Waec Commerce 2006 Past Questions and Answers

Question 26:

• WAEC 2006

Which of the following is not the duty of an agent to the principal?

A. Acting in good faith
B. Rendering accurate account
C. Disclosing all profits made
D. Making secret profit

Question 27:

• WAEC 2006

The amount the assured receives if he decides to discontinue the life policy is known as

A. Refund value
B. Net value
C. Surrender value
D. Sum assured

Question 28:

• WAEC 2006

A specialized market where stocks and shares are bought and sold is

A. Money market
B. Commodity exchange market
C. Perfect market
D. Stock exchange market

Question 29:

• WAEC 2006

The principle where many insurance companies join to compensate one policy holder is called?

A. Contribution
B. Subrogation
C. Compensation
D. Indemnity

Question 30:

• WAEC 2006

Demurrage is paid by a vessel for

A. Overloading
B. Travelling along unplanned route
C. Delaying at the port
D. Not using the services at the wharf