Warehousing means retaining the goods for future use. It implies holding or preservation of goods from time of their production or purchase until their consumption or sale. The warehousing service plays an important role in supply and distribution of goods after their manufacture. It creates the time utility to the producers and consumers. It helps in maintaining balance between demand and supply.
Some of the functions performed by warehousing are
Consolidation: In this the warehouse receives and consolidates materials/ goods from different production plants and dispatches the same to a particular customer on a single transportation shipment.
Break the bulk: The warehouse performs the function of dividing the bulk quantity of goods received from the production plants into smaller quantities. These smaller quantities are then transported according to the requirements of clients to their places of business.
Stock piling: The next function is the seasonal storage of goods to select businesses. Goods or raw materials which are not required immediately for sale or manufacturing are stored in warehouse.
Value added services: Goods sometimes need to be opened and repackaged and labeled again at the time inspection by prospective buyers. Grading according to quantity and dividing goods in smaller lots is another function.
Price stabilization: Warehousing performs the function, warehousing performs the function of stabilising prices by adjusting the supply of goods with the demand situation.
Financing: Warehouse owners advance money to the owners on security of goods and further supply goods on credit terms to customers.
Insurance may be classified as
Life Insurance: Life insurance may be defined as a contract in which the insurer in consideration of a certain premium, either in a lump sum or by other periodical payments, agrees to pay to the assured or to the person for whose benefit the policy is taken, the assured sum of money, on the happening of a specified event contingent on the human life or at the expiry of certain period.
Life insurance policy protects against uncertainty of life but now there are various types of insurance policies to suit the requirements of an individual.
The various types of life insurance policies are:
Fire Insurance: Fire insurance is a contract whereby the insurer , in consideration of the premium paid undertakes to make good any loss or damage caused by fire during a specified period upto the amount specified in the policy. The fire insurance policy is generally taken for a period of one year after which it is renewed from time to time.
A claim for loss by fire must satisfy the two following conditions-
The risk covered by fire insurance contract is the loss resulting from the fire or some other cause, and which is the proximate cause of the loss. If overheating without ignition causes damage, it will not be regarded as a fire loss within the meaning of fire insurance and the loss will not be recoverable from the insurer.
Marine insurance: A marine insurance contract is an agreement whereby the insurer undertakes to indemnify the insured in the manner and to the extent thereby agreed against marine losses. Marine insurance provides protection against loss by marine perils or perils of the sea. Marine insurance is slightly different from other types. There are three things involved i.e ship or hull, cargo or goods and freight.
Indian post and telegraph department provides various postal services across India. For providing these services the whole country has been divided into 22 postal circles. These circles manage the functioning of the various head post offices, sub- post offices and branch post offices. There are 154149 post offices and 564701 letter boxes processing 1575 crore mails every year.
The various facilities provided by postal department are broadly categorised into
Financial facilities: These facilities are provided through the post office’s saving schemes like Public Providend Fund ( PPF), Kisan Vikas Patra and National Savings Certificates in addition to normal retail banking functions of monthly income schemes, recurring deposits, savings account, time deposits and money order facility.
Mail facilities: Mail services consist of parcel facilities that is trans- mission of articles from one place to another, registration facility to provide security of the transmitted articles and insurance facility to provide insurance cover for all risks in the course of transmission by post.
Postal department also offers allied facilities like:
Banks perform a variety of functions. Some of them are the basic or primary functions of a bank while others are agency or general utility services in nature.
The following are the basic functions:
Acceptance of deposit: Banks accept deposits and pay interest on them as these deposits from the basis of loans given by banks. These deposits are taken through current account, saving accounts and fixed deposits. Current account and saving accounts deposits can be withdrawn anytime but fixed deposits are time deposits with fixed maturity. High rate of interest is paid on fixed deposits as compared to savings accounts.
Lending of funds: The second activity of commercial banks is to provide loans and advances out of the money received through deposits in the form of overdrafts, cash credits, discounting trade bills, term loans, consumer credit and other miscellaneous advances. These funds lent out by banks contribute to trade, industry, transport and other business activities.
Cheque facility: Banks collects cheques of their customers drawn on other banks. Cheque is a credit instrument used for withdrawal of deposits.
There are two types of cheques, mainly
Remittance of funds: Commercial banks provide facility of fund transfer from one place to another on account of the interconnectivity of branches. The transfer of funds is administered by using bank drafts, pay orders or mail transfers on which the bank charges a nominal commission. The bank issues a draft for the amount on its own branches at other places or other banks at those places. The payee can present the draft on the drawee bank at this place and collect the amount.
Allied services: In addition to the above, banks provide allied services such as bill payments, locker facilities, underwriting services. They also perform other services like buying and selling of shares and debentures on instructions and other personal services like payment of insurance premium, collection of dividend etc.
Services are intangible activities which are separately identifiable and provide satisfaction of wants. Their purchase does not result in the ownership of anything physical. Services involve an interaction to be realized between the service provider and the consumer.
There are five characteristics of services as below:
Warehousing means retaining the goods for future use. It implies holding or preservation of goods from time of their production or purchase until their consumption or sale. The warehousing service plays an important role in supply and distribution of goods after their manufacture. It creates the time utility to the producers and consumers. It helps in maintaining balance between demand and supply.
Some of the functions performed by warehousing are:
Consolidation: In this the warehouse receives and consolidates materials/ goods from different production plants and dispatches the same to a particular customer on a single transportation shipment.
Break the bulk: The warehouse performs the function of dividing the bulk quantity of goods received from the production plants into smaller quantities. These smaller quantities are then transported according to the requirements of clients to their places of business.
Stock piling: The next function is the seasonal storage of goods to select businesses. Goods or raw materials which are not required immediately for sale or manufacturing are stored in warehouses.
Value added services: Goods sometimes need to be opened and repackaged and labeled again at the time inspection by prospective buyers. Grading according to quantity and dividing goods in smaller lots is another function.
Price stabilization: Warehousing performs the function, warehousing performs the function of stabilising prices by adjusting the supply of goods with the demand situation.
Financing: Warehouse owners advance money to the owners on security of goods and further supply goods on credit terms to customers.
The following are the principles of insurance:
Utmost Good Faith: The insurer and the insured both must show good faith towards each other and give correct information about the subject matter of insurance and the terms of policy, the absence of which may make the contract void. All contracts of insurance require both the parties to disclose all the facts correctly & honestly.
Indemnity: This principle states that the insurer undertakes to compensate the insured for the loss caused to him due to damage of the property insured. All insurance contracts of fire and marine insurance are the contract of indemnity. This principle is not applicable to life insurance.
Insurable Interest: Insurable Interest refers to some pecuniary interest in the subject matter of insurance contract. As per this principle, the insured must have an interest in the protection of the thing or life insured, so that he will suffer financially on the happening of the event against which he is insured. In case of life insurance, it is necessary to have insurable interest at the time of taking the policy. In case of marine, it should be present at the time of loss. In fire insurance policies, insurable interest must be present both at the time of taking the policy & at the time of loss.
Proximate cause: When the loss is the result of two or more causes the proximate cause means the direct, the most dominant and most effective cause of which the loss is a natural consequence.
Subrogation: It refers to the right of the insurer to stand in the place of the insured, after settlement of a claim, as far as the right of the insured in respect of recovery from an alternative source is involved.
Contribution: As per this principle it is the right of an insurer who has paid claim under insurance, to call upon other liable insurers to contributor for the loss payment.
Mitigation: This principle states that it is the duty of the insured to take reasonable steps to minimize the loss or damage to the insured property.
The various telecom services available for enhancing business are:
E-banking refers to the use of electronic medium for conducting various banking operations such as transferring money, checking accounts and applying for loan. These services are provided by commercial banks to make it easy for their accountholders to conduct banking transaction online from anywhere and at anytime.
The advantages of e-banking from bank’s point of view:
The advantages of e-banking from customer’s point of view:
Services are intangible activities that provide satisfaction of wants, and are not necessarily linked to the sale of a product or another service. A good is a physical product capable of being delivered to a purchaser and involves the transfer of ownership from seller to consumer.
c) Central Warehousing Corporation.
Explanation:
CWC stands for Central Warehousing Corporation. It is a government organisation that manages and operates the warehouses owned by the government.
c) indemnity contract.
Explanation:
Indemnity contract states that the insurer undertakes to compensate the insured for the loss caused to him due to damage of the property insured. All insurance contracts of fire and marine insurance are the contract of indemnity. This principle is not applicable to life insurance.
c) lending of funds.
Explanation:
Insurance is a contract in writing under which one party (insurer) promises to compensate the other party (insured) in case of loss as per the premium. It is a protection against risks. Insurance does not involve lending of funds. Lending is a function of commercial bank. Insurer takes premiums from all the insured members. At the time of happening of a risk, the affected member is compensated by the insurer out of the collected funds. In this way insurance shares the risk among a large pool of members. Insurer receives a huge amount by way of premiums from the policy holders. This money is invested in various income generating schemes. In this way insurance helps in capital formation in a country.
b) flexibility.
Explanation:
Warehouse – It is a place for the storage and preservation of goods in proper condition. It is an establishment for the accumulation of goods. Warehousing – It means retaining the goods for future use. It implies holding or preservation of goods from time of their production or purchase until their consumption or sale. The warehousing service plays an important role in supply and distribution of goods after their manufacture. It creates the time utility to the producers and consumers. It helps in maintaining balance between demand and supply.
c) cellular Companies.
Explanation:
Direct to Home is a satellite based media service provided by cellular companies.
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