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प्रश्न
Define Fire Insurance.
उत्तर
According to the Indian Fire Insurance Act, 1938; "In addition to other insurances, fire insurance is that insurance contract which takes place against fire and such other risks which are mentioned in the fire insurance contract."
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संबंधित प्रश्न
Principles of Insurance?
Distinguish between the following:
Fire Insurance & Marine 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 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 ______.
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 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 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 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:
Premium is the amount paid to the insurance company every month
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`
