Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
indemnity
proximate cause
utmost good faith
subrogation
Correct answer is D
In the event of an insurance claim, “subrogation” refers to the process by which your insurance company collects money from the party at fault (or their insurance company) in order to recover funds you or your insurance company have already paid, including your deductible
subrogation
proximate cause
uberrimae fidei
contribution
Correct answer is C
uberrimae fidei) is a Latin phrase meaning "utmost good faith; The principle means that every person who enters into a contract of insurance has a legal obligation to act with utmost good faith towards the company offering the insurance
Insurance against burglary is an example of
indemnity insurance
fidelity guarantee insurance
non-insurable risk
non-indemnity insurance
Correct answer is A
Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another party.
Endowment policy in insurance business is an aspect of
accident insurance policy
fidelity guarantee insurance policy
motor vehicle insurance policy
life assurance policy
Correct answer is D
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death.
Tourists with no fixed address in a town may receive their letters from post office through a
poste restante
parcel post
private mail bag
recorded delivery
Correct answer is A
Poste Restante is an incredibly useful way of getting post and mail sent to you when you are traveling or setting up in new country. Poste Restante lets you have an address before you have a permanent residence. Poste Restante lets you have your post delivered to a post office of your choice.