1.Utmost good faith: It is the duty of the applicant to disclose all the material facts relating to risk to be covered. A material fact refers to the fact which would influence the mind of a prudent underwriter in deciding whether to accept a risk for insurance and on what terms.
2.Indemnity: The purpose of insurance is to restore the insured person to approximately the same financial position that existed prior to the loss. The losses paid here would be approximately the same and the reason for this is to prevent the insured from profiting from insurance to reduce moral hazards. Indemnity can be defined as the compensation of loss or injury sustained.
3.Mitigation : It is the duty Of the insured to take reasonable steps to minimize the loss or damage to the insured property. If reasonable care is not taken like any prudent person then the claim from the insurance company may be lost.
4.Subrogation : Subrogation refers to transfer of rights and remedies for the insured to the insurer
who has indemnified the insured in respect of the loss.
5.Insurable interest : The person getting an insurance policy must have an insurable interest in the property or life insured. A person is said to have an insurable interest in the property if he is benefited by its existence and prejudiced by its destruction. Without insurable interest, the insurance contract is void.
6.Contribution: The principle of contribution allows the insurer the right to call on other insurers liable for the cost to share the claim payment.
7.Proximate cause : An insurer will only be liable to pay a claim under an insurance contract if the loss which gives rise to the claim was proximately caused by an insured peril. This means that the loss must be directly attributed to an insured peril without any break in the chain of causation.

Public-Private Partnership (PPP, P3 or P³) is a legally binding contract between the government and private business firms for the provision of public assets and/or public services for the benefit of the public.

ADR: American Depository Receipt : ADR is a negotiable instrument issued by a US bank, representing non-US company stock, trading in the US stock exchange.
GDR: Global Depository Receipt : GDR is a negotiable instrument issued by the international depository bank, representing foreign company's stock trading globally.

• They are a separate legal entity from their Members.
• They have the benefit of limited liability for their Members.
• They are taxed as a partnership.
• They have the organisational flexibility of a partnership.
• Any agreement (“LLP agreement”) between the Members governing the operation of the LLP is a private document which is confidential to the Members.
• They must have at least two “designated” Members.
• Their “trading disclosure” requirements are similar to those of a company.
• They must be registered at Companies House.
• Their accounting and filing requirements are similar to those of a company.
• They have the ability to create floating charges. 

Government Company is a company or an organization in which at least 51% of the paid up share capital is held by the central government or the state government or partly by both central and state government. These are many government companies, few of them are, Steel Authority of India Limited, Bharat Heavy Electricals Limited, Coal India Limited, State Trading Corporation of India, etc.

Characteristics are the features which are necessary to classify the business.  Therefore let’s have a look at them.

Economic Activity

Business necessarily has to be an economic activity. But what exactly is an economic activity? Any activity that gives a monetary return is an economic activity. For example, if your friend’s father picks you up and drops you at college every day, he is doing this act out of kindness. But if he starts a transportation service of picking up and dropping by charging money then it’s an economic activity.

Production or Trading of Good or Services for Sale

If a business plans on selling a product, it has to either manufacture that product or purchase it and add a profit margin to it and sell it further. Business is interested in every activity that is concerned with the production or purchase of goods for selling, this makes it one of the most important characteristics of a business. Services for sale include transportation, housekeeping, and security. Whereas, goods are mostly consumable items.

Sale or Exchange of Goods and Services

The third and crucial one of the characteristics of business after production or procurement is to sell that product for the money. The way to sell a product or service is by launching it in the market or to offer it for sale. A sale or exchange must take place between the seller and the buyer.

Regularity in Dealings

Business is a repeatable economic activity that generates money. For example, if you sell your old bike and it generates money. Also, it’s an economic activity but is you doing this on a regular basis? No. As it has no regularity in it, it cannot be accepted as a business activity. Similarly, there is a dealer who deals in the purchase and sells of second-hand bikes. For him, it’s a business activity as there is a regularity in his dealing. A single transaction of purchase or sale cannot be classified as a business.

Profit Earning

The sole purpose of business is the maximization of profit. It steps into the market with the main objective of earning a profit. For the survival of business in a market, generating profit is extremely necessary. If a business can’t produce profit, it is expected of it to go downhill financially. Therefore the businessman does all the possible tricks to maximize its profits by increasing the volume of sales or decreasing the costs

Risk Factor

It is well known “Higher the risks, higher the return”. Business attracts risk. While initiating business it is not guaranteed 100% that the business will be successful. There is an anticipation that there might be demand for its product or service in the market. But the market is always dwindling the subject to risk. The business may even earn profit but the amount of profit earned may vary.

Uncertainty of Returns

Businessmen invest huge capital in their activities to sustain and extract profit from the business. As we discussed the risk above, it is very uncertain as to what amount the profit will be earned. Often there are situations where is no return of profit. There are always chances of losses in the business activities.

Legal Activity

The business has to be legal and lawful. Business is an extremely important activity for a country but it is not above the law. Every economic activity has to be within the limits of the law. The country’s legislation puts clauses on the functioning of the business to control its activities.

Specialised Banks These banks are formed to cater to specific needs of industries, export units. There are foreign exchange banks, industrial development bank, export-import banks etc. . . . . . , .

Aids to Trade are the activities which are necessary for smooth flow of goods from producers to consumers. These activities facilitate trade by removing various barriers in the buying and selling of goods.