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प्रश्न
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%.
उत्तर
Given, Property value = ₹5,00,000,
Premium = ₹13,000
Rate of commission = 11%
Since the person insures 80% of property value,
∴ Policy value = `(80)/(100) xx 5,00,000` = ₹4,00,000
He pays ₹13,000 as premium
Amount of premium = `"Rate of premium"/(100) xx "policy value"`
∴ 13,000 = `"Rate of perimum"/(100) xx 4,00,000`
∴ Rate of perimum = `(100 xx 13,000)/(4,00,000)` = 3.25%
Agent’s rate of commission is 11% of the premium.
∴ Agent's commission = `(11)/(100) xx 13,000` = ₹1,430
∴ Rate of premium is 3.25% and agent's commission is ₹1,430.
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संबंधित प्रश्न
The Principle of indemnity is not applicable to ____________
a. life insurance
b. marine insurance
c. fire insurance.
Distinguish between the following:
Fire Insurance and Marine Insurance
Principles of Insurance?
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Which of the following is not a function of insurance?
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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.
A house valued at ₹ 8,00,000 is insured at 75% of its value. If the rate of premium is 0.80%, find the premium paid by the owner of the house. If agent’s commission is 9% of the premium, find agent’s commission.
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
______ insurance is not covered by general insurance
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`
Policy value = ₹ 80,000
Period of policy = 20 years
Amount of money paid in 10 years = `square`
Annualized average rate per bonus = ₹ 20 per thousand per year
For one year, bonus = `square/1000 xx 80,000`
= ₹ 1,600
Bonus for 10 years = `10 xx square`
= ₹ 16,000
Total amount after 10 years = `square + 16000`
= ₹ `square`
