A. N 5000
B. N 7, 500
C. N 70, 000
D. N 75, 000
Correct Answer:
Option B – N 7, 500
Explanation
Average clause: A clause in a policy requiring that, where assets are insured for less than their full value, the insured is required to bear a proportion of any loss.
The actual amount of claim is determined by the formula:
Claim = Loss Suffered x Insured Value/Total Cost
30,000 x 25,000 = 750,000000
750,000000 /100,000 = 7,500
Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…
Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…
Sociology is the scientific study of human society, culture, and behavior. It examines the social…
Social Work is a profession dedicated to helping individuals, families, and communities to cope with…
Religious studies is an academic discipline that explores the beliefs, practices, and history of various…
Public administration is the field of study and practice that focuses on the organization and…