Commerce 2000 JAMB Past Questions - Question 20: Mr Olatunde took up a fire insurance on a property valued N1000 and the amount insured is N800.the property caught fire causing a loss of N400.If the insurance was taken with the clause with average what is the amount to be paid by the insurance company?

Mr Olatunde took up a fire insurance on a property valued N1000 and the amount insured is N800.the property caught fire causing a loss of N400.If the insurance was taken with the clause with average what is the amount to be paid by the insurance company?