Advertisements
Advertisements
प्रश्न
Solve the following :
A merchant takes fire insurance policy to cover 80 % of the value of his stock. Stock worth ₹80,000 was completely destroyed in a fire while the rest of stock was reduced to 20% of its value. If the proportional compensation under the policy was ₹67,200, find the value of the stock.
उत्तर
Let Property value of the stock be ₹ x.
Since, merchant insures 80% of value of the stock, ∴ Policy value = 80% of value of the stock
= `(80)/(100) xx x`
= `(4x)/(5)`
Now, stock worth ₹80,000 were completely destroyed.
∴ Remaining value of the stock
= ₹(x – 80,000)
But, this remaining stock was damaged and reduced to 20% of the book value.
∴ Loss on this stock is to the extent of 80%.
∴ Loss of the remaining stock
= 80% of ₹(x – 80,000)
= `(80)/(100) xx (x - 80,000)`
= `(4(x - 80,000))/(5)`
∴ Total loss = Value of completely destroyed stock + Loss due reduction in value
= `80,000 + (4(x - 80,000))/(5)`
= `(4,00,000 + 4x - 3,20,000)/(5)`
= `((80,000 + 4x)/5)`
Now, the merchant receives ₹67,200 as proportional compensation.
∴ Claim = ₹67,200
Since, Claim = `"Policy value"/"Property value" xx "Loss"`
∴ 67,200 = `((4x)/(5))/x xx ((80,000 + 4x)/5)`
∴ 67,200 = `(4)/(5) xx ((80,000 + 4x)/5)`
∴ `(67,200 xx 5 xx 5)/(4)` = 80,000 + 4x
∴ 16,800 x 25 = 80,000 + 4x
∴ 4,20,000 = 80,000 + 4x
∴ 4x = 4,20,000 – 80,000
∴ 4x = ₹3,40,000
∴ x = `(3,40,000)/(4)` = 85,000
∴ Value of the stock is ₹85,000.
APPEARS IN
संबंधित प्रश्न
The Principle of indemnity is not applicable to ____________
a. life insurance
b. marine insurance
c. fire insurance.
State Whether the Following Statement Are True Or False (Give Reason)
The principle of indemnity is applicable to life insurance.
State Whether the Following Statement Are True Or False (Give Reason)
Principles of utmost good faith is only applicable to life insurance contract.
Distinguish between the following:
Fire Insurance & Marine Insurance
Choose the correct answer for the following:
Which of the following is not a function of 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.
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.
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.
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
Insurance companies collect a fixed amount from their customers at a fixed interval of time. This amount is called ______.
The value of insured property is called ______.
Fill in the blank :
The proportion of property value to insured value is called __________.
State whether the following is True or False :
The amount of claim cannot exceed the amount of loss.
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 :
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 :
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.
