Gce Model Questions Vol1 2022 Commerce Question 6
Practice objective / multiple choice question 6 from the 2022 Gce Model Questions Vol1 Commerce examination.
An insurance company offers a motor insurance policy. The base premium is \(5\%\) of the sum insured. A loading of \(20\%\) is added for high‑risk drivers. A discount of \(10\%\) is then applied on the loaded premium for customers with a two‑year no‑claims bonus. Finally, a tax of \(5\%\) is added after the discount. If the final premium paid by a customer is ₦45,000, what is the sum insured (in naira)?
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About This Question
This is Gce Model Questions Vol1 2022 Commerce Question 6. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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