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Insurance covers various types of risks. 

All contract of insurance can be broadly classified as follows:

1. Life Insurance (or) Life Assurance 

2. Non – life Insurance (or) General Insurance

It can be further classified into:

1. Fire Insurance 

2. Marine Insurance 

3. Health Insurance and 

4. Miscellaneous Insurance

1. Life Insurance: Life Insurance may be defined as a contract in which the insurance company called insurer undertakes to insure the life of a person called assured in exchange of a sum of money called premium which may be paid in one lump sum or monthly, quarterly, half yearly or yearly and promises to pay a certain sum of money either on the death of the assured or on expiry of certain period.

2. Non – Life Insurance or General insurance: It refers as the insurance not related to human but related to properties.

3. Fire Insurance: Fire insurance is a contract whereby the insurer, in consideration of the premium paid, undertakes to make good any loss or damage caused by a fire during a specified period upto the amount specified in the policy.

4. Marine Insurance: Marine insurance is a contract of insurance under which the insurer undertakes to indemnify the insured in the manner and to the extent thereby agreed against marine losses. The insured pays the premium in consideration of the insurer’s (underwriter’s) guarantee to make good the losses arising from marine perils or perils of the sea.

5. Health Insurance: In mid 80’s, most of the hospitals in India were government owned and treatment was free of cost. With the advent of Private Medical Care, the need for Health Insurance was felt and various Insurance Companies introduced Health Insurance as a Product. Presently the health insurance exists primarily in the form of ‘Mediclaim policy’.

1. Special Statute: A public corporation is created by a special Act of the Parliament or the State Legislature. The Act defines its powers, objectives, functions and relations with the ministry and the Parliament (or State Legislature). 

2. Separate Legal Entity: A public corporation is a separate legal entity with perpetual succession and common seal It has an existence, independent of the Government. It can own property; can make contracts and file suits, in its own name.

3. Capital Provided by the Government: The capital of a public corporation is provided by the Government or by agencies controlled by the government. However, many public corporations have also begun to raise money from the capital market. 

4. Financial Autonomy: A public corporation enjoys financial autonomy. It prepares its own budget; and has authority to retain and utilize its earnings for its business. 

5. Management by Board of Directors: Its management is vested in a Board of Directors, appointed or nominated by the Government. But there is no Governmental interference in the dayto-day working of the corporation.

Partnership is formed by agreement. In this partnership, the member in a firm is called as partner. 

There are various kinds of partners. They are as follows: 

1. Active partner: A partner who takes an active part in the conduct of the partnership business is known as an active partner. 

2. Sleeping or Dormant partner: A partner contributes capital and shares in the profits or losses of the firm, but does not take part in the management of the business is known as sleeping partner.

3. Nominal partner: Such a partner neither contributes any capital nor is he entitled to manage the affairs of the business. He lends only his name to strengthen the firm. 

4. Partner in profits only: When a person joins a firm as a partner on the condition that he is entitled to share profits in the firm, he is called as a partner in profits only. 

5. Secret partner: A secret partner is one whose association is not known to the general public.

Value at Risk Margin: VaR is a single number, which encapsulates whole information about the risk in a portfolio. It measures potential loss from an unlikely adverse event in a normal market environment.

Computation of VaR Margin: VaR Margin is a margin intended to cover the largest loss that can be encountered on 99% of the days (99% Value at Risk). For liquid securities, the margin covers one-day losses while for illiquid securities; it covers three-day losses so as to allow the clearing corporation to liquidate the position over three days.

Some Definitions: Computation of the VaR margin requires the following definitions:

(a) Security sigma: It means the volatility of the security computed as at the end of the previous trading day. The computation uses the exponentially weighted moving average method applied to daily returns in the same manner as in the derivatives market.

(b) Security VaR: It means the highest of 7.5% or 3.5 security Sigmas.

(c) Index sigma: It means the daily volatility of the market index (CNX Nifty or BSE Sensex) computed as at the end of the previous trading day. The computation uses the exponentially weighted moving average method applied to daily returns in the same manner as in the derivatives market.

(d) Index VaR: It means the higher of 5% or 3 index Sigmas. The higher of the Sensex VaR or Nifty VaR would be used for this purpose.

The VaR margin rate computed, as mentioned above, will be charged on the net outstanding position (buy value-sell) of the respective clients on the respective securities across all open settlements. There would be no netting off of positions across different settlements.

Collection of VaR Margin: The VaR margin is collected on an upfront basis by adjusting against the total liquid assets of the member at the time of trade. The VaR margin is collected on the gross open position of the member.

1. Immediate transfer of securities. 

2. Reduction in transaction cost.

1. Registered Owner is Depositary 

2. Beneficiary Owner is Demat Account holder 

National Securities Depository Limited (NSDL)

The Agent of depositary who do front office activity to interact with customer / shareholder/ Beneficiary owner.

(b) Decentralisation

Educational, medical, hospitality and banking are the services included in service businesses. Bank service is the nerve center of industry and commerce in a country.

The name of the partnership is Limited Liability Partnership. It is popular in service sector and in the small scale enterprises. Limited liability partnership means for paying the debts of the firm, only the assets of the business will be utilised. 

Example – cost accountants firm, lawyers, engineers, etc.

Generally in the following cases, the court grants specific performance:

1. When the act agreed to be done is such that compensation in money for its nonperformance is not sufficient. 

2. When it is probable that compensation in money cannot be received for the nonperformance of the act agreed to be done.

3. When there is no standard for ascertaining the actual damage caused by the nonperformance of the act agreed to be done.

Local Area Bank (LAB) scheme was introduced by the RBI in August 1996. LABs are small private sector banks established in rural and semi-urban areas. Each bank serves two or three adjoining districts only. Their main objective is to mobilise rural savings (accept deposits) and invest them in the same areas.

Examples:

1. Coastal Local Area Bank, Vijayawada, Andhra Pradesh. 

2. Subhadra Local Area Bank Limited, Kolhapur, Maharashtra

The largest commercial bank of India is SBI.

Banks which have registered office in a foreign country and branches in India are called foreign banks.

The General Agreement on Tariffs and Trade. (GATT) was signed at Geneva on 30^th October 1947 by 23 countries. It came into effect on 1^st January 1948.

(b) Unlimited liability

(b) RBI – Lender of last resort

(c) Insurance

Business owned and controlled by a single person is known as sole trading business.

The following are the characteristics of a sole trader:

1. Ownership by one man: This is owned by single person. The sole trader contributes the required capital. 

2. Freedom of work and Quick decisions: The sole trader is the owner, so he need not consult with others. Hence he can take quick decision.

3. Unlimited liability: When his business assets are not sufficient to pay off the business debts he has to pay from his personal property. 

4. Enjoying Entire Profit: All the benefits earned by the sole trader is enjoyed by him alone. 

5. Absence of Government Regulation: A sole trading concern is free from Government regulations. No legal formalities are to be observed in its formation and management.

6. Maintenance of Secrecy: Since the trader manages all the affairs of the business, the secrecy can be maintained easily.

(i) (D) dismissive

(ii) (C) have the same opinion as

(iii) (C) let him overcome his fear.

(iv) (B) observe and partake in the joke on Wanda

(v) (A) hemlock tree; crow

(vi) (B) it had recently been attained with lots of struggle.

(vii) (C) suppressed.

(viii) (D) brilliant, but lawless

(ix) (A) uninteresting

(x) (D) the planned venture was fruitful.

1. Commerce includes not only trade but also services such as transport, warehousing, packaging, insurance, banking and sales promotion which are incidental or auxiliaries to trade.

2. Trade: The term trade is used to denote buying and selling. Therefore who buys and sells is a trader. A trader is a middleman between the producer and the consumer.

3. Transportation: Goods produced are to be sent to different places where they are demanded. It is done by transporting.

4. Banking: To start the business or to run it smoothly, we need money. Banks supply money in the form of loan. Business activities cannot be undertaken unless funds are available. The funds can be obtained from the bank.

5. Insurance: Business involves many types of risks. Factory building, machinery, furniture must be protected against fire, theft and other risks. Employees are also protected against the risk of accident. Insurance provides protection in all such cases.

6. Warehousing: Usually goods are not sold or consumed immediately after the production. They are to be kept in stock to make them available as and when required. Warehousing helps the firms to overcome the problem of storage and stores the goods for future usage.

(c) Entrepot trade

(b) Unlimited liability

Merits:

• Ease of formation and closure: Like sole proprietorship, the partnership business can be formed easily without any legal formalities. 
• More funds: In a partnership, the capital is contributed by a number of partners. This makes it possible to raise larger amount of funds as compared to a sole proprietor and undertake additional operations when needed. 
• Sharing risks: The risks involved in running a partnership firm are shared by all the partners. This reduces the anxiety, burden and stress on individual partners. 
• Secrecy: A partnership firm is not legally required to publish its accounts and submit its reports. Hence it is able to maintain confidentiality of information relating to its operations.

Demerits:

• Limited capital: Since the total number of partners cannot exceed 20, the capital to be raised is always limited. It may not be possible to start a very large business in partnership form. 
• Lack of continuity of business: A partnership firm comes to an end in the event of death, lunacy or retirement of any partner. Even otherwise, it can discontinue its business at the partners. At any time, they may take a decision to end their relationship. 
• Lack of public confidence: There is no governmental supervision over the affairs of the business of a partnership and publishing accounts is also not necessary. Hence, public may not have full confidence in them. 
• Unlimited liability: The liability of each partner is not limited to the amount invested but his private property is also liable to pay the business obligations.

(d) Aids to trade

(i) (B) staged move

(ii) (A) Deceit

(iii) (C) (1), (2) and (4)

(iv) (C) (2) is the cause for (1)

(v) (D) linger

(c) (I) and (III)

(i) (B) (1), (3) and (4)

(ii) (C) (1) furthers the meaning of (2)

(iii) (B) dissatisfied

(iv) (A) He is out for picnic with his friends and they are laughing and singing together.

(v) (D) She is unable to have a satisfying conversation.

(b) Foreign currency convertible bond

Physical Exercise 

When stress affects the brain, rest of the body also feels the impact. Physical exercise in theform of walking, skipping or for that matter indulging in any sports has been found to relievestress as they stabilize mood, improve self-esteem and induce sleep. 

Yoga 

Yoga is a school of Hindu philosophy reduces stress, which includes a series of postures andbreathing exercises practiced to achieve control of body and mind.

(i) (D) Money can only buy materialistic things and can be earned again, when lost.

(ii) (A) (1), (2) and (5)

(iii) (B) resilient

(iv) (A) An Observer.

(v) (B) our experiences.

(1) ( b) A decreasing trend in student accomplishments 

(2) (c) Visionaries & Enthusiasts 

(3) (d) I, III, IV 

(4) (b) His air of detachment lost him many friends. 

(5) (c) Inconvenience 

(6) (d) Someone who acts sensibly 

(7) (c) Children with weak basic foundations 

(8) (b) Diminish equal opportunities

(i) (b) A decreasing trend in student accomplishments 

(ii) (c) Visionaries & Enthusiasts 

(iii) (d) I, III, IV 

(iv) (b) His air of detachment lost him many friends. 

(v) (c) Inconvenience 

(vi) (d) Someone who acts sensibly 

(vii) (c) Children with weak basic foundations 

(viii) (b) Diminish equal opportunities

Responsible and sustainable use of natural resources will aid in conservation. The philosophy of Reduce, Reuse and Recycle will help.

1. State Bank of India 

2. Allahabad Bank

1. Green economy promotes sustainable development 

2. Green economy promotes effective resource utilization

Correct answer is d) timely delivery to customer

Option : (c). Provide long-term loans for the modernization of industries.

Specified banks provide financial help for the development of certian sectors.

eg: Exim bank, Small Industries Development Banks, NABARD

Exim Bank (Export-Import Bank) : Provides loans for exporting and importing products Provides instructions to individuals who come into this sector 

Small Industries Development Bank of India.

(SIDBI) : Provides help to establish new small scale industries and modernizing existing industries Aimc is to vitalizes.

National Bank for Agricultural and Rural

Development (NABARD) : Apex bank in India which functions for the development of villages and agriculture Unites all the banks which operate for the development of villages Provides financial assistance to agriculture handicraft small scale industries etc.

Insurers were amalgamated and grouped into four companies that were controlled by government.

Provides loans for exporting and importing products.

Retail Delivery process : 

1. Tenant's Briefing 

The Retail Design Manager (RDM) outlines the design approvals process and all design-related queries are handled in the meeting 104 

2. Design Approval 

The Tenant submits the concept design to the RDM at this stage. 

3. Fit-out 

At this stage, the Tenant appoints its Fit-Out Contractor and the premises is inspected by the Tenant for access. 

4. Completion Stage 

The RDM issues the Documentation of Works and the Developer releases the Deposit and Deductions.

Tapping customers to deliver goods would put the world’s largest retailer squarely in a middle of new phenomenon sometimes known as Crowd-sourcing/sharing economy.

Retail delivery is the Management process process

Correct answer is a) Static security