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प्रश्न
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.
उत्तर
Property value = 3,50,100
Let insured value = a.
∴ premium = `(2"a")/100`
Other expenses = 0.75% of a
`= (75 "a")/(10,000)`
∴ Insured value = Property value + Premium + Other expenses
∴ a = 3,50,100 + `(2"a")/100 + (75 "a")/(10,000)`
∴ a = 3,50,100 + `(2"a" xx 100)/(100 xx 100) + (75 "a")/(10,000)` ....(Multiplied by 100)
∴ a = 3,50,100 + `(200"a")/10000 + (75 "a")/(10,000)`
∴ a = 3,50,100 + `(275 "a")/(10,000)`
∴ a - `(275 "a")/(10,000)` = 3,50,100
∴ `(10,000 "a" - 275 "a")/(10,000) = 3,50,100`
∴ `(9,725 "a")/(10,000)` = 3,50,100
∴ a = `3,50,100 xx (10,000)/(9,725)`
∴ a = 3,60,000
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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`
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`
