Test Index

JAMB Commerce 2015 Paper

Question : 50

Total: 50

Solution:

Since the policy is with average clause the formula used in calculating his compensation is

\frac{\text{Amount insured x total actual loss}}{\text{Total actual value of property}}

By this formula the compensation will be

Amount insured = N30,000

Amount loss = N40,000

Actual Value = N100,000

\frac{30,000 \times 40, 000}{100,000}

\frac{1200000000}{100,000}

= 12,000

Go to Question:

Prev Question