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प्रश्न
State whether the following statement is True or False:
An installment of money paid for insurance is called Premium
पर्याय
True
False
उत्तर
True
APPEARS IN
संबंधित प्रश्न
Principles of Insurance?
State Whether the Following Statement Are True Or False (Give Reason)
Principles of utmost good faith is only applicable to life insurance contract.
Choose the correct answer for the following:
Which of the following is not a function of insurance?
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.
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.
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 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%.
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.
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 ______.
Choose the correct alternative :
Following are different types of insurance.
I. Life insurance
II. Health insurance
III. Liability insurance
State whether the following is True or False :
The amount of claim cannot exceed the amount of loss.
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.
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 cargo of grain is insured at `(3/4)`% to cover 70% of its value. ₹1,008 is the amount of premium paid. If the grain is worth ₹12 per kg, how many kg of the grain did the cargo contain?
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.
Solve the following :
A godown valued at ₹80,000 contained stock worth ₹4,80,000. Both were insured against fire. Godown for ₹50,000 and stock for 80% of its value. A part of stock worth ₹60,000 was completely destroyed and the rest was reduced to 60% of its value. The amount of damage to the godown is ₹40,000. Find the amount that can be claimed under the policy.
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`
