OCM 2 Marks Each

• Transportation through pipeline is suitable for discharge of liquid waste, water petroleum, natural gas , etc.

Health insurance:

• Health insurance is a type of general insurance that covers the cost of a person’s medical and surgical expenses.
• It is quite useful in case of illness, accidents, etc.
• A person needs to take the health policy for a year and needs to renew it every year before the policy expires.

• When the object insured is perished and insurance company pays its compensation there after the principle of subrogation is applied and the ownership of that perished asset belongs insurance company

• list of types of general insurance.
• Aviation Insurance
• Road Insurance
• Marine Insurance
• Fire Insurance
• other General Insurance

• Following principle are applicable to insure contract.
• Principle of Utmost Good Faith.
• Principle of Indemnity.
• Principle of Insurance Interest.
• Principle of Sabrogation .

• Kisan Vikas patra is offered for certain amount only.
• Amount invested in it returned with interest after 100 months. This amount is double of the invested amount.
• It is encashed in any post office on presenting it on maturity.

• Account holder under this recurring scheme , has to deposit fixed amount on the fixed date or before that day every month.
• After 5 years amount deposited with interest in the account is paid to the account holder . Account holder if desire can extend it to next 5 years.

• Crackers, poisonous chemicals , cooking gas, petrol, fruits, vegetable , dairy products etc. require special type of godown.

• Sale or consumption of manufactured product is not done immediately. Perishable goods needs careful maintenance. Certain items are demanded in specific season only. Sometimes raw – material is obtained only during specific season. For storage of such items godown services are needed.

• Other related services of post department are
• purchase and sale of foreign currency
• Travellers cheques in foreign currency.
• Debit card in foreign currency.
• Draft in foreign currency.
• Payment to pensioners
• Railway ticket booking
• Banking services.
• Investment in some mutual funds.

• If the asset or goods are insured and they are totally or partly destroyed or damaged in fire then against company pays compensation . This contract of promise is called the insurance of fire.

• Insurance company pays fixed amount of the policy to the policy holder on maturity or their successor of the policy holder dies before maturity of the policy. This is called endowment insurance.

• Post department uses air route or any other speedy route to send parcel very fast within stipulated time limit, It is called express parcel service. For this service higher than speed post charges are paid.

• Post department offers speedy post and parcel service in India. It ensure the delivery of parcel in stipulated time. It is known as speed post / parcel service, For this service extra charges are paid.

• Under the service of registered post, rendered by post Department, registered post is delivered to the addressee and as a proof the signature of the receiver is taken. For this, extra charges are paid to the postal department.

• A person is said to have insurable interest in the property when he gets benefit by its existence and incurs loss in case it is damaged or destroyed

• When insurance company as per prescribed fixed conditions pays the medical bill of medical insurance policy holder it is known as mediclaim insurance .
• premium amount paid for this type of insurance is deducted up to certain limit from income tax .

• When the object insured is perished and insurance company pays its compensation there after the principle of subrogation is applied and the ownership of that perished asset belongs insurance company.

• The insurance company pays that mush compensation only.
• He can not make profit. It the amount of insurance taken is less than the value of the thing then compensation is aid proportionately .

• If the principle of utmost good faith is not strictly followed insurance contract is treated as cancelled and the amount of premium paid by policy holder is not returned and in case of loss he / she has not right to claim compensation.

Maheshbhai took an insurance policy for a period of 40 years and passed away after 10 years. In this situation, Maya Ben will receive the life insurance benefit (such as term insurance) without having to pay further premiums. This benefit will include the death benefit, which Maya Ben will receive based on the policy's terms and conditions after the policy was taken.