Question Detail

GST 112 Study Session 11: Labour and Culture in The Pre-Colonial Period Objective Question
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Question

Pre-colonial Nigerian communities had diverse 'insurance institutions' which primarily emphasized what?
Options
A Indemnifying individuals for financial losses.
B Promoting individual wealth accumulation.
C Mutual responsibilities and obligations to alleviate poverty.
Correct Answer
D Establishing formal banking and credit systems.
Correct Answer

Option C is the correct answer.

Detailed Explanation

The document states, 'There were diverse insurance institutions in pre-colonial Nigerian communities which emphasized mutual responsibilities and obligations while expressing a desire to alleviate poverty rather than indemnify.' These also functioned as credit and social security organizations.

Hint

The core function was related to community support and shared burdens, not modern financial indemnification.

Question Info

Course: GST 112
Topic: Study Session 11: Labour and Culture in The Pre-Colonial Period
Type: Objective
Difficulty: Not specified
Question 562 of 1270
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