Advertisements
Advertisements
प्रश्न
A shop is valued at ₹3,60,000 for 75% of its value. If the rate of premium is 0.9%, find the premium paid by the owner of the shop. Also, find the agents commission if the agent gets commission at 15% of the premium.
उत्तर
Given, Property value = ₹3,60,000,
Rate of premium = 0.9%
Since the shop is insured for 75% of its value,
∴ Policy Value = 75% of property value
∴ Policy value = `(75)/(100) xx3,60,000` = ₹2,70,000
Amount of Premium = 0.9% of policy value
= `(0.9)/(100) xx 2,70,000`
Also, agent's rate of commission is 15% of the Premium
∴ Agent's commission = `(15)/(100) xx 2,430` = ₹364.5
∴ Premium paid by owner of the shop is ₹2,430 and agent's commission is ₹364.5.
APPEARS IN
संबंधित प्रश्न
Choose the correct answer for the following:
Which of the following is not applicable in life insurance contract?
A person insures his office valued at ₹5,00,000 for 80% of its value. Find the rate of premium if he pays ₹13,000 as premium. Also, find agent’s commission at 11%.
A cargo of rice was insured at 0.625% to cover 80% of its value. The premium paid was ₹5,250. If the price of rice is ₹21 per kg, find the quantity of rice (in kg) in the cargo.
60,000 articles costing Rs. 200 per dozen were insured against fire for Rs. 2,40,000. If 20% of the articles were burnt and 7,200 of the remaining articles were damaged to the extent of 80% of their value, find the amount that can be claimed under the policy.
The rate of premium is 2% and other expenses are 0.75%. A cargo worth ₹ 3,50,100 is to be insured so that all its value and the cost of insurance will be recovered in the event of total loss.
A car valued at ₹8,00,000 is insured for ₹5,00,000. The rate of premium is 5% less 20%. How much will the owner bear including the premium if value of the car is reduced to 60 % of its original value.
A shop and a godown worth ₹1,00,000 and ₹2,00,000 respectively were insured through an agent who was paid 12% of the total premium. If the shop was insured for 80% and the godown for 60% of their respective values, find the agent's commission, given that the rate of premium was 0.80% less 20%.
The rate of premium on a policy of ₹ 1,00,000 is ₹ 56 per thousand per annum. A rebate of ₹ 0.75 per thousand is permitted if the premium is paid annually. Find the net amount of premium payable if the policyholder pays the premium annually.
Choose the correct alternative :
Following are different types of insurance.
I. Life insurance
II. Health insurance
III. Liability insurance
Fill in the blank :
An installment of money paid for insurance is called __________.
Fill in the blank :
General insurance covers all risks except __________.
Fill in the blank :
The proportion of property value to insured value is called __________.
State whether the following is True or False :
Premium is the amount paid to the insurance company every month.
Solve the following :
A property valued at ₹7,00,000 is insured to the extent of ₹5,60,000 at `(5/8)^"th"` % less 20%. . Calculate the saving made in the premium.Find the amount of loss that the owner must bear, including premium, if the property is damaged to the extent of 40 % of its value.
Solve the following :
Stocks in a shop and godown worth ₹75,000 and ₹1,30,000 respectively were insured through an agent who receives 15% of premium as commission. If the shop was insured for 80% and godown for 60% of the value, find the amount of agent’s commission when the premium was 0.80% less 20%. If the entire stock in the shop and 20% stock in the godown is destroyed by fire, find the amount that can be claimed under the policy.
State whether the following statement is True or False:
Premium is the amount paid to the insurance company every month
State whether the following statement is True or False:
The value of insured property is called policy value