NECO GCE 2021 COMMERCE ESSAY AND OBJ ANSWERS

1a. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company
1b.
i. Utmost Good Faith
ii. Insurable Interest
iii. Proximate Cause
iv. Indemnity
v. Subrogation
1. *The Principle of Utmost Good Faith ;-*
Both parties involved in an insurance contract—the insured (policy holder) and the insurer (the company)—should act in good faith towards each other.

II. *The Principle of Insurable Interest* :-
Insurable interest just means that the subject matter of the contract must provide some financial gain by existing for the insured (or policyholder) and would lead to a financial loss if damaged, destroyed, stolen, or lost.

III. *The Principle of Indemnity* :-
Indemnity is a guarantee to restore the insured to the position he or she was in before the uncertain incident that caused a loss for the insured. The insurer (provider) compensates the insured (policyholder).

IV. *The Principle of Contribution* :-
Contribution establishes a corollary among all the insurance contracts involved in an incident or with the same subject.

V. *The Principle of Subrogation* :-
This principle can be a little confusing, but the example should help make it clear. Subrogation is substituting one creditor (the insurance company) for another (another insurance company representing the person responsible for the loss).
Commerce

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4a) A chamber of commerce is an association or network of businesspeople designed to promote and protect the interests of its members.

4b)
1. To ensure that members provide good quality services.

2. To ensure that members charge uniform prices.
3. To maintain professional ethics
their line of trade.
4. To supply members with
information about developments in
their line of trade.
5. To create uniformity in the way
their members deal with people.
6. To promote trade in a particular line
of business.
7. To act as pressure groups to
influence some government
policies.
8. To defend and advance the interest
of members
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(NO7)
(i) Branding:- is a marketing practice in which a company creates a name, symbol or design that is easily identifiable as belonging to the company. This helps to identify a product and distinguish it from other products and services.

(ii) Credit card is a payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder’s promise to the card issuer to pay them for the amounts plus the other agreed charges.

(iii) Mail-order business:- also called direct-mail marketing, method of merchandising in which the seller’s offer is made through mass mailing of a circular or catalog or through an advertisement placed in a newspaper or magazine and in which the buyer places an order by mail.

(iv) Typing….