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JAMB Commerce 2015 Paper
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© africaexams.com
Question : 50
Total: 50
Name
Insure amount
Actual value
Actual loss
Mr A
30,000
100,000
40,000
Mr B
40,000
120,000
50,000
Mr C
50,000
15,000
70,000
If Mr A takes a fire insurance policy with average clause, his compensation will be
N15,000
N20,000
N12,000
N25, 000
Validate
Solution:
Since the policy is with average clause the formula used in calculating his compensation is
Amount insured x total actual loss
Total actual value of property
By this formula the compensation will be
Amount insured = N30,000
Amount loss = N40,000
Actual Value = N100,000
=
30
,
000
×
40
,
000
100
,
000
=
1200000000
100
,
000
= 12,000
© africaexams.com
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