Maharashtra State BoardHSC Commerce 12th Board Exam
Advertisement Remove all ads

60,000 articles costing ₹200 per dozen were insured against fire for ₹2,40,000. If 20% of the articles were burnt and 7,200 of the remaining articles were damaged to the extent of 80% - Mathematics and Statistics

Advertisement Remove all ads
Advertisement Remove all ads
Sum

60,000 articles costing ₹200 per dozen were insured against fire for ₹2,40,000. If 20% of the articles were burnt and 7,200 of the remaining articles were damaged to the extent of 80% of their value, find the amount that can be claimed under the policy.

Advertisement Remove all ads

Solution

Given, Total number of articles = 60,000
Cost of the articles = ₹200 per dozen

i.e., one article costs ₹ `(200)/(12)`
Policy value = ₹2,40,000
Cost of 60,000 articles (property value)
= Number of articles x Cost of one article

= `60,000 xx (200)/(12)`
= ₹10,00,000
Given, 20% of the articles were completely burnt.
∴ Value of burnt articles
= 20% of value of total articles

= `(20)/100) xx 10,00,000`
= ₹2,00,000
7,200 articles were damaged to 80% of their value. Total value of 7,200 articles
= 7,200 x cost of one article

= `7,200 xx (200)/(12)`
= ₹1,20,000
∴ Loss on 7,200 articles
= 80% of value

= `(80)/(100) xx 1,20,000`
= ₹96,000
= Value of burnt articles + Loss on 7,200 articles
= 2,00,000 + 96,000
= ₹2,96,000

Claim = `"Policy value"/"Property value" xx 2,96,000`

∴ Claim = `(2,40,000)/(10,00,000) xx 2,96,000`

= ₹71,0,40
∴ Amount that can be claimed under the policy is ₹71,0,40.

Concept: Concept of Insurance
  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×