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Commerce 2002 WAEC Past Questions

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26
The minimum charge at which the Central Bank lend to commercial banks is called?
  • A. discount rate
  • B. bank rate
  • C. market rate
  • D. interest rate
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27
The transfer of risks already undertaken from insurance one insurance company to another is?
  • A. over-insurance
  • B. re-insurance
  • C. under insurance
  • D. group insurance
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28
Hull insurance is taken to cover?
  • A. injury to the crew of the ship
  • B. non-payment of freight
  • C. damage to the cargo
  • D. damage to body of the ship
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29
The principle of subrogation imposes an obligation on the insured to?
  • A. disclose all material information
  • B. have financial risks in object insured
  • C. collect compensation from only insurer
  • D. surrender legal rights after compensation
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30
Which of the following is not function of money? it?
  • A. is a medium of exchange
  • B. serves as a store of value
  • C. is easily recognizable
  • D. make deferred payments possible
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