+91-8076753736 support@wiredfaculty.com

Sponsor Area

Business Services

Question

Wired Faculty App

How does the insurance distribute the loss ?

Solution

Insurance is actually an arrangement of pooling of risk. All the people pay premium amount to insurance company and out of that premium fund the insured who suffers loss is compensated. Thus it only distributes the loss suffered by an insured person among other persons.

Some More Questions From Business Services Chapter

What do you mean by Public Warehouse ?

What is meant by cold storage houses ?

Explain any three considerations which a business firm should take into account for choosing a suitable mode of transport.

Under the principle of subrogation, why does the right of ownership of damaged property pass on to the insurer after the compensation has been paid to the insured ?

How does the insurance distribute the loss ?

What do you mean by specialised banks ? Give three examples of specialised banks.

Write down the types of postal services.

Name the services included in postal services.

Write down the non-banking services of postal services.

Distinguish between inland mail and international mail.

Mock Test Series

Mock Test Series

NCERT Sample Papers

Entrance Exams Preparation