Auxiliaries to Trade

Complete the following statement regarding commercial banking services to trade by supplying the correct term for the blank space.

Mr. Ade insured his commercial warehouse against fire. When a fire outbreak destroyed part of the building, the insurance company compensated him to restore his exact financial position immediately prior to the loss, ensuring he made no profit from the claim. Which principle of insurance was applied by the insurance company in this situation?

Match each mode of transportation on the left with its primary operational advantage or cargo suitability in trade on the right.

Commercial banks provide various credit facilities and payment services designed to facilitate smooth trade transactions. Match each commercial banking service or payment instrument on the left with the specific operational requirement it fulfills for a trader on the right.

Match each mode or specialized concept of transportation in commercial trade with its corresponding operational feature or economic advantage.

An international merchant imports a shipment of dutiable goods into Nigeria with the intent of re-exporting them to neighbouring West African countries without clearing domestic import tariffs. Which facility legally allows the merchant to store, grade, and repackage these goods under customs surveillance prior to re-exportation?

Match each specialized banking service or payment instrument with the commercial trading need it satisfies for a business enterprise.

A textile merchant in Aba receives a 90-day bill of exchange from a buyer in Onitsha for goods delivered on credit. Wanting immediate funds to replenish inventory before the bill matures, the merchant presents the document to a commercial bank for immediate cash settlement at a slight deduction. Which banking service has the merchant utilized?

Chief Kalu insured his commercial supermarket building, valued at $\text{N}50,000,000$, against fire for a sum of $\text{N}35,000,000$. The policy contains an average clause. If a fire outbreak damages the building causing a loss of $\text{N}10,000,000$, what amount in Naira will the insurance company pay as indemnity?

Which commercial banking payment service is described in the statement below?

A merchant insured his shop inventory strictly against loss caused by fire. Subsequently, a heavy flood submerged the warehouse and damaged the inventory, but no fire occurred. The insurance company denied the merchant's claim for compensation. Which principle of insurance supports the insurer's decision?

Match each mode of transport or specialized logistical system on the left with its primary operational feature or commercial function in trade on the right.

A pharmaceutical firm based in Lagos needs to urgently dispatch a small, high-value consignment of temperature-sensitive vaccines to a health facility in Abuja within six hours. Which mode of transportation is most appropriate for moving this cargo?

A timber logging company in Ondo State intends to export a massive volume of heavy, unprocessed logs to a buyer in Liverpool, England. Given that the cargo is heavy, non-perishable, and has a low value per unit weight, which mode of transportation is most economical for this commercial transaction?

Match each type of warehouse used in commercial trade with its corresponding primary operational function or feature.

A consignment of imported goods remains unclaimed at the port beyond the statutory grace period and is subsequently impounded by customs authorities. In which facility are such goods deposited until customs duties are settled or the items are auctioned?

Tunde insured his commercial delivery truck, valued at $\text{N}20,000,000$, against accident risks with two insurers: $\text{N}8,000,000$ with Insurer P and $\text{N}4,000,000$ with Insurer Q. Both policies contained an average clause. A negligent motorist rammed into the truck, causing damage worth $\text{N}10,000,000$. The insurers settled Tunde's claim in accordance with insurance principles. Subsequently, Tunde successfully sued the negligent motorist and recovered the full $\text{N}10,000,000$ in damages. Based on the principles of indemnity, contribution, and subrogation, how much of the recovered $\text{N}10,000,000$ is Tunde legally entitled to retain?

A financial institution suffering from reputational damage after widespread system glitches launches two campaign initiatives: sponsoring a national youth entrepreneurship competition to restore trust among community stakeholders, and offering a zero-fee cash incentive for the first 1,000 customers who open new accounts. Which statement correctly distinguishes the underlying commercial objectives of these two strategies?

Importers can defer the payment of import tariffs by storing dutiable goods in a bonded warehouse, but the goods will only be released for entry into the domestic market after the assessed customs duties have been fully cleared.

Imported goods stored in a bonded warehouse can be inspected, sorted, and repackaged by the owner under customs supervision prior to the payment of import duties.