BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mountaintop must wait until after the policy period has expired to collect premiums from those it insures.
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the company will have no record of the insurer’s signature if it does not receive checks for premium payments.
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most states do not allow insurance premiums to be paid through automatic debits, so Mountaintop will only be able to sell insurance in a few states.
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those without checking accounts, but who would otherwise pay through such safe payment mechanisms as money orders and certified checks, cannot purchase insurance from Mountaintop.
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Detailed explanation-1: -With direct deposit or electronic funds transfer (EFT), the general public, government agencies, and business and institutions can pay and collect money electronically, without having to use paper checks. Direct deposit (EFT) is safe, secure, efficient, and less expensive than paper check payments and collections.
Detailed explanation-2: -Using Mobile number & MMID (P2P) IMPS offer an instant, 24*7 interbank electronic fund transfer service capable of processing person to person, person to account and person to merchant remittances via mobile, internet and atms.
Detailed explanation-3: -A standing order is an instruction your customer gives to their bank to pay you a fixed amount at regular intervals whether this is weekly, monthly, quarterly or yearly.
Detailed explanation-4: -A savings account is a basic account in a bank where you can deposit your extra income while gaining interest on the same depending on the saving account interest rate.