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22 May 2004, 07:23
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How much commission did an agent receive on the sale of a 3-year policy insuring a school building against fire?
(1) The school building had a market value of $90,000 and the agent's commission was 18 percent of each yearly premium.
(2) The rate charged for the policy was $0.38 for each $100 of fire insurance coverage.
(1) The school building had a market value of $90,000 and the agent's commission was 18 percent of each yearly premium.
(2) The rate charged for the policy was $0.38 for each $100 of fire insurance coverage.
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25 May 2004, 10:52
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These are wierd questions.
If the building is insured for what it is worth now then C is sufficient. If How much it is insured is not known then the answer is E. Because it is possible that the policy may just cover $50000 worth of damage. I am sure GMAT will never have such questions.
If the building is insured for what it is worth now then C is sufficient. If How much it is insured is not known then the answer is E. Because it is possible that the policy may just cover $50000 worth of damage. I am sure GMAT will never have such questions.
Archived Topic
Hi there,
This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
Where to now? Join ongoing discussions on thousands of quality questions in our Data Sufficiency (DS) Forum
Still interested in this question? Check out the "Best Topics" block above for a better discussion on this exact question, as well as several more related questions.
Thank you for understanding, and happy exploring!
