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
Define Fire Insurance.
Define Life Insurance.
Distinguish between the following:
Fire Insurance & Marine Insurance
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 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 :
“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
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 __________.
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 :
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 %.
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
