Tag: business services 1

Questions Related to business services 1

State the following statement is True or False:
Fire Insurance has a surrender value.

organization of commerce and management business services 1 importance, types and documentation in warehousing meaning of warehousing and warehousing warehousing

  1. True

  2. False

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Correct Option: B
Explanation:
Fire insurance is a part of general insurance. A fire insurance is a contract to indemnify the loss due to fire to any property that is insured. It is taken for a period of one year and is only for the purpose of covering the risk. There is no element of investment in the policy of fire insurance. Thus, it has no surrender or paid up value at the end of the life of the policy.

State the following statement is True or False:

The intimation to members stating the day, date, time and place of meeting is known as notice.

organization of commerce and management business services 1 importance, types and documentation in warehousing meaning of warehousing and warehousing warehousing

  1. True

  2. False

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Correct Option: A
Explanation:

The intimation to members stating the day, date, time and place of meeting is known as notice- this is a true statement.  When any information needs to get delivered to all the members of the organization, then notice is written to inform abut the necessary details like- day, time,venue, etc.

The body of the elected representatives of the shareholders is the Board of Directors.
organization of commerce and management business services 1 importance, types and documentation in warehousing meaning of warehousing and warehousing warehousing

  1. True

  2. False

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Correct Option: A
Explanation:

The Board of Directors is a team of people elected by a corporation's shareholders to represent the shareholders' interests and ensure that the company's management acts on their behalf. The head of the board of directors is the chairman or chairperson of the board.

State the following statement is True or False:
Fire Insurance is a contract to cover risk of loss due to fire.

organization of commerce and management business services 1 importance, types and documentation in warehousing meaning of warehousing and warehousing warehousing

  1. True

  2. False

Show answer
Correct Option: A
Explanation:
Fire insurance is a contract whereby the insurer, in consideration of the premium paid, undertakes to make good any loss or damage caused by fire during a specified period upto the amount specified in the policy. Normally, the fire insurance policy is for a period of one year after which it is to be renewed from time to time.