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Business Studies

Principles of Insurance

The Service W...

Question

The Service Which Helps in Removing Hindrance of Risk Is:

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Solution

The service which helps in removing hindrance of risk is “Insurance”.

The risk of damage or loss to the machinery, furniture, factory building, the goods held in stock or goods in course of transport due to accidents, theft, fire, etc., is eliminated by insurance of goods.

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Q. Name the service which is related to the following cases:
(i) The service which helps in removing hindrance of knowledge
(ii) The service which helps in removing hindrance of exchange
(iii) The service which helps in removing hindrance of place
(iv) The service which helps in removing hindrance of time
(v) The service which helps in removing hindrance of risk.

Q. Nikhil wants to start a wholesale business of stationery items. But he is hesitating as it will involve hindrances related to finding consumers, moving goods from place of production to market, storing goods because of time gap between production and consumption, risk of theft, fire, accidents, procurement of capital to finance above activities, providing information to the consumers about products etc. He approaches his friend Anant to discuss his problem. Anant, who himself imports the electric appliances for the purpose of exporting them to other countries, advises Nikhil to carry on with his plan and explains to him various functions performed by the second limb of business i.e., Commerce.
Anant elaborates on various advantages of 'trade' and 'auxiliaries to trade' . After getting convinced by the advice given by Anant, Nikhil starts the business named Nikhil Ltd. and finds no major problems at all in converting his desire into a business venture. Nikhil gets his company registered under the Companies Act 2013.
(a) Name the part of commerce which exclusively helps in the process of trading the goods and services.
(b) Name the type of trade under which Anant was doing his business.
(c) Name the service which helps Nikhil to remove the hindrance of storing the stationery items.
(d) Name the service which helps Nikhil to remove the hindrance of place.

Q. Hindrance in the development of service sector is/ are:
(i) Inadequate infrastructure
(ii) Financial services
(iii) Lack of consular divisions
(iv) Unfair competition in the telecom sector.

What are the hindrances in commerce? Which agencies are used to remove these hindrances ?

Q. Which hindrance of commerce is highlighted in the following activities?I. It removes the geographical separation between producers and consumers.II. Warehousing facilitate holding of goods till they are required.III. Service which informs the consumers about the goods and services available in themarket.IV. Banking and Financing Institutions provide necessary funds to carry on business activities.

V. Insurance protects the goods in case of damage due to theft, fire, accidents

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