Explain the following insurance terms;

(a) proximate cause

(b) surrender value

(c) contribution

(d) utmost good faith

(e) premium

(a) state five importance of personal selling to a business 

(b) Explain five reasons why communication is important to a business

State two distinguishing features between each of the following;

(a) Tramps vessels and ocean liners

(b) A factor and a broker

(c) A commissioned agent and a del credere agent

(d) consular invoice and proforma invoice

(e) Insurance and assurance

(a) Explain the meaning of market segmentation

(b) List and explain four factors to be considered in segmenting a market

(a) Define the following terms

(i) nationalization (ii) Indigenization (iii) commercialization  (iv) privatization

(b) state four reasons why government should participate in business