Neco Model Questions Vol1 2019 Commerce Question 24
Practice objective / multiple choice question 24 from the 2019 Neco Model Questions Vol1 Commerce examination.
An insurance company offers fire insurance for a warehouse valued at ₦12,000,000. The expected loss is estimated at 45% of the insured value. The insurer adds a loading of 20% on the sum of the expected loss and a policy tax of 5% on the expected loss. After loading, a profit margin of 12% is added on the amount after loading. What is the final premium the insurer should charge the client (in naira, to the nearest naira)?
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About This Question
This is Neco Model Questions Vol1 2019 Commerce Question 24. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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