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प्रश्न
Solve the following :
For what amount should a cargo worth ₹25,350 be insured so that in the event of total loss, its value as well as the cost of insurance may be recovered when the rate of premium is 2.5 %.
उत्तर
Given, Property value of cargo = ₹25,350,
Rate of premium = 2.50 %
Let the policy value be ₹100, which includes the premium ₹2.50.
∴ Value of cargo = Policy value – Premium
= 100 – 2.50 = ₹97.50
For the property value of ₹97.50, the policy value is ₹100.
∴ For property value of ₹25,350,
Policy value = `(25,350 xx 100)/(97.50)` = ₹26,000
∴ Cargo worth ₹25,350 should be insured for ₹26,000.
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संबंधित प्रश्न
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Principles of utmost good faith is only applicable to life insurance contract.
Distinguish between the following:
Fire Insurance & Marine Insurance
Explain briefly the principles of insurance with suitable examples?
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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 ______.
Fill in the blank :
The proportion of property value to insured value is called __________.
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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.
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:
An installment of money paid for insurance is called 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 80% insured
Policy value = 80% of its property value
= `square/100 xx 12,50,000`
= ₹ 10,00,000
Premium = `square/100 xx 10,00,000`
= ₹ `square`
