Waec Business management answers 2020

Here you will find the waec business management answers for 2020, solutions are present in words and pictures, make sure you confirm each questions with the answers before proceeding.

1 a. In insurance terms, *risk* is the chance something harmful or unexpected could happen. This might involve the loss, theft, or damage of valuable property and belongings, or it may involve someone being injured.

1. b. *Types of business risk*
*Economic Risk.
*Compliance Risk.
*Security and Fraud risk
*Financial Risk.
*Reputation Risk.
*Operational Risk
*Competition (or Comfort) Risk.

1 c i. *Freight policy* is an insurance policy for indemnifying the policyholder against loss of the freight money if the shipowner cannot complete his contract of carriage because of unavoidable peril.

II. Consequential loss policy is a policy that insures against consequential or indirect losses such decreased sales, which arise from damage to an insured property.

III. *Whole life policy* is a life insurance policy which is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid, or to the maturity date.