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प्रश्न
Choose the correct alternative :
“A contract that pledges payment of an agreed upon amount to the person (or his/ her nominee) on the happening of an event covered against” is technically known as
विकल्प
Death coverage
Saving for future
Life insurance
Provident fund
उत्तर
“A contract that pledges payment of an agreed upon amount to the person (or his/ her nominee) on the happening of an event covered against” is technically known as Life insurance.
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संबंधित प्रश्न
State Whether the Following Statement Are True Or False (Give Reason)
The principle of indemnity is applicable to life insurance.
Define Fire Insurance.
Distinguish between the following:
Fire Insurance & Marine Insurance
Choose the correct answer for the following:
Which of the following is not a function of insurance?
Find the premium on a property worth ₹ 25,00,000 at 3% if (i) the property is fully insured, (ii) the property is insured for 80% of its value.
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 person takes a life policy for ₹2,00,000 for a period of 20 years. He pays premium for 10 years during which bonus was declared at an average rate of ₹20 per year per thousand. Find the paid up value of the policy if he discontinues paying premium after 10 years.
Insurance companies collect a fixed amount from their customers at a fixed interval of time. This amount is called ______.
The value of insured property is called ______.
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 factory building is insured for `(5/6)^"th"` of its value at a rate of premium of 2.50%. If the agent is paid a commission of ₹2,812.50, which is 7.5% of the premium, find the value of the building.
Solve the following :
A merchant takes fire insurance policy to cover 80 % of the value of his stock. Stock worth ₹80,000 was completely destroyed in a fire while the rest of stock was reduced to 20% of its value. If the proportional compensation under the policy was ₹67,200, find the value of the stock.
Solve the following :
A cargo of grain is insured at `(3/4)`% to cover 70% of its value. ₹1,008 is the amount of premium paid. If the grain is worth ₹12 per kg, how many kg of the grain did the cargo contain?
Solve the following :
A person holding a life policy of ₹1,20,000 for a term of 25 years wants to discontinue after paying premium for 8 years at the rate of ₹58 per thousand p. a. Find the amount of paid up value he will receive on the policy. Find the amount he will receive if the surrender value granted is 35% of the premiums paid, excluding the first year’s premium.
Solve the following :
A godown valued at ₹80,000 contained stock worth ₹4,80,000. Both were insured against fire. Godown for ₹50,000 and stock for 80% of its value. A part of stock worth ₹60,000 was completely destroyed and the rest was reduced to 60% of its value. The amount of damage to the godown is ₹40,000. Find the amount that can be claimed under the policy.
State whether the following statement is True or False:
The value of insured property is called policy value
Property value = ₹ 12,50,000
Rate of premium, r = ₹ 3%
If property is fully insured, the policy value is same as property value therefore policy value = `square`
Premium = `"r"/100 xx "policy value"`
= `square/100 xx 12,50,000`
= `square`
