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Q. What is E-mail? Write down its advantages                                                                                                                                    

Ans:   E-mail is a short process of communicating written messages on computer through electronic media i.e. Internet. The immediate presence of recipient of message is not necessary in it.

Advantages of E-mail: -

(1) Fastest Mode of communication

(2) Cheapest Mode

(3) Secrecy

(4) Immediate Feedback

(5) Permanent Record for Future Reference


Q. Describe the procedure of taking a Fire Insurance Policy.                                                                                                      

Ans:  For taking out a fire policy, the owner of the goods or property has to undergo following procedure:

(1) Selection of Insurance Company: Unlike life insurance, where only one company handles the work of life insurance in India there are many companies which handle the work of fire insurance. Each company offers different rate of premium and different services, hence, the person making the fire insurance has to select the company first.

(2) Filling the Proposal Form: The proposal form is the basis of contract for fire insurance. The insured must observe utmost good faith in disclosing all material facts of the insured property and no fact should be hidden, otherwise the contract would be void.

(3) Evidence of Respectability: The Company requires an evidence of honesty and integrity of the insured. But if the company knows. The is required so that a character less person may not himself damage his property and claim the compensation

(4) Survey of the Property: The rough survey the company wants to estimate the probable risk. If risk is small, inspector of the company surveys the property but if the risk is high, special surveyors are appointed


Q. Write down four advantages of E-mail.                                                                                                                                          

Ans:   E- mail offers the following advantages:

(1) Fastest mode of communication: It is the fastest mode of transmitting written messages. Messages are sent within minutes to the distant places

(2) Cheapest mode: Taking into consideration the distance and the contents of the message, it is the cheapest mode of transmitting the message

(3) Secrecy: Messages sent through E-Mail remain secret between the sender and the receiver since only the receiver can get the message.

(4) Permanent record for future reference: The messages sent or received through e-mail can be stored for future reference


Q. What are those benefits, which are provided by Service Sector?                                                                                       

Ans:  An efficient service sector provides the following benefits:

(1) Consumer’s satisfaction: Efficient service Sector contributes to consumers’ satisfaction by providing them quick and economical service.

(2) Lower Distribution Costs: Cost of distribution forms a major part of the total cost of production of any commodity. The costs of service facilities like transport, insurance, warehousing increases the prices of the commodity. The efficient and cheap supply of these services lower down the cost, which is beneficial to customers.

(3) Increase in Sale: Service sector through its efficient transport, communication, warehousing Advertisement and publicity facilities expands the market of the goods resulting increasing in sale.

(4) Stablisation of Prices: Service sector plays an important role in ensuring price stability Transport prevents sharp fluctuations in prices by carrying goods from areas of abundant supply to the areas of scarcity warehousing ensures all the year round supply of goods, irrespective of the period when they are produced both these factors result in greater stability in prices.

(5) Creation of Utility: Warehousing creates time utility by storing and preserving goods during off- season and making them available when they are needed for consumption.


Q. Write down the difference between Fire Insurance and Marine Insurance.                                                                 





(1) Insurable interest


There should be insurable interest at both times, while taking policy and at the time of loss.

The insurable interest should be at the time of loss only.

(2) Assignment of policy

The policy can’t be assigned without the prior permission of the insurance company

In this case the policy can be assigned. No prior approval is required

(3) Amount of Compensation


Amount of actual loss or insured amount whichever is lower is paid

The insured can claim the market value of the ship and cost of goods destroyed plus a reasonable margin for anticipated profits.



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