Commerce Questions and Answers

7 principles of insurance are Nature of contract, Principal of utmost good faith, Principle of Insurable interest, Principle of indemnity, Principal of subrogation, Double insurance and Principle of proximate cause

Proximate cause is a key principle of insurance and is concerned with how the loss or damage actually occurred and whether it is indeed as a result of an insured peril.

Personal selling is also known as face-to-face selling in which one person who is the salesman tries to convince the customer in buying a product. The major disadvantage is increase in the company’s operating cost

the cost of operating personal selling is high

Contract is a written or spoken agreement, especially one concerning employment, sales, or tenancy that is intended to be enforceable by law

Commercial Occupation: This refers to all the people involved in the distribution and exchange of goods produced by the industrial sector. Examples of commercial workers are: bankers, transporters, insurers, traders, etc.

The marketing concept is a customer-centered “sense and responds” philosophy. The job is not to find the right customers for your product but to find the right products for your customers

The marketing concept is the belief that companies must assess the needs of their consumers first and foremost. Based on those needs, companies can make decisions in order to satisfy their consumers' needs, better than their competition