Q1. State any five advantages of Road Transport over Water Transport.
Ans:-
1. Road transport is faster than water transport.
2. Road transport provides a more personalised and hassle free service than water transport.
3. Road transport provides door-door service which is not available in case of water transport.
4. Road transport can reach hilly and rocky areas which is not possible in case of water transport.
5. Road transport is more flexible than water transport because roads ae everywhere while sea and rivers are avaiable at few places.
Q2. Explain contribution as a principle of an insurance contract.
Ans:- Contribution : The principle of contribution is another corollary of the doctrine of indemnity. It implies that when property is insured for the same risk with two or more insuers, the different insures will contribute to the total payment in proportion to the amount assured by each. In case one insurer has paid the full compensation for loss, he is entitled to receive proportionate contribution from other insurers.
Q3. Distinguish between Warehouse Receipt and Warehouse Warrant
Ans:-
1. Warehouse receipt is a only acknowledgement receipt of the goods, while warehouse warrant is a warrant in favour of owner of goods.
2. Ownership of goods can be transferred by endoresement and delivery of warehouse warrant. This is not possible in case of warehouse receipt.
Q4. Name the types of insurance.
Ans:-
1. Life Insurance
2. Fire Insurance
3. Marine Insurance
4. Motor Vehicles Insurance
5. Fidelity Insurance
6. Burglary Insurance
7. Crop Insurance
8. Social Insurance
Q5. What is meant by insurance ?
Ans:- "Insurance is a contract in which a sum of money is paid by the assured in consideration of insures incurring the risks of paying a large sum upon a given contingency.' - Justice Tindal