Question

11. For what amount should goods worth Rs 37,000 be insured at 7% so that in case of loss, both the
value of goods and insurance premium can be recovered?
2
(adata insufficient
(b) Rs 37,000 (C) Rs 43,000 (d) Rs 40,000
(e) Rs 3,000​

Answer 1

Given :- For what amount should goods worth Rs 37,000 be insured at 7% so that in case of loss, both the value of goods and insurance premium can be recovered ?

Solution :-

we have,

→ value of goods = Rs.37,000

→ Rate of premium = 7% .

So,

→ insured sum = value of goods + 7% of value of goods

→ insured sum = 37000 + 7% of 37000

→ insured sum = 37000 + (7 * 37000/100)

→ insured sum = 37000 + 2590

→ insured sum = Rs.39590

Therefore, at amount Rs.39590 , in case of loss, both thevalue of goods and insurance premium can be recovered.

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