Neco 2017 Commerce Question 18
Practice objective / multiple choice question 18 from the 2017 Neco Commerce examination.
An insurance company charges a premium equal to 5\% of the insured value plus a fixed administrative charge of \(\text{₦}2,500\). If a particular policy costs \(\text{₦}7,500\), what amount will the insurer pay if a loss amounting to 40\% of the insured value occurs?
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About This Question
This is Neco 2017 Commerce Question 18. It is one of the objective questions from the 2017 Neco Commerce examination.
Difficulty level: Medium .
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