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Question
Find tha agents commission at 15% on the first premium if he places insurance for Rs 2,00,000 on the life of a person, the premium being at the rate of Rs 35 per thousand, per annum, paid annually.
Solution
Policy value = 2,00,000
Rate of premium
= `35/1000 xx 2,00,000`
= Rs 7,000
Rate of commission = 15%
Gents commission
= `7,000 xx 15/100`
= Rs 1050
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