Commerce 2018 Jamb Examination

Total loss:

This refers to a situation where the insured item is completely destroyed or missing, such as a ship sinking at sea. 

Partial loss:

This refers to a situation where the insured item is damaged but not destroyed, such as cargo being damaged during transit. 

Planning in a public limited company is typically the responsibility of the board of directors led by the chairman. Correct option is B.

Pipeline transportation is limited in scope as it can only transport specific liquids or gases along fixed routes. Correct option is C.

Second-hand securities are traded in the stock exchange, which deals with existing securities. Correct option is C.

An organization that prioritizes consumer satisfaction follows the marketing concept. Correct option is A.

Distribution of goods is a core activity of the commercial industry, which facilitates the movement of products from producers to consumers. Correct option is D.

An agreement between two parties that is enforceable by law is called a contract. Correct option is C.

Personal selling requires staff and resources, which increases a company’s operating costs. Correct option is C.

Proximate cause is a fundamental principle of insurance, identifying the primary reason for loss. Correct option is A.

In a hire purchase agreement, ownership of goods transfers to the buyer only after all installments have been fully paid. Correct option is A.