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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.
Distinguish between the following:
Fire Insurance and Marine Insurance
Define Life Insurance.
Choose the correct answer for the following:
Which of the following is not a function of insurance?
Choose the correct answer for the following:
Which of the following is not applicable in life insurance contract?
Explain briefly the principles of insurance with suitable examples?
Find the premium on a property worth ₹ 25,00,000 at 3% if (i) the property is fully insured, (ii) the property is insured for 80% of its value.
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 shop and a godown worth ₹1,00,000 and ₹2,00,000 respectively were insured through an agent who was paid 12% of the total premium. If the shop was insured for 80% and the godown for 60% of their respective values, find the agent's commission, given that the rate of premium was 0.80% less 20%.
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.
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 ______.
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 __________.
Solve the following :
15,000 articles costing ₹200 per dozen were insured against fire for ₹1,00,000. If 20 % of the articles were burnt completely and 2400 of other articles were damaged to the extent of 80% of their value, find the amount that can be claimed under the policy.
Solve the following :
Stocks in a shop and godown worth ₹75,000 and ₹1,30,000 respectively were insured through an agent who receives 15% of premium as commission. If the shop was insured for 80% and godown for 60% of the value, find the amount of agent’s commission when the premium was 0.80% less 20%. If the entire stock in the shop and 20% stock in the godown is destroyed by fire, find the amount that can be claimed under the policy.
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`
