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प्रश्न
Distinguish between the following:
Fire Insurance & Marine Insurance
उत्तर
| Basis of Difference |
Fire Insurance | Marine Insurance |
| Compensation | Compensation is paid only in the event of loss due to fire. Nothing is paid otherwise. |
Compensation is paid only in the event of loss due marine perils. Nothing is paid otherwise. |
| Duration | It does not generally exceed one year. |
It is generally done for one year or for the period of voyage. |
| Subject matter | The goods and property of the person make the subject matter. |
The goods in ship, cargo and freight make the subject matter. |
| Insurable interest |
Insurable interest must exist at the time of taking the policy and also at the time of receiving the claim. |
Insurable interest must exist at the time of receiving the claim or at the time of loss only. |
APPEARS IN
संबंधित प्रश्न
The Principle of indemnity is not applicable to ____________
a. life insurance
b. marine insurance
c. fire insurance.
Principles of Insurance?
Answer the following question:
Define insurance. Explain the various principles of insurance.
Choose the correct answer for the following:
Which of the following is not a function of insurance?
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%.
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.
A property worth ₹4,00,000 is insured with three companies: A, B, and C. The amounts insured with these companies are ₹1,60,000, ₹1,00,000 and ₹1,40,000 respectively. Find the amount recoverable from each company in the event of a loss to the extent of ₹9,000.
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 :
General insurance covers all risks except __________.
The value of insured property is called ______.
State whether the following is True or False :
The amount of claim cannot exceed the amount of loss.
State whether the following is True or False :
Premium is the amount paid to the insurance company every month.
Solve the following :
A 35-year old person takes a policy for ₹1,00,000 for a period of 20 years. The rate of premium is ₹76 and the average rate of bonus is ₹7 per thousand p.a. If he dies after paying 10 annual premiums, what amount will his nominee receive?
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 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 :
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.
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`
