RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

Rajasthan Board RBSE Class 8 Social Science Chapter 18 Insurance and Banking

RBSE Solutions for Class 8 Social Science

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

RBSE Class 8 Social Science Insurance and Banking Text Book Questions and Answers

Question 1.
Complete the following table—
Answer:

Accident Effect on individual or family Which type of Insu­rance will Apply
During a vacation in Singapore, a family member broke his leg in an accident. Disruption in travel, medical treatment, economic subsidy. Travel Insurance
A family member bag was stolen in Mumbai. Financial and other losses. Travel Insurance
New family car was stolen. Financial losses. Vehicle Insurance
The family house was damaged. Financial losses. Home Insurance
A family member diagnosed with life-threatening illnesses such as cancer or heart attack. Loss of life and financial loss. Life Insurance

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

Question 2.
How many types of banks are there in India?
Answer:
Types of banks in India—Broadly speaking there are two types of banks in India—

  • Scheduled Bank and
  • Non-Scheduled Bank.

The banks which are included in the second schedule of the Reserve Bank of India Act, 1934, are called Scheduled Bank whereas other banks are called Non-scheduled Banks. On the basis of work, ownership, domicile etc. the banks are of the following types :

  • Commercial Bank
  • Regional Rural Bank
  • Cooperative Bank—
    • Rural Cooperative Bank,
    • Urban Cooperative Bank.

Question 3.
What are the essential documents to open a Savings Account?
Answer:
The following documents are needed to open a Savings Account :

  • Address Proof—This includes telephone bill, ration card, driving license, voter identification card, passport, electricity bill or adhaar card.
  • Identity Proof—This includes PAN card, driving licence, voter identification card, passport, adhaar card etc.
  • Photograph—Two passport size photo¬graphs have to be submitted to bank.
  • Minimum Balance Amount—To open an account, the minimum balance has to be deposited in the bank. It varies from bank to bank. Banks open zero balance accounts too.
  • Specimen Signature—The bank holds a card in which the account holder has two sample signatures. Usually the bank scans the signature and preserves it in the computer.

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

Question 4.
Fill a false (dummy) form to open your account.
Answer:
Do it yourself.

Question 5.
List the essential documents for opening a minor account?
Answer:
These essential documents are needed to open a minor’s account in a bank :

  • Age proof of minor and address proof document.
  • Document of proof of relation between guardian or parents and applicant minor.
  • Identity1, proof of minor.
  • Photo! df the minor.

RBSE Class 8 Social Science Insurance and Banking Important Questions and Answers

Multiple Choice Questions:

Question 1.
Insurance is affected by various types of risks—
(a) More
(b) Less
(c) There is no effect
(d) Non of the above
Answer:
(b) Less

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

Question 2.
It promises your family for protection of—
(a) Life Insurance
(b) Health Insurance
(c) Vehicle Insurance
(d) Home Insurance
Answer:
(a) Life Insurance

Question 3.
Insurance that provides complete protection for home—
(a) Health Insurance
(b) Life Insurance
(c) Home Insurance
(d) Vehicle Insurance
Answer:
(c) Home Insurance

Question 4.
Essential documents required for bank account are—
(a) Address proof
(b) Identity proof
(c) Photo
(d) All of the above
Answer:
(d) All of the above

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

Question 5.
From the following is not an address proof—
(a) Ration Card
(b) Driving License
(c) PAN Card
(d) Passport
Answer:
(c) PAN Card

Fill in the blanks :
1. ……………….. can be natural or man made. (Insurance/Risk)
2. Driving ……………….. without insurance is a penal offence. (motor vehicle/shop)
3. To use banking facilities, your account in the bank is ………………. . (required/not required)
4. Minor over ……………….. can open an account independently. (8 years/10 years)
Answers :
1. Risk
2. motor vehicle
3. required
4. 10 years.

Match Column ‘A’ with Column ‘B’:

Column ‘A’ – Column ‘B’
1. Life Insurance – (a) Complete protection for home
2. Home Insurance – (b) Family protection
Answer:
1. (b)
2. (a)

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

Very Short Answer Type Questions :

Question 1.
What is the process of insurance?
Answer:
Insurance is the process of sharing the losses of some people by more people.

Question 2.
What is the benefit of insurance?
Answer:
Insurance reduces the effects of loss due to various types of risks.

Question 3.
List the main types of insurance.
Answer:
The main types of insurance are—

  • Life Insurance
  • Health Insurance
  • Travel Insurance
  • Home Insurance
  • Vehicle Insurance.

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

Question 4.
What do you know about health insurance?
Answer:
Health insurance fulfils medical treatment and surgical expenses for the insured.

Question 5.
Which insurance cover in home insurance?
Answer:
Home insurance covers building insurance and contents insurance.

Question 6.
How broadly the banks have been classified in India.
Answer:
Broadly speaking banks in India are classified as scheduled and non-scheduled banks.

Question 7.
What are scheduled banks?
Answer:
Banks included in the second schedule of Reserve Bank of India Act 1934 are called scheduled banks.

Question 8.
Tell the types of cooperative bank?
Answer:

  • Rural Cooperative Bank,
  • Urban Cooperative Bank.

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

Question 9.
Name two documents for address proof.
Answer:

  • Driving Licence,
  • Electricity Bill.

Question 10.
At what age, minor can open an account independently.
Answer:
Minor over 10 years of age can open an account independently.

Short Answer Type Questions :

Question 1.
What is an Insurance?
Or
What do you mean by Insurance?
Answer:
Generally, insurance is the process of sharing the losses of some people by more people, which reduces the effect of the losses suffered by various types of risks.

Insurance, is in fact, a factor between the insurance company and the policy holder. In lieu of any excuse or premium, the insurer promises to pay a specific amount after the insured person or person authorized by him, if he meets with an specific event.

Question 2.
What is Life Insurance?
Answer:
Life Insurance—It is a contract between the insurer and insured person, in which, the insurer pays a certain sum of money to the nominee of the insured after the death of the insured in lieu of a premium.

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

Question 3.
What is the benefit of getting Life Insurance?
Answer:
Life Insurance policies promise protection of your family and also make their future secure at that time when you are not around to look after them. To a large extent, the future can be financially secure by this.

Question 4.
Why is it necessary to have a third party liability insurance?
Answer:
Necessity of third party liability insurance—Vehicle owner legally responsible for the loss or damage caused to the life or property of a third party by the use of vehicle in a public place, therefore, it is mandatory for every vehicle to have a third party liability insurance. Driving vehicle without insurance is a penal offence.

Question 5.
What do you know about commercial banks?
Answer:
Commercial banks—They are of two types :

  • Scheduled and
  • Non-scheduled.

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

The commercial bank works on all types of banking activities such as financing of trade and commerce. Scheduled commercial banks have been placed in various groups in the form of Nationalized Banks, State Bank of India and Associates, Private Sector Banks, Foreign Banks and Regional Rural Banks.

Question 6.
Give any two general characteristics of the children account?
Answer:

  • Any guardian or parent can open’ an account of a minor. This account can either be put in joint form or in an independent form. Minor over 10 years of age can open an account independently.
  • The bank in which minor account is opened, it should have an account of guardian or parents.

Question 7.
What is the benefit of activity involving minors in the bank account?
Answer:
Once the minor is actively involved in bank account, it helps the minor learn how to manage the money. Accounting paves a new way for children, in which when they become adult they are completely familiar with banking information.

Essay Type Questions :

Question 1.
Describe different types of insurance.
Answer:
Types of insurances—
The different types of insurance are described as follows—
(1) Life Insurance—Life insurance promises protection of your family and also make their future secured at that time when you are not around to look after them. It is a contract between the insurer and the insured person in which insurer pays a certain sum of money to the nominee of the insured after the death of the insured in lieu of a premium.

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

(2) Health Insurance—Health Insurance fulfils the medical treatment and surgical expenses for the insured.

(3) Travel Insurance—The purpose of travel insurance is to provide medical treatment, financial losses and other losses during inland or international travel.

(4) Home Insurance—This includes both building insurance and content insurance. In general it protects from damage due to fire, bad weather, natural destruction, theft or losses due to attempts in theft.

(5) Vehicle Insurance—Motor or vehicle insurance provides protection to our vehicle for the loss or liability caused by an accident or loss. Driving vehicle without insurance is a penal offence.

Question 2.
Describe the major types of banks on the basis of work, ownership, domicile etc.
Answer:
The major types of banks on the basis of working, ownership, domicile are as follows :
(1) Commercial Bank—The commercial banks work on all types of banking activities such as financing of trade and commerce. They are of two types— Scheduled and Non-scheduled. Scheduled commercial banks have been placed in various groups in the form of Nationalized Banks, State Bank of India and Associates, Private Sector Banks, Foreign Banks and Regional Rural Banks.

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

(2) Regional Rural Banks—Their establish¬ment was specifically designed to help small and marginal farmers to develop rural economy by providing loans and other facilities to agricultural workers, artisans and small entrepreneurs.

(3) Cooperative Banks—Cooperative banks are divided into two types depending on their operational area :

  • Rural Cooperative Banks—They play an important role in providing short term loans for purchase of fertilizers, seeds and other agricultural materials and long term loans to buy lands, for sustainable improvements in lands, buying agricultural machinery and equipments etc.
  • Urban Cooperative Banks—They play an important role in providing banking services to medium income group and low income group of the society in urban and semi-urban areas.

Question 3.
Give the general characteristics of the accounts opened for children (minor) in banks.
Answer:
The general characteristics of the accounts opened for children (minor) in banks are as follows :

  • Any guardian or parent can open an account for the minor. This account can be kept as a joint account or independent account. Minor over the age of 10 years can open its account independently.
  • The bank which has the account of guardian or parents, the minor account can be opened in the same bank.
  • Guardian or parents can choose to receive bank details on a regular basis.
  • Those banks which have facilities to open account for minor, they also provide all basic facilities of the bank.
  • The minimum balance in the said account is to be kept in accordance with the rules of the banks.
  • Some banks provide additional life insurance cover for the life of the guardian or the parent. Here the assurance is given to give a certain minimum amount on the death of the guardian or the parent.
  • When a minor becomes an adult account holder, the said account will be treated as a regular account and the bank will obtain a photograph and specimen signature of the adult.

RBSE Solutions for Class 8 Social Science Chapter 18 Insurance and Banking

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