Commerce 2014 Jamb Examination
Question 11
A statement of account summarizes transactions and outstanding balances between an organization and its customer.
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Question 12
A wholesaler responds to customer inquiries with a quotation detailing price and terms.
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Question 13
To correct an underbilling, a credit note for the difference (#1,800) is issued.
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Question 14
Poste restante is a service allowing travelers without a fixed address to receive mail at the post office.
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Question 15
Endowment policies are a type of life assurance providing payout at death or maturity.
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Question 16
Burglary insurance compensates for actual loss, making it an indemnity insurance.
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Question 17
Uberrimae fidei (utmost good faith) requires full disclosure of all material facts by the insured.
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Question 18
Subrogation allows the insurer to assume the rights of the insured against third parties after compensation.
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Question 19
Insurance companies compensate for losses suffered by traders due to fire.
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Question 20
Petroleum products in Nigeria are mainly distributed via road networks using tankers.
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