Question

Stocks in a shop and godown
worth Rs.75,000 and Rs.1,30,000
respectively were insured through an
agent who receive 15% of premium as
commission. If the shop was insured
for 80% and godown for 60% of the
value, find the amount of agent's
commission when the premium was
0.80% less 20%. If the entire stock in
the shop and 20% stock in the godown
is destroyed by fire, find the amount
that can be claimed under the policy.​

Answer 1

The total claim under the policy is Rs. 75,600 and agent's commision is Rs. 132.40.

Step-by-step explanation:

Given :

Stock value of shop = Rs.75,000

Stock value of godown = Rs.1,30,000

The shop was insured for 80% and godown for 60% of the value

Solution :

The shop was insured for 80% and godown for 60% of the value

So,

$\frac{80}{100} \times 75000$

Policy Value of shop = Rs. 60,000

Godown for 60% of the value

$\frac{60}{100} \times 130000$

.Policy Value of godown = Rs. 78,000

Total policy value = Rs. 60,000 + Rs. 78,000

=> Rs. 1,38,000

Premium rate =

0.8 - 20% of 0.80

0.8 - 0 16

0.64%

premium amount = 0.64 % of total policy value

$\frac{0.64}{100} \times 138000$

=> 883.20

the amount of agent's commission =

15% of total premium

$\frac{15}{100} \times 883.20$

=> Rs 134.2

Stock Value of the shop = Rs 75,000

Loss occurred on the shop = 75,000

Claim = (shop)

$\frac{Policy \: Value }{Property \: value } \times Loss$

$\frac{60000}{75000} \times 75000$

=> 60,000

The entire stock in the shop and 20% stock in the godown is destroyed by fire

20% of stock value

$\frac{20}{100} \times 130000$

=> Rs 26,000

Claim for godown :

$\frac{Policy \: Value }{Property \: value } \times Loss$

$\frac{78000}{130000} \times 26000$

=> Rs . 15,600

Claim :

claim for shop + claim for godown

60,000 + 15,600

75,600

Total claim = Rs 75,600

.°. The total claim under the policy is Rs. 75,600 and agent's commision is Rs. 132.40.

Answer 2

Answer:

The total claim under the policy is Rs. 75,600 and agent's commision is Rs. 132.40.

Step-by-step explanation:

Given :

Stock value of shop = Rs.75,000

Stock value of godown = Rs.1,30,000

The shop was insured for 80% and godown for 60% of the value

Solution :

The shop was insured for 80% and godown for 60% of the value

So,

\frac{80}{100} \times 7500010080×75000

Policy Value of shop = Rs. 60,000

Godown for 60% of the value

\frac{60}{100} \times 13000010060×130000

.Policy Value of godown = Rs. 78,000

Total policy value = Rs. 60,000 + Rs. 78,000

=> Rs. 1,38,000

Premium rate =

0.8 - 20% of 0.80

0.8 - 0 16

0.64%

premium amount = 0.64 % of total policy value

\frac{0.64}{100} \times 1380001000.64×138000

=> 883.20

the amount of agent's commission =

15% of total premium

\frac{15}{100} \times 883.2010015×883.20

=> Rs 134.2

Stock Value of the shop = Rs 75,000

Loss occurred on the shop = 75,000

Claim = (shop)

\frac{Policy \: Value }{Property \: value } \times LossPropertyvaluePolicyValue×Loss

\frac{60000}{75000} \times 750007500060000×75000

=> 60,000

The entire stock in the shop and 20% stock in the godown is destroyed by fire

20% of stock value

\frac{20}{100} \times 13000010020×130000

=> Rs 26,000

Claim for godown :

\frac{Policy \: Value }{Property \: value } \times LossPropertyvaluePolicyValue×Loss

\frac{78000}{130000} \times 2600013000078000×26000

=> Rs . 15,600

Claim :

claim for shop + claim for godown

60,000 + 15,600

75,600

Total claim = Rs 75,600

.°. The total claim under the policy is Rs. 75,600 and agent's commision is Rs. 132.40.