Neco Model Questions Vol1 2022 Commerce Question 10
Practice objective / multiple choice question 10 from the 2022 Neco Model Questions Vol1 Commerce examination.
An insurance company calculates a motor‑vehicle premium as follows: base premium = 5% of the insured value; a loading of 20% is added for high‑risk drivers; a no‑claim‑bonus (NCB) discount of 10% is applied to the premium after loading if the driver had no claims in the previous year; finally, a tax of 2.5% is levied on the discounted premium. For a car insured at \(3{,}000{,}000\) naira, what is the final premium payable by a high‑risk driver who enjoyed the NCB?
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About This Question
This is Neco Model Questions Vol1 2022 Commerce Question 10. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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