Study the following case/situation and express your opinion
1) Ms.Harshali has started a new business two years ago. Her customers are located in different parts of the country and hence they are directly depositing bill amounts in her business account. At the same time, she used to pay various payments from this account only.
i) Identify the Type of account maintained by Ms. Harshali.
ii) Suggest anyone modern way of money transfer to Ms.Harshali.
iii) What kind of facility does she get on her bank account?
The type of account maintained by Ms. Harshali is the current account.
NEFT stands for National Electronic Fund Transfer. Under this system, funds are transferred electronically from one branch to another branch or one bank to another bank in the country. The client has to give details of the NEFT code of branch and account number of a beneficiary to whom the money is to be transferred.
An overdraft facility is available for the current account.
For the current account, banks provide a statement of account every month.
2) Mr. Jagan is a salaried person. He wants to take policy for his two children which assures them protection as well as completes their financial needs once they become major by age.
i) Suggest him a policy which can satisfy the requirements of his children.
ii) Who are beneficiaries of policy?
iii) In the above case which principle is involved?
Mr. Jagan, a salaried person should take “Child Insurance Policy” to satisfy the financial requirements of his children.
In a child insurance policy, children of the insured person are the beneficiaries.
In the above case, the principle of insurable interest is involved.
3) Mr. Sharan is a successful manufacturer. He is having production units at various locations. He is having multiple production units, he has a large stock of raw material and finished goods. He is worried about safeguarding goods from any unwanted financial loss. He also requires transferring raw material and finished goods from one unit to another but does not have any facility for that. He also requires funds for expansion.
i) Name the service which will help him to safeguard goods from any damage?.
ii) Which service will help him to remove the difficulty of the place?
iii) From which service sector will he get financial support?
Warehousing is the service that helps Mr. Sharan to safeguard his goods from any damage.
Transport service will help Mr. Sharan to remove the difficulty of the place.
Mr. Sharan will get financial support from the Banking sector.
4) Mr. Amit is a businessman. He has his own factories in Pune and Nashik. He lives in Pune with his wife and 2 daughters aged 5 and 8 years.
i) Can Mr. Amit take a life insurance policy for his wife and 2 children?
ii) Can Mr. Amit take a marine insurance policy for his factories?
iii) Which type of insurance should Mr. Amit take for protecting his factories from loss due to fire?
Mr. Amit can take whole life policy or term insurance policy for his wife and child insurance policy or money back policy for his daughters.
Mr. Amit cannot take marine. insurance policy for his factories.
Mr. Amit can take Floating Fire Insurance Policy for protecting his factories at Pune and Nashik.