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BUSINESS
Business services
| Question | Answer | ||
|---|---|---|---|
| what are the business Services | ● Banking, insurance, transportation, warehousing, and communication services are just a few examples. | ||
| what is Banking: | ● Banking companies transact the business of banking for the aim of lending ● In simple terms, a bank accepts money on deposit that is repayable on demand, as well as lending money to generate a profit margi | ||
| Functions of Commercial Banks: 1) | 1. Acceptance of deposits: Deposits are taken through a current account, saving account and fixed deposit ● Deposits in a current account can be withdrawn to the extent of the balance at any time and without any specific, timely warning. | ● Fixed accounts are time deposits that pay a greater interest rate than savings accounts. ● A premature withdrawal is allowed, but the percentage of interest earned will be lost. | |
| Functions of Commercial Banks: 2) | 2. Cheque facility ● The cheque is the most advanced credit instrument, as well as a distinctive feature and function of banks for deposit withdrawal. ● It is the most practical and cost-effective mode of exchange. | ● There are two type of cheques: ○ Bearer cheques, which can be cashed at a bank counter right away. ○ Crossed checks; that should only be placed in the payee's account | |
| Functions of Commercial Banks: 3) | 3. Lending of funds ● From the money obtained through deposits, banks provide loans and advances. ● The advances can be made in the form of overdraft and cash credit discount rate bills, common term loans, consumer credit | ||
| Functions of Commercial Banks: 4) | 4. Remittances of funds: ● Because of the interconnection of branches, it is possible to move funds from one location to another. ● Bank drafts, pay orders on mail transfer, and minimal commission charges are all used to transmit monies. | ||
| Functions of Commercial Banks: 5) | 5. Allied services: ● Bill payments, locker facilities, underw:riting services come under this. ● Other services they provide include purchasing and selling shares and debentures on behalf of clients, as well as other personal services. | ||
| Benefits of E-banking: | ● E-banking facilitates digital payments ● Internet banking allows customers to conduct transactions from anywhere in the world ●Lower operating cost results in higher interest rates on savings | .● Electronic cash transfers allow online banking users to automatically fund accounts ● A client can monitor his/her spending via a virtual wallet ● E-banking helps banking service better quality services can be provided. | ● Transactions are completed faster than with ATMs or traditional banking. ● Customers can get discounts from retail stores using credit cards and debit cards. ● Customers can withdraw money from ATM machines at any time. |
| what are the Principle of Insurances: and explain them | 1. Principle Utmost Good faith: 2. Principle of Insurable interest: 3. Principle of Indemnity: 4. Principle of Proximate cause: 5. Principle of Subrogation: 6. Principle of Contribution 7. Principle of Mitigation of Loss: | ||
| Types of Insurance and explain | 1. Life insurance: 2. Fire insurance: 3. Marine Insurance: Hull Insurance: Cargo insurance: Freight insurance: |
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Angelo1234?
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