurance is to insure the risk of the person, for the same property which is being insured earlier with some other insurance company.For example, a person can take any number of policies on his life and can recover the amount secured under every policy.
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Answered on 21 Mar CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

You are aware of the fact that bank provides financial aid to their customers. In context to this, elaborate... read more
You are aware of the fact that bank provides financial aid to their customers. In context to this, elaborate the types of loans given by banks. read less

Dr. Sanjay Hiran

Tutor

Unsecured Loans Bank Credit Card Personal Loan Equipment Line of Credit Secured Loans Auto Lines of Credit Short Term Notes Long Term Notes Real Estate read more

Unsecured Loans

Bank Credit Card

Personal Loan

Equipment Line of Credit

Secured Loans

Auto

Lines of Credit

Short Term Notes

Long Term Notes

Real Estate

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Answered on 21 Mar CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

In context to the business, you must have heared the name of fidelity insurance. Elaborate its meaning.

Dr. Sanjay Hiran

Tutor

Fidelity insurance is taken out by an employer against losses incurred at the time of dishonesty by employees.
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Answered on 21 Mar CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

In case a businessman takes the fire insurance, what approximate advantages can he avail? Discuss.

Dr. Sanjay Hiran

Tutor

Advantages are as under: Replacement of Contents. Provisional Housing. Rebuilding of the Damaged .
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Answered on 21 Mar CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

Why the principle of indemnity not applicable to life insurance?

Dr. Sanjay Hiran

Tutor

The principle of indemnity is not applicable in case of life insurance because under life insurance, the insurer is required to pay the fixed amount agreed upon in advance in the event of death or on the expiry of the period of the policy. The reason is that the life of a person cannot be valued in terms... read more

The principle of indemnity is not applicable in case of life insurance because under life insurance, the insurer is required to pay the fixed amount agreed upon in advance in the event of death or on the expiry of the period of the policy. The reason is that the life of a person cannot be valued in terms of money and therefore the question of compensation of actual loss does not arise. Thus, a contract of life insurance is a contingent contract or a contract of guarantee. It is not a contract of indemnity.

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Answered on 17 Mar CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

If you are going to take a life insurance policy, what features you would require in such policy?

Farah

A tutor for many different subjects and boards

The policy should be able to cover my family: that includes spouse and children. It could be related to both medical and accident based.
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Answered on 27 Mar CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

Name and define the type of insurance wherein insurable interest need not exist when the policy is taken.

Keshav Kumar

Marine Insurance is the type of insurance wherein insurable interest need not exist when the policy is taken.Under a contract of marine insurance, the insurer undertakes to indemnify the insured in the manner and*to the extent thereby agreed, against marine losses. It is an arrangement by which the insurers... read more

Marine Insurance is the type of insurance wherein insurable interest need not exist when the policy is taken.
Under a contract of marine insurance, the insurer undertakes to indemnify the insured in the manner and*to the extent thereby agreed, against marine losses. It is an arrangement by which the insurers undertakes to compensate the owner of a ship or cargo for complete or partial loss at sea. Insurable interest is the subject matter which must be exist at the time of loss but it needs not exist when the policy is taken

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Answered on 17 Mar CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

Explain briefly the principles of insurance with suitable examples.

Anil Kumar

Teacher

Hi thanks for asking this question, See for insurance decisions main factors are:- Cost to benefit ratio in terms how much premium need to pay and what is the insured amount. Secondly in today's world of fast food l, hypertension, mental disturbances, lack of physical work exercises itsitadvisable... read more

Hi thanks for asking this question,

See for insurance decisions main factors are:-

Cost to benefit ratio in terms how much premium need to pay and what is the insured amount. 

Secondly in today's world of fast food l, hypertension, mental disturbances, lack of physical work exercises itsitadvisable to take a health policy.

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Answered on 14 Mar CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

Why is cellular phone or cellphone called a mobile phone?

Anubrata Bhattacharya

A cellular phone is also called a mobile phone because it is a mobile or a portable device that can be carried from place to the other while using it.
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Answered on 16 Mar CBSE/Class 11/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

What are the essential qualities of a electronic payment system?

Educator Titir S

Tutor

Essential qualities in e payment system: We know this term better as Instant money transfer- it’s a gateway for transferring money immediately to complete a transaction. Gone are the days when cash system and credit system was used to buy and give for purchasing goods and services. We now rely... read more

Essential qualities in e payment system:

We know this term better as Instant money transfer- it’s a gateway for transferring money immediately to complete a transaction. Gone are the days when cash system and credit system was used to buy and give for purchasing goods and services. We now rely on the latest development of payment system circulating in the economy. That system is called 'Payment Gateway'.

Payment gatewauy is the door that is logged in by the buyer just before he tries to make a payment for a product purchase. In oldsystem or brick and mortar system a purchaser goes to the counter and hands over the cash after the point of sale. It is that point in an online transaction which is called payment gateway.

The essential qualities displayed by a payment gateway are:

Instant Money transfer facility- it’s a gateway for transferring money immediately to complete a transaction, payment gateway is the door that is logged in by the buyer just before he tries to make a payment for a product purchase. What used to take two days earlier if transfer through bank or cheques now is done through e payment in 24 hrs.

Faster transaction- We are so very dependant on technology to fulfil the needs and e payment also is not far away from the expectation. We want things to happen at fraction of seconds with blink of an eye everything has to be in our mobile and swift as a message service. SO our transactions should also happen in similar manner. A good payment system saves alot of time and gets work done easily. Faster transaction processing hence is beneficial to businesses. A payment gateway is much faster than manual processing, and customers can make a purchase without the inconvenience of long waits or lines.

Fraud detection parameter- A good payment agetway should have the secured feature. We have seen above how the browser websites have SSL certificate which is an identity of security measures been taken to kkep the site spam free and securing customers details and data. A good payment service provider should have the feature od security and fraus detection.

Assured Payment- Like once cash is handed to someone and we get a receipt in return so that later on no hassle happens relating to the trsansaction, the similar thing happens in an e payment setup. Only thing here in is that, the receipt is received online and the sellers's website offers a security software that links with the bank to say that the transaction once done is full and final. Sometimes it also asks our secude code through registered mobile number in for of OTP which shows that the assured payment has been done.

Screen orders with a numerous helpful tools- At the moment payment gateway is used  in online order fulfilment. Various company set up agreements with bank and their payment gateways and thus orders gets fulfilled. During this process a lot of screening is done by payment gateway as it filters out as much fraud as possible during order processing so that later on frauds are avoided.

 

 

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