G11 Commerce_Second Term Test 2

Which of the following means restoring the insured to the position he was just before the loss?

• Indemnity

• Proximate cause

• Utmost goof faith

• Subrogation

Mr. Ajai did not disclose that he stores drums of petrol when he took fire insurance policy. Under which of the following principle will the insurance company reject his claims?

• Subrogation

• Insurable interest

• Utmost good faith

• Proximate clause

An expert who calculates premiums for an insurance policy is a/an _____.

• underwriter

• broker

• assessor

• actuary

The contributions made by the insured are called _____________.

• interest

• premiums

• shares

• bonds

Which of the following government legislations is not aimed at consumer protection?

• Taxation law control Act

• Sales of goods Act

• Food and drug Act

• Price control Act

Which of the following ensures that manufactured goods conforms to the required standard?

• Nigerian Industrial Research Center

• Price Control Board

• Standards Organisation of Nigeria

• Indigenization Decree

Which of the following makes it an offence for a trader to make untrue statement about his goods?

• Trade description Act

• Price control Act

• Consumerism

• Consumer credit Act

_________ is set up to curtail the excesses of the agents and landlords.

• Ministry of trade and industry

• Trade description Act

• Rent tribunal

• Price control board

Which of the following means of transport is not prone to attack by high way robbers?

• Motor vehicle

• Rail

• Trekking

• Buses

The agency set up to ensure environmental hygiene is known as _______.

• LAWMA

• rent edict

• environmental sanitation board

• price control board