BUSINESS STUDIES

CLASS XI
WORKSHEET: BUSINESS SERVICES
Q1. A person suffering from cancer did not disclose the fact while taking a life
insurance policy. Name the principle he violated.
Q2. Rajesh took an insurance policy against his car. But he sold it within a year
to his friend Mahesh. The car was stolen. Rajesh made a claim to the insurance
company. His claim was rejected on the ground that Rajesh was no longer the
owner of the car and had no financial involvement which could be insured. Was
Rajesh justified in making a claim? Which principle of insurance is referred
here?
Q3. Raj got his pen manufacturing factory insured against fire. His factory
caught fire and some of his employees took advantage of the situation and stole
stock of pens. Raj made a claim of damages caused by fire as well as a theft.
The Co. agreed to pay damages caused by fire only. Is Mr. Raj right in including
loss due to stolen pens too? Which principle is referred to here?
Q4. Mr Kumar got his factory insured against fire. The factory caught fire. Mr.
Kumar made a claim for the damages. The insurance company accepted his
claim. However, he refused to hand over the damaged property to the Insurance
Company. The insurance company filed a case against him. The court favoured
Insurance Company. Which principle is followed by the court in favouring the
insurance company?
Q5. X’s factory caught fire due to a short circuit. He did not make any efforts to
extinguish fire, assuming that he will recover the amount of loss from the
insurance company. Is he liable to get compensation from the insurer? Give
reasons and state the underlying principle.
Q6. Z Ltd took insurance of Rs 2,00,000 from company A and Rs 3,00,000 from
company B, for the goods lying in go-down. Later goods were damaged due to
fire and the loss was estimated at Rs 1,50,000. How much amount will be paid
by Company A and Company B? State the underlying principle.
Q7. Karan insured his house for Rs 30,00,000. A fire took place and the amount
of loss was assessed at Rs 20,00,000. Karan is claiming Rs 30,00,000 from the
insurance company. But the insurance company wants to pay only Rs 20,00,000.
What is the amount payable to Karan? Explain the underlying principle of
insurance.
Q8. Read the text carefully and answer the questions.
XYZ Bank is a popular private sector bank offering varied services. It offers
many types of bank accounts options to its customers. Dheeraj, being a
businessman has chosen the type of account in which deposits are the most
liquid and there are no limits to the number of transactions in a day. On the
other hand, his mother has opened another account where she can conveniently
deposit the money she saves. These accounts provide a cheque facility and offer
a lot of flexibility for deposits and withdrawal from the accounts. Dheeraj's
younger brother Kunal has opened a special kind of account wherein he will
deposit Rs. 2000 per month for the next two years. His sister Kavita deposited
her savings in an account from where she can't withdraw funds once deposited
before the expiry of a certain period of time.
a) Identify the types of bank accounts being used by Dheeraj, Dheeraj's
mother, Kunal and Kavita.
b) Who will get the highest rate of interest on his or her deposits?
c) Who will get the overdraft facility provided by banks?