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Question
State whether the following is True or False :
The amount of claim cannot exceed the amount of loss.
Options
True
False
Solution
The amount of claim cannot exceed the amount of loss True.
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RELATED QUESTIONS
The Principle of indemnity is not applicable to ____________
a. life insurance
b. marine insurance
c. fire insurance.
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?
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 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%.
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 :
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 __________.
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 :
Premium is the amount paid to the insurance company every month.
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.
______ insurance is not covered by general insurance
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`
