Page 264 - Misc Ebook IC 78
P. 264
The Insurance Times
independent persons. The liability of the insurer is
limited to 5% of the basic sum insured or Rs 10,000
whichever is less.
Q9.a) Specify the features which constitute an
effective control system, with reference to a
proposal of Fidelity Guarantee Insurance.
Ans. The features that constitute an effective control
system are:
(i) Money should not be allowed to accumulate in the
hands of any one employee to an unreasonable
extent.
(ii) All moneys collected on behalf of the employer
should be paid over daily or at short intervals.
(iii) Employees engaged in handling money should not
also be employed upon the books or records in which
the money is accounted.
(iv) Employees collecting money should not be allowed
to make any disbursements from there.
(v) All payments should be made by crossed cheques
only.
Website: www.bimabazaar.com Call: 033-22184184 / 40078428 260
Copyright@ The Insurance Times. 09883398055 / 09883380339
