34. What is meant by Unsolicited application?
35. What can be marketed in market?
36. Explain in detail about Niche marketing.
37. Explain the meaning of Agreement to sell.
38. Distinguish between Negotiability and Assignability. (Any 3)
Answers
Answer:
34. An unsolicited application is a request for life insurance coverage that is made by an individual rather than an insurance agent or broker.
35. Physical goods that can be manufactured, or produced are the major items among those can be marketed.
36. Niche marketing is defined as channeling all marketing efforts towards one well-defined segment of the population. A niche market does not mean a small market, but it involves specific target audience with a specialized offering.
37. In case where the seller agrees with the buyer to transfer the title of ownership on a future date upon satisfying certain condition is called as 'Agreement to Sale'.
38. Negotiability refers to a document`s (checks, drafts or bill of exchange) characteristics or attribute that allows the property in it to be freely transferrable to a third party, who acquires such document void of equities; if the document was taken in good faith, without knowledge of any defect in title and for value. It allows for the passing of ownership from the transferor to the transferee by endorsement or delivery.
Negotiability as a concept developed as a result of the growing need for a substitute for money that was suitable for trade transactions. Negotiability demands that the transferee accepting an instrument for payment is assured of its payment and is protected from the defects of the transferor.
The most important feature of the negotiable instrument is that it can be freely transferred; either by negotiation and assignment. Negotiation implies the transfer of a negotiable instrument, which takes place in order to make the transferee, the holder of the instrument. On the other hand, assignment alludes to the transfer of ownership of the negotiable instrument, in which the assignee gets the right to receive the amount due on the instrument from the prior parties. In assignability, the one who assigns is the assignor, while the one to whom the assignment is made is called the assignee.