The major determinant of fire insurance premium is the

Assessment: JAMB UTME - Commerce - 2015 Subject: Commerce

Question 1 Report

The major determinant of fire insurance premium is the
Answer Details
The major determinant of fire insurance premium is the type and structure of the property to be insured. This means that the premium amount an individual pays for their fire insurance will depend largely on the type and structure of the building they are insuring. For example, a multi-story commercial building will typically have a higher premium than a single-family home because it is considered a higher risk due to its size and the potential for greater fire damage. Other factors, such as the location of the property, its age and condition, and the materials used in its construction, may also be considered when determining the premium amount.
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