Neco 2025 Commerce Question 9
Practice objective / multiple choice question 9 from the 2025 Neco Commerce examination.
A motor insurance company calculates the premium for a vehicle as follows: (i) a base premium equal to 3% of the insured value; (ii) a loading of 25% added for high‑risk drivers; (iii) a policy tax of 5% applied on the loaded premium; (iv) a discount of 10% granted to customers who have a two‑year no‑claim bonus. For a vehicle with an insured value of \(\text{₦}2,500,000\) owned by a high‑risk driver who also enjoys the two‑year no‑claim bonus, determine the final annual premium payable. State your answer in naira to two decimal places.
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About This Question
This is Neco 2025 Commerce Question 9. It is one of the objective questions from the 2025 Neco Commerce examination.
Difficulty level: Medium .
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