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WAEC Commerce 2010 Question 38

Question 38

Insurance

The work of actuaries is to

  1. A.underwrite insurance risks.
  2. B.calculate insurance premiums.
  3. C.settle insurance claims.
  4. D.assess profits for insurance companies.
Show the answer and explanation

Answer: B (calculate insurance premiums.)

Explanation

Actuaries use statistics to work out risks and premiums.