Gce Model Questions Vol1 2024 Commerce Question 46
Practice objective / multiple choice question 46 from the 2024 Gce Model Questions Vol1 Commerce examination.
An insurer calculates the final annual premium for a policy as follows: start with a base premium equal to (0.4\%\) of the sum insured; add a loading of 25\% on the base premium; apply a no‑claim discount of 12\% on the loaded amount; finally add a risk surcharge of 6\% on the discounted amount. A customer is quoted a final premium of \(\text{₦}12\,000\). What is the sum insured for this policy? Give your answer in Naira, rounded to the nearest Naira.
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About This Question
This is Gce Model Questions Vol1 2024 Commerce Question 46. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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