Commerce

Commerce (SS)

INSURANCE IV

PROCEDURES OF INSURANCE CONTRACT The various processes involved in obtaining an insurance are: An Inquiry- i.e. finding out about the insurance either directly from the insurance company or agents(brokers) Proposal Form – This is issued by the insurance company. It must be completed truthfully and honestly (i.e. with utmost good faith) by the person seeking […]

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Commerce (SS)

INSURANCE III

FORMS OF LIFE POLICY Whole life Assurance: Premiums are paid throughout the lifetime of the assured and the sum assured is payable only when death of the holder of the policy occurs. This policy is taken for the benefit of dependants like children , wife and relations Term assurance: This is to cover the life

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Commerce (SS)

INSURANCE II

PRINCIPLES OF INSURANCE There are six main principles which underlie insurance contracts and which must be present for the contract to have validity. These principles are: INSURABLE INTEREST: The person who takes an out insurance policy (i.e. the insured) must have an interest in the subject matter of the insurance policy. This means that so

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Commerce (SS)

INSURANCE

Insurance is a contract whereby an insurer or underwriter agrees to compensate the insurer in the event of his suffering a loss, in return for the payment of a premium by the insured. Insurance is indeed a contractual agreement between the insured (the individual or entity seeking insurance coverage) and the insurer or underwriter (the

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Commerce (SS)

INDUSTRIAL COMBINATIONS/INTEGRATION

INDUSTRIAL COMBINATION Industrial combination (or integration) is the coming together of two or more firms in order to form one large economically stable firm.  REASONS FOR INDUSTRIAL COMBINATION Firms may integrate in order to fight economic recession The desire to reap the advantage of monopoly To obtain stable prices. To obtain raw materials from direct

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Commerce (SS)

TRADE ASSOCIATION/CHAMBERS OF COMMERCE

TRADE ASSOCIATIONS Trade Association is an association of traders or producers engaged in the same line of trade whose major aim is to protect and safeguard the interest of their members as well as their business. Examples are M.O.A.L.S (Motorcycle Operators Association of Lagos State) FEATURES OF TRADE ASSOCIATION Membership is voluntary They are regionally

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Commerce (SS)

PUBLIC ENTERPRISES

PUBLIC ENTERPRISES Public Enterprises are business organizations established, owned, managed and controlled by the government. They are also referred to as Public Corporations or Statutory Corporations. Examples of Public Enterprises in Nigeria are PHCN, NNPC, NRC, NPA e.t.c.  METHODS OF FORMATION OF PUBLIC ENTERPRISES Creation by Act of Legislature or a Decree Nationalization of private

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Commerce (SS)

CO-OPERATIVE SOCIETIES

A co-operative society is a voluntary association of persons, businessmen, traders or organization with common needs and interests. The resources of members of are pooled together to promote the economic and welfare interest of the members.  PRINCIPLES OF CO-OPERATIVE SOCIETIES Co-operative societies are based on the following principles. Open and Voluntary membership Democratic management and

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Commerce (SS)

INTRODUCTION TO DATA PROCESSING

Data Processing is the process of producing meaningful information from raw data.  It describes the series of actions taken to produce useful information by collecting all items of data together and performing operations on them.  The aim of data processing is to convert raw data into information. Data: Data represent the raw unprocessed input element

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Commerce (SS)

GOVERNMENT REGULATION OF BUSINESS

This refers to the various ways by which government controls the activities of business organization to ensure social and economic order in the society.  REASONS FOR GOVERNMENT REGULATION OF BUSINESS To raise money through taxes e.g. V.A.T. Education tax etc To protect consumers against exploitation by producers and middle-men eg by ensuring quality products or

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Commerce (SS)

TYPES OF AGENTS And AUCTIONEER

An agent could belong to one of the following classification: Universal Agent – An agent given unlimited or unrestricted power to enter into any type of business contract on behalf of the principal. General Agent – An agent that has authority to act in all matters relating to a particular business. A Commissioned Agent –

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Commerce (SS)

ADVERTISING | TYPES. FACTORS, FUNCTIONS, ADVANTAGES, DISADVANTAGES

Advertising is the branch of commerce which deals with promoting sales of goods, services or ideas through messages that are meant to inform, educate and persuade the general public by means of various methods such as newspaper, radio, television.  FUNCTIONS OF ADVERTISING Creation of demand for goods and services Informing customers about the existence of

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Commerce (SS)

WHOLESALE TRADE

Wholesale trade (wholesaling) involves the buying of goods in large quantities from the producers or manufacturing and re-selling in small quantities to retailer. A wholesaler is a trader who purchases goods in large quantities from the manufacturing and sell in small quantities to the retailers.   FUNCTIONS OF THE WHOLESALER To the Manufacturer He gives

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Commerce (SS)

MODERN TRENDS IN RETAILING

Self-service: This is a method that allows customers to do their shopping in a shop with little or no assistance from sales attendants.  The goods are conspicuously displayed and arranged on the shelves of shops with price tags.  The customers goes about in the shop, examines the good displayed, compares them, tries them on, where

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