Write explanatory notes on each of the following terms as used in insurance:

(a) Subrogation;

(b) Proximate cause;

(c) Barratry;

a) Explain the term  “exchange in commerce

b) What is impulse buying?

a) What is branding?

b) State three advantages of branding to each of the following:

• Manufacturer;
• Retailer;
• Consumer

a) Explain the following types of discount:

• Trade discount;
• Quantity discount;
• Cash discount;
• Seasonal discount.

b) State five functions of a development bank.

A firm which turns timber into wooden office desks belongs to the