| Eke bought a new car for N1.5M. The practice in the insurance industry is to pay 10% of the value of the vehicle as premium for comprehensive cover and 2.5% additional cover for strike, riot and civil commotion. Eke was issued a document and two weeks later, he was issued another document different from the first document issued |
A. N37,000
B. N150,000
C. N155,000
D. N187,500
Correct Answer: Option D
D. N187,500
Explanation
comprehensive cover = 10% + 2.5% of N1.5M
150,000 + 37,500 = 187500
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