Business Studies

Business Services

Question:

Write a short note on Indian insurance sector.

Answer:

The health of the insurance sector reflects a country's economy. This sector not only generates long term funds for infrastructure development, but also increases a country's risk taking capacity. India's economic growth since the turn of the century is viewed as a significant development in the global economy. This view is helped in no small part by a booming insurance industry.
The future of the Indian insurance sector looks bright. The sector which stood at a strong US$ 72 billion in 2012 has the potential to grow to US$ 280 billion by 2020. This growth is driven by India's favourable regulatory environment which guarantees stability and fair play. This environment has given rise to an insurance market which encourages foreign investors to tap into the sector's massive potential.
Ever since the Indian government liberalised the insurance sector in 2000 and opened the doors for private participation, the sector has become stronger. The resultant competition has provided the’ consumer with a never-before-seen range of products and providers, and also enhanced service levels markedly. Consistent growth in the insurance sector depends on a few factors. Some of these are:

  1. Effective distribution channels: The efficiency and cost of the various distribution strategies used by companies are significant to their success in the insurance business. This particularly holds true for the retail business.
  2. Focus on overall financial inclusion: As time evolves, so must the approach of the insurance sector in India. The objective of the insurance sector should ideally be to offer a broader range of activities to a wider populace.
  3. Consumer needs and preferences: The growth of India's insurance industry can be attributed to product innovation, dynamic distribution channels, and vibrant publicity and promotional campaigns run by insurance companies. Benefits attached to the products and the manner in which they are delivered (through various marketing tie-ups) have helped bring customers and insurance companies closer to each other and made the latter more relevant.
  4.  Health Insurance is an up-and-coming segment in this sector: Currently, it caters for 10 per cent of the overall US$ 30 billion healthcare expenditure in India. Consequently, there is plenty of scope for players in this area.
  5.  The life insurance segment contributes about 4 per cent to India's gross domestic product (GDP) in terms of total premiums underwritten annually. There are 23 private companies in the segment. The state owned Life Insurance Corporation (LIC) dominates the field, with about 71 per cent of the market share, according to Insurance Regulatory and Development Authority (IRDA).
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Business Services

Q 1.

Explain the functions of commercial banks with an example of each.

Q 2.

Explain the functions of e-banking.

Q 3.

Explain different types of life insurance policies.

Q 4.

What are different types of warehouses?

Q 5.

Write a short note on Indian insurance sector.

Q 6.

Explain warehousing and its functions.

Q 7.

What do you mean by mode of transport? Name different modes of transport.

Q 8.

There are three types of services: Business Services, Social Services and Personal Services. Which of the services in your opinion are of utmost importance and why?

Q 9.

A person took an insurance policy and did not disclose that he is a patient of cancer. Which value is missing in this case?

Q 10.

Define services and goods.

Q 11.

Explain briefly the principles of insurance with suitable examples.

Q 12.

Explain in detail the warehousing services.

Q 13.

Write short notes on different types of marine insurance.

Q 14.

What is e-banking? What are the advantages of e-banking?

Q 15.

What are services? Explain their distinct characteristics.

Q 16.

A person gets his stock of goods insured, but he hides the fact that the electricity board has issued him statutory warning letter to get his factory's wiring changed later on, the factory catches fire due to short circuit. Can he claim compensation? State the name of "Principle".

Q 17.

Write a short note on GATS.

Q 18.

Write a note on various telecom services available for enhancing business.

Q 19.

Manju obtained a life insurance policy of her husband. After 5 years, she divorced her husband. After one year of divorce, her husband died in a car accident. Can she claim the amount of policy from the insurance company?

Q 20.

Anju has taken a loan from Avi against the security of his factory. Can Avi take a fire insurance policy of that factory?

Q 21.

Describe various types of insurance and exercise the nature of risks protected by each type of insurance.

Q 22.

What is the difference between goods and services?

Q 23.

Write a detailed note on various facilities offered by Indian Postal Department.

Q 24.

What is the difference between life, fire and marine insurance?