JAMB Commerce 2007 Objective — Question 24

Question 24 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2007 Objective paper, with the correct answer and a full explanation.

The major determinant of fire insurance premium is the

A. usefulness of the property to the owner
B. type and structure of the propertyCorrect
C. consideration
D. an acceptance

Explanation

The type of building/object insured and its structure determine the amount of premium charged for fire insurance.

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