Terry is on 40% no-claim bonus and his insurance premium was K483.76.what was the full premium?

To calculate the full premium, we need to first determine what percentage of the full premium Terry is currently paying with his 40% no-claim bonus.

Let x be the full premium.

If Terry is on a 40% no-claim bonus, he is paying 60% of the full premium.

Therefore, 60% of x is equal to K483.76.

0.60x = K483.76

Dividing both sides by 0.60:

x = K483.76 / 0.60
x = K806.27

Therefore, the full premium is K806.27.

If Terry is on 40% no-claim bonus, it means he gets a discount of 40% on his full premium. Therefore, his full premium is given by:

Full premium = Insurance premium / (1 - Discount rate)
Full premium = K483.76 / (1 - 0.4)
Full premium = K483.76 / 0.6
Full premium = K806.27