Commerce

A trader who experienced loss through fire can be restored by?

A. an insurance company B. a trade association C. the bank D. an advertising agency Correct Answer: Option A -…

5 years ago

The insurance principle that allows an insurance company to take over the rights of the insured once he has been compensated is?

A. indemnity B. proximate cause C. utmost good faith D. subrogation Correct Answer: Option D - subrogation Explanation In the…

5 years ago

The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is?

A. subrogation B. proximate cause C. uberrimae fidei D. contribution Correct Answer: Option C - uberrimae fidei Explanation Uberrimae fidei…

5 years ago

Insurance against burglary is an example of?

A. indemnity insurance B. fidelity guarantee insurance C. non-insurable risk D. non-indemnity insurance Correct Answer: Option A - indemnity insurance…

5 years ago

Endowment policy in insurance business is an aspect of?

A. accident insurance policy B. fidelity guarantee insurance policy C. motor vehicle insurance policy D. life assurance policy Correct Answer:…

5 years ago

Tourists with no fixed address in a town may receive their letters from post office through a?

A. poste restante B. parcel post C. private mail bag D. recorded delivery Correct Answer: Option A - poste restante…

5 years ago

A carton of noodles valued at #2000 was invoiced at #200 only. The accounting procedure to correct this error is to issue?

A. an invoice for #200 B. a debit note for #2,00 C. a credit note for #1,800 D. a debit…

5 years ago

In response to an inquiry from a customer; a wholesaler is expected to send back?

A. a consignment note B. an order C. a quotation D. an advice note Correct Answer: Option C - a…

5 years ago

A document recording the transactions of an organization with its customer for a specified period which normally shows the indebtedness of one to the other is a?

A. statement of account B. consular invoice C. proforma invoice D. statement affairs Correct Answer: Option A - statement of…

5 years ago

The role of customs and excise authority includes the?

A. control of the flow of goods in and out of the country B. control of security agents within and…

5 years ago
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