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4021

The main objective of a trade association is to

  • A. protect its members against litigation
  • B. protect its members against victimization
  • C. boost the trade of its members
  • D. secure credit for its members
View Answer & Discuss JAMB 2021
4022

 A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a 

  • A. commission agent
  • B. factor
  • C. broker
  • D. del credere agent
View Answer & Discuss JAMB 2021
4023
NAME INSURED
AMOUNT(₦)
ACTUAL
VALUE(₦)
ACTUAL
LOSS(₦)
Mr. P
Mr. K
Mr. R
25,000
30,000
40,000
100,000
120,000
150,000
30,000
40,000
50,000

Use the table above to answer questions 27 and 28

If Mr. P takes a fire insurance policy with average clause, his compensation will be

  • A. ₦7,500
  • B. ₦5,000
  • C. ₦70,000
  • D. ₦75,000
View Answer & Discuss JAMB 2021
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4024
NAME INSURED
AMOUNT(₦)
ACTUAL
VALUE(₦)
ACTUAL
LOSS(₦)
Mr. P
Mr. K
Mr. R
25,000
30,000
40,000
100,000
120,000
150,000
30,000
40,000
50,000

What insurance principle has Mr. R violated if he decides to overstate the actual value of his property?

  • A. insurable interest
  • B. uberrimae fidei
  • C. subrogation
  • D. indemnity
View Answer & Discuss JAMB 2021
4025

Hire purchase is advantageous to the seller in that 

  • A. it elevates his living standard
  • B. people pay on installment
  • C. his turnover will increase
  • D. it enhances high level of patronage
View Answer & Discuss (2) JAMB 2021
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