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JAMB Commerce 2007 Question 30

Question 30

Insurance

The major determinant of fire insurance premium is the

  1. A.type and structure of the property to be insured
  2. B.usefulness of the property to the owner
  3. C.owner of the property to be insured
  4. D.extent of fire damage anticipated.
Show the answer and explanation

Answer: A (type and structure of the property to be insured)

Explanation

The premium depends on the risk, which depends on the type of building, its materials and its use.