by Sunday | Mar 14 | Commerce WAEC
A. create wealth B. buy and sell goods and services C. exchange and distribution of goods and services D. satisfy all human wants Correct Answer: Option B B. buy and sell goods and services Explanation Commerce is basically involved in the activity of buying and...
by Sunday | Mar 14 | Commerce WAEC
A. third-party policy B. comprehensive policy C. fidelity guaranteed policy D. endowment policy Correct Answer: Option D D. endowment policy Explanation The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its...
by Sunday | Mar 14 | Commerce WAEC
A. an order cheque B. a bounced cheque C. a bearer cheque D. an open cheque Correct Answer: Option B B. a bounced cheque Explanation A bounced cheque is a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are...
by Sunday | Mar 14 | Commerce WAEC
A. hedging B. projection C. forecasting D. speculation Correct Answer: Option D D. speculation Explanation Speculation refers to the act of conducting a financial transaction that has substantial risk of losing value but also holds the expectation of a significant...
by Sunday | Mar 14 | Commerce WAEC
A. subrogation B. contribution C. indemnity D. utmost good faith Correct Answer: Option B B. contribution Explanation The contribution principle in insurance is a rule that specifies what happens when a person buys insurance from multiple companies to cover the same...