Marking guide for business studies j. S. S 1
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BUSINESS STUDIES 1ST TERM EXAM
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- Patience
- Insurable interest
| Confidentiality: the workers must be able to keep the secrets of their customers.
Hardworking: bank staff must be hard working in order to keep their job and grow their bank. Diligence: workers in the must be diligent in their performance of their duties. Friendliness: workers in the bank must be friendly, if they are to retain their customers. Patience: workers in the bank must be patient in dealing with their customers. 4a. They parties to an insurance policy are the insurer and the insured. The insurer is the one who gives protection to the insured. This is the insurance company who indemnifies the insured’s from every risk insured against. The insured is the one who takes an insurance policy from the insurer (insurance company). He pays a regular fixed amount known as the premium to the insurer. 4b. It is important to have business insurance because the financial consequences of potential damage could easily wipe out the assets of a small business. Insurance provides support and help people or companies (businesses) to overcome losses and increase business efficiency. Insurance is a risk management primarily used to hedge against the risk of financial loss. With insurance businesses are able to the overcome all the challenges and risks peculiar to business. It aids the survival of businesses by restoring the business back to the position they were before the event of loss occurred. 4c. Insurable interest: this principle states that the insured must have an insurable interest in the property which he/she is insuring. This means that the insured must be the one to benefit financially from the property insured in the event of loss or damage.
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