Neco Model Questions Vol1 2023 Commerce Question 27
Practice objective / multiple choice question 27 from the 2023 Neco Model Questions Vol1 Commerce examination.
An insurance company plans to issue a motor insurance policy. The expected claim cost per policy is \(\text{₦}150{,}000\). Administrative expenses equal 12 % of the premium. The company wants to include a profit loading of 15 % on the sum of the expected claim cost and the expenses. Calculate the annual premium to be charged per policy (rounded to the nearest naira).
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About This Question
This is Neco Model Questions Vol1 2023 Commerce Question 27. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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