Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
The deliberate effort geared towards discarding some cargoes in order to lighten the vessel is
caveat emptor
uberrimae fidei
demurrage
jettison
Correct answer is D
Jettison; throw or drop (something) from an aircraft or ship. If a boat is leaking or an airplane is running out of fuel, you can buy more time by jettisoning cargo, or throwing it overboard.
The distribution of petroleum products in Nigeria is through
rail
road
sea
air
Correct answer is B
No explanation has been provided for this answer.
A trader who experienced loss through fire can be restored by
an insurance company
a trade association
the bank
an advertising agency
Correct answer is A
Contact your insurance company right away and ask them what to do first. There are companies that specialize in cleaning and restoring your personal items. Ask your insurance company for recommendations of companies you can trust.
indemnity
proximate cause
utmost good faith
subrogation
Correct answer is D
In the event of an insurance claim, “subrogation” refers to the process by which your insurance company collects money from the party at fault (or their insurance company) in order to recover funds you or your insurance company have already paid, including your deductible
subrogation
proximate cause
uberrimae fidei
contribution
Correct answer is C
uberrimae fidei) is a Latin phrase meaning "utmost good faith; The principle means that every person who enters into a contract of insurance has a legal obligation to act with utmost good faith towards the company offering the insurance