Correct Answer: B. net profit

Explanation

(a) The objectives of establishing ECOWAS are:

(i) To promote co-operation and development in all fields of economic activity.

(ii) Raise the standard of living of its people.

(iii) To increase and maintain economic stability in the region.

(iv) To have regional economic co-operation.

(v) To abolish obstacles to the free movement of persons, services and capital between member states.

(vi) To harmonise monetary policies as required for the proper functioning of the community.

(vii) To eliminate customs duties and other charges of equivalent effect between member states in respect of importation and exportation of goods.

(viii) To promote sporting activities.

(ix) To maintain political stability.

(x) To help promote international unity.

(b) The Lake Chad Basin Commission was established for the following reasons:

(i) To maintain liaison with members with a view to more effective use of the waters of the basin.

(ii) To undertake development of underground water resources for multiple uses.

(iii) To enhance the agricultural potentials of Lake Chad Basin area for irrigation.

(iv) To contract and maintain dams, wells, boreholes, drainages and irrigation system.

(v) To control pollution of rivers and lakes.

(vi)To teach farmers modern farming methods.

(vii) To draw up common rules of navigation.

(viii) To undertake projects for control of flood and erosion.

(ix) To develop irrigation system for crop and livestock production.

Correct Answer: C. government

Correct Answer: A) Life assurance

Explanation

In this question, we are asked to identify which type of insurance the principle of indemnity is NOT applicable to. Let's look at the options:

Option A: Life assurance - This is a type of insurance that provides a payout to the beneficiaries of the insured person in the event of their death. Since the insured person cannot be compensated for their own death, the principle of indemnity is not applicable to life assurance. This option is correct.

Option B: Accident insurance - This type of insurance provides coverage for injuries sustained in accidents. The principle of indemnity is applicable here because it compensates the insured for the actual financial loss suffered due to the accident.

Option C: Fire insurance - Fire insurance provides coverage for damage or loss caused by fire. The principle of indemnity is applicable here because it compensates the insured for the actual financial loss suffered due to the fire.

Option D: Marine insurance - Marine insurance provides coverage for ships, cargo, and other marine-related risks. The principle of indemnity is applicable here because it compensates the insured for the actual financial loss suffered due to marine-related risks.

Based on the explanations above, we can conclude that the principle of indemnity is NOT applicable to life assurance.

Correct Answer: C. Collection of customs duties

Correct Answer: C. government grants

Explanation

(a)Non-indemnity insurance: Refers to those associated risks for which no amount of compensation could equate to the loss suffered by the insured however only a consolation payment is made to the insured.

(b)(i) Whole life assurance

Endowment policy

Term assurance

(i)Whole life assurance: In this case, the insurance company pays a definite sum of money on the death of the policy holder.

(ii)Endowment assurance: Here, the insurance company pays the policy holder the amount assured when the person who is insured attains a certain age or when such a person dies, which ever comes first.

(iii)Term assurance: In this case, the life of the policy holder is insured for particular period but he gets paid by the insurance company if death occurs within this period.

(c)Surrender value: This is the amount paid to an insured, when he opts to discontinue with the payment of a life policy.

Correct Answer: A) payee

Explanation

Drawing parallel lines across a cheque is known as crossing the cheque. This is a security measure used to prevent the cheque from being fraudulently cashed by someone other than the intended payee. When a cheque is crossed, it can only be paid into a bank account and not be cashed over the counter.

It is important to note that crossing a cheque does not guarantee payment. The bank will still verify that the account has sufficient funds before processing the cheque.

In summary, when two parallel lines are drawn across a cheque, it means the cheque has to be paid into the account of the payee. This is done to increase the security of the cheque and prevent fraud. To learn more about cheques, please read the relevant sections of the recommended textbooks.

Explanation

(a) A common carrier is a person or firm who moves people or goods for a fee without discrimination.

(b)(i) Functions of a Post Office:

(i) If helps to carry and deliver letters domestically or internationally.

(ii) It offers post office boxes / PMB at rental charges.

(iii) It sends important documents for people as recorded delivery.

(iv) It offers post respante services for travelers without fixed addresses.

(v) It renders business reply services

(vi) It sells stamps for postage.

(vii) It offers express delivery services.

(viii) It offers postal orders/money orders.

(ix) It offers franking machine facilities.

(x) It provides cash on delivery services to Mail order business.

(xi) It delivers registered letters.

(xii) It sells forms for examining bodies/recharge cards.

(ii) Functions of Telecommunication are:

(i) It offers telephone services.

(ii) It renders telex services.

(iii) It provides satellite for transmission.

(iv) It renders data

Correct Answer: C. cartel