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WAEC Commerce 1995 Question 98

Question 98

Insurance

Life assurance premium is determined by the

  1. A.educational standard of the assured
  2. B.reputation of the assured
  3. C.number of the assured's children
  4. D.age of the assured
  5. E.sex of the assured
Show the answer and explanation

Answer: D (age of the assured)

Explanation

The older the person, the greater the risk of death, so age largely decides the premium.