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• Goods transportation insurance,
• Fire insurance and,
• Other general insurance.

An overdraft is a financial arrangement, under which a current account holders in permitted by the bank to overdraw his account, i.e., to draw more than the amount standing to his credit, up to and agreed limit.

Correct Answer is: D. augmented industrial products

Services are essentially intangible activities which are separately identifiable and provide satisfaction of wants. Their purchase does not result in the ownership of anything physical. Services involve an interaction to be realized between the service provider and the consumer.

There are five distinct characteristics of services as discussed below:

(i) Intangibility Services are intangible, i.e., they cannot be touched. They can only be experienced and hence the quality of the service cannot be determined before consumption. Therefore, the service providers consciously work on creating a desired service so that the customer has a favorable experience, e.g., service in a restaurant should be a favorable experience for customer to visit again.

(ii) Inconsistency Services have to be performed exclusively each time according to different consumer demands as there is no standard tangible product on offer. Hence inconsistency is an important characteristic of services. Service providers need to modify their offer to closely meet the requirements of the customers, e.g., services provided by nationalized banks are quite different from the banking services provided by private banks.

(iii) Inseparability Activities of production and consumption are performed simultaneously in. case of services which makes the production and consumption of services seem to be inseparable as services have to be consumed as and when they are produced, e.g., we cannot separate the medical services provided by a doctor.

(iv) Absence of Inventory Services are intangible and perishable and hence cannot be stored for future use. This implies that the supply needs to be managed according to demand as the service has to be performed as and when the customer asks for it. e.g., a medicine, can be stored but the medical care will be experienced only when the doctor provides it.

(v) Involvement Participation of the customer in the service delivery process is an important characteristic of services as the customer has the opportunity to get the services modified according to his/her specific requirements, e.g., cinema halls are providing services.to watch movie but the customer has to visit to the hall to experience the movie in cinema hall.

KYC stands for Know Your Customer. As per the guidelines of the Central Bank every bank needs to record and maintain information about its customer at the time of opening its account. The information sought is called KYC.

When goods are transported from one place to another there lies a risk of damage, loss, theft, etc. of goods. The insurance that covers such risks is called goods transportation insurance.

Transportation service:

The facility/activity of trasporting people or goods from one place to another is called trasportation service.
In older times animals and waterways were used. Then other means like railways and airways were developed.

Types of transportation:
1. Human operated:

• When human labour is used to transport goods or other humans it is called human operated transport.
  Although it is quite laborious it is environment friendly.
• At places like Delhi and Kolkata people us^ pedal rickshaw to transport people within city.
• Hand carts and pedal rickshaws are used in almost all parts of India to transport goods from one place to another.

2. Animal operated:

Transport of goods done for short distances using horse-cart, bullock-cart, camel-cart, etc. falls under animal operated transport.

3. Air-ways:

• Airways is used to transport goods and humans speedily especially for long distances.
• If the transport is done through aeroplanes then runways are needed for take-off and landing. However, if the transport is to be carried out for short distances or for small quantity of goods or few people, or at hostile regions then helicopters are a very good option.

4. Land transport:
(a) Railways:

• Railways are one of the fastest and cheapest forms to transport humans and goods.
• Trains run on electricity, diesel, gravitational force, magnetic force, CNG, etc.
• There are also several multiple unit (MU) trains used in transportation.
• Indian railways connect a very large number of towns and cities and hence work as the spinal cord of Indian transportation.

(b) Roadways:

• Roadways are one of the most convenient and flexible way to transport. Through this mean one can transport at own speed and time, change direction of vehicle as per need, take halt where ever one wishes and reach the destination. Such flexibility is not available in other means of fast transport. , Moreover one can also provide doorstep delivery of goods and humans.
• Buses are used to effectively transport people where as trucks are used to transport goods.
• Recently, to avoid traffic and provide faster transport to people within the city, the government has started Bus Rapid Transit System (BRTS).

5. Waterways:

• Oceans, rivers, lakes and canals are some of the waterways on which ships, boats, ferries, hovercrafts, etc. move and transport goods and people.
• The goods may be transported through sea and then land and again to another part of sea in places where the sea is not present on a continuous stretch. Hovercrafts have a giant high speed fan and a balloon like structure at the bottom in which air is filled to move them. Canals are constructed across rivers and dams which serve as means of transport.
• Trade and commerce between countries is mainly done through waterways.
• Even though waterways is a slow means of transport it is widely used because of its ability to carry a variety of goods of any size and form at a much lower cost than airways.

6. Transport/transit through pipelines:

• Pipelines are a very effective means of transport for transporting gaseous and liquid products.
• Pipelines are used for transporting water, petroleum, natural gas, etc.
• They are also very useful for removal of sewage and as drainage.
• For example, pipeline has been laid to transport gas from few parts of India Oil and petroleum products are transported through pipelines in the state of Assam, Bihar, Gujarat, Uttar Pradesh and Haryana.

The two examples of e-banking are: 

1. ATMs 

2. Debit Cards.

Insurance against claims and losses arising from maintenance and . use of aircrafts or airports including damage to aircraft, personal injury, etc. is called aviation insurance.

A letter of credit is a document from a bank guaranteeing that the seller will receive full payment at specified time if cell the delivery conditions are fulfilled by the seller.

1. It can be opened for commercial transactions only,
2. Bank does not pay any interest on this account.

Air insurance is very costly. Moreover, it cannot carry a large quantity of goods that too in various shapes and sizes.

Obtaining account statement, requesting a new cheque book or a new PIN, making a stop-payment request etc.

Correct option is (A) To maintain trust

Correct option is (B) Solvency certificate

Correct option is (C) Reserve bank of India

A bank account in which a person deposits a pre-determined amount every month for a fix period of time to earn interest at the end of the account term is called a recurring account.

Real-time Gross Settlement (RTGS) is a special fund transfer system where in one can transfer money from one bank to another within India, on a ‘real-time’ basis i. e. the money will be transferred immediately without waiting period and on ‘gross-settlement’ basis.

An insurance that provides compensation against risks such as theft, robbery, damage to goods, etc. when they are transported either through trains or through road areas known as rail/road transport.

A bank accepts deposits and pays lower interest to the customers whereas it gives loans at higher interests. Banks earn from this difference of interest. Moreover, it also invests its deposit and earns.

Correct option is (B) Fixed deposit account

An account opened with an aim of earning fix but high interest for a pre-determined period with a fix amount to be deposited all at once while opening the account is called a fixed deposit account.

Home loan, vehicle loan, education loan, machinery loan, gold loan, etc.

1. Savings,
2. Current,
3. Recurring and
4. Fixed.

The different types of deposits are explained below:

(1) Fixed Deposits : Fixed deposit is a type bank account in which certain fixed amount is deposited and kept in the bank for certain fixed period of time bearing fixed interest rate. The rate of interest paid on fixed deposit is higher than the rate of interest paid on other types of deposits. This rate of interest varies with the deposit period. Interest may also be paid periodically or annually. On Premature withdrawal of deposit before maturity date lower rate of interest is given. The deposit holder gets Fixed Deposit Receipt (FDR) issued by the bank. Loan can be obtained against this FDR.

(2) Recurring deposit : Recurring deposit is an account where depositor is required to deposit certain fixed amount at regular interval say monthly for certain fixed period. On the date of maturity, depositor gets the total amount deposited and interest accrued on such deposit amount. Rate of interest paid is higher and varies according to period of time. The depositor is given pass j book to record the entries of deposits, ft is taken by salaried people and businessmen who have regular income.

(3) Demand deposit: The demand deposit is one in which deposited amount is repaid to the accountholder as and when demanded. The amount of money can be withdrawn by the accountholder from the bank by using withdrawal slips, cheques, ATM cards, online transfer, etc.

(4) Savings deposit : A bank account designed for the personal savings is called savings account. The main aim of this deposit account is to inculcate the regular habit of savings among the common people. This account is suitable for those people who have fixed and regular income like salaries, wages, etc. Although there is no restriction on the depositing of money but frequent withdrawals are not permitted by the bank. Interest on balance amount is credited in this account quarterly or half yearly. Pass book, cheque book, balance on SMS, account statement, etc. are provided to the accountholders to know the position of account.

Some banks provide to their accountholders flexi deposit facility which combines the advantages of savings account and fixed deposit account. In case of multiple option deposit account, the excess amount above certain predetermined limit gets automatically transferred from Savings Account to fixed deposit account. Under this type of account, if adequate fund is not available in savings account to honour the cheques, then the funds get transferred automatically from fixed deposit account to savings deposit account.

The features of business services are explained as follows:

(1) Intangibility : Business services are intangible in nature. This is because business services cannot be seen, touched and smelt. They are not physical or material product. For instance, the building of the insurance company can be seen but insurance services offered by such company cannot be seen. People can avail of the benefits of insurance services although they are intangible in nature. On account of intangibility, services cannot be demonstrated as like goods. Hence services providers have to provide quality services to create good impression on the customers.

(2) Inseparability: One of the important features of business service is that the service and service provider cannot be separated from each other. At the time of rendering the services to the customers, the presence of service provider is must, e.g. medical treatment given by doctor to patient. In the case of services, production and its use (consumption) take place simultaneously.

(3) Inconsistency : Business services are heterogeneous i.e. they are not identical or exactly similar in all cases. They may differ from one person to another and from one place to another although service provider remains same. In fact, business services are heterogeneous, e.g. the services of a salesman in a Mall may have good impact on one customer and may not be liked by another customer.

(4) Perishability : Business services are perishable in nature. Hence, they cannot be stocked. The production and consumption (use) of services cannot be separated because services cannot be stored for future consumption. Since business services are intangible and perishable, there can never be inventory of services. Unlike products services cannot be stored for future sale, e.g. vacant seats of a morning bus from Mumbai to Pune cannot be utilised for evening trip of the same bus.

(5) Non-transferability : Business services are non-transferable in nature. The ownership of business services cannot be exchanged. We can exchange the ownership of products but not of services. A lady goes to a beauty parlour and hires services of the beautician by paying the fees. The lady cannot buy the ownership as its ownership remains with the beautician. If she needs such services again, she has to go to the beauty parlour and pay the beautician again for her services.

(6) Consumer participation : The participation of consumer is important for services. The seller or service provider will not be able to provide its services in absence of a consumer and vice versa. So, the presence or participation of both is necessary.

The four modes of transport are explained as follows:

(1) Road transport : Road transport is the oldest mode of transport. It means and includes various means of transport which move on the surface of the earth without the use of railway tracks. Roads are the means which connect people and places on the surface of the land. It provides connectivity on any terrain (land) in comparison to other modes of transport. The different types of vehicles plying on the road include bullock carts, cycles, motor-cycles, autorickshaws, cars, tempos, trucks, buses, etc. They are called means of road transport.

(2) Rail transport : The mode of transport which moves on the surface of the earth with the help of parallel railway tracks is called rail transport. In other words, transportation of goods and passengers over long distances on rail lines through trains is called rail transport. It is an important land transport system of our country. The services of railways are provided by Ministry of Railways. Indian Railways operate different types of trains such as passenger trains, mails, express and cargo or goods trains. Some popular trains run by Indian Railways are Rajdhani Express, Duronto Express, Shatabdi Express, Intercity Express, Vande Bharat Express, holiday special trains, etc. Some luxury trains like Palace on Wheels, Deccan Odyssey, Ramayana Express, Maharaja Express, etc. are run to promote domestic tourism business.

(3) Air transport: The mode of transport which is operated above the surface of the earth i.e., in the sky through airways is called air transport. It has recent origin. Air transport uses different air crafts such as passenger air crafts, cargo aircraft, helicopters, etc. to carry the goods and passengers through airways at distant places. As compared to other modes of transport, air transport has fastest speed. It does not provide door to door services. A transport is convenient mode in hilly or mountainous areas where other modes of transport cannot reach. It is also suitable mode of transport in emergency situations like war, natural calamities, etc. Air transport is classified into domestic and international air transport. The different national and international private and public sector airways companies are giving services.

(4) Water transport: The mode of transport which is carried out on the surface of water is called water transport. It represents transport facilities in water. It is the cheapest mode of transport. Water transport carries passengers and goods to different places on water ways by using various means like boats, steamers, launches, ships, etc. Water transport can be sub-divided into two categories viz. inland water transport which carries goods and passengers within the country and ocean transport which carries goods and passengers on ocean, sea route. In India, the Ministry of Shipping takes care of development of ocean transport.

The different types of life insurance policies are explained as follows:

(1) Whole Life Policy : Under this policy, whole life of a person is insured and that he is required to pay premium up to his death. The policy holder (assured) cannot get any benefits i.e. money from insurance policy till he is alive. After his death, the amount of the policy is paid to his nominee or to the legal heir. Such a policy is meant for making a provision for the dependents of the assured. The rate of premium is usually low.

(2) Endowment Insurance Policy : An endowment insurance policy is for a specific period and the amount of such a policy along with bonus is paid after the maturity to the assured himself or on the death of the assured to the nominee or his dependents whichever is earlier.

(3) Term Insurance Policy : This type of policy is issued for a specific period. Premium is very low, fixed and remains unchanged during the term of the policy. In case of untimely death of assured, the nominee or dependents are paid the benefit amount mentioned in the insurance policy.

(4) Annuity Policy : Under this policy, insured has to pay the premium in lump sum or in instalments over certain number of years. After that, a certain amount is paid to the assured ; regularly on monthly basis for fix period or up to his death. It is similar to pension payment scheme.

(5) Money back Policy : Under this policy, the policyholder is paid regular or pre-determined percentage of the sum assured after every 10 years or 5 years during life time of policy and also provided the benefit of full sum assured to the nominee or dependents in the event of untimely death of the assured. Usually money back policy is available for 12 years, 15 years, 20 years, 25 years, etc.

To collect, process, transmit and deliver the mails.

To give more choices to policy buyers and holders while selecting an insurance company. To promote healthy competition among insurance companies so that customers can get better services at lower premium.

Third party insurance, vehicle insurance, medical insurance, travel insurance, insurance against cancellation of an event
or a match, etc.

An insurance that covers a person’s medical as well as surgical expenses is called medical insurance.

In 1972 the Government of India passed the General Insurance Business (Nationalism) Act and nationalized the General Insurance business with effect from 1 January, 1973.

The British; Because the British as well as Indian insurance companies were following unfair trade practices.

Correct option is (D) 90

Correct option is (D) 1956

Correct option is (D) 1,50,000

When life insurance sector was nationalized the government established a national insurance company called the LIC. Since there was no other insurance company except LIC till the time insurance sector was again opened for private insurance companies in 90s, LIC enjoyed the monopoly.

Correct option is (C) 150 years

Correct option is (C) 18th

Correct option is (A) 325 years

Correct option is (B) Central Bank

Correct Answer is: A. government sector

Under express parcel service an individual or a business firm can send parcels to their concerned receivers very speedily that too within specified time limit. The postal department sends these parcels either by air or any other very fast means of transport.

It is a very quick service of the postal department. Under this service the postal department guarantees to deliver the post or parcel speedily with a specific period of time at almost all locations of India.

Railways:

• Railway is one of the fastest and cheapest forms to transport humans and goods.
  A railway engine generally uses diesel or electricity to drive the train. There are also multiple unit (MU) trains where in there are several or say multiple units that drive the train rather than one engine. In MU trains there is one ‘Unit’ for every three compartments that powers the train and make it run. Trains run on electricity, gravitational force, magnetic force, etc.
• Recently, Compressed Natural Gas (CNG) trains have also been introduced in India.
• Indian railways connect a very large number of towns and cities and hence work as the skeleton of Indian transportation.