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WAEC Commerce 1994 Question 10

Question 10

Insurance

An establishment that specialises in taking care of risks is called

  1. A.a hire-purchase company
  2. B.an accepting house
  3. C.an insurance company
  4. D.a finance company
  5. E.a confirming house
Show the answer and explanation

Answer: C (an insurance company)

Explanation

Insurance companies take on (bear) risks in return for premiums.