Gce Model Questions Vol1 2017 Commerce Question 7
Practice objective / multiple choice question 7 from the 2017 Gce Model Questions Vol1 Commerce examination.
An insurer calculates the base premium for a motor policy as 5 % of the insured value. Because the driver is classified as high‑risk, a loading factor of 1.25 is applied. The driver qualifies for a 10 % no‑claims discount on the loaded premium, and a government tax of 5 % is then added on the discounted amount. If the insured value is \(\text{₦}2,500,000\), what is the final premium payable (rounded to the nearest Naira)?
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About This Question
This is Gce Model Questions Vol1 2017 Commerce Question 7. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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