HSC Commerce (Marketing and Salesmanship) 12th Board ExamMaharashtra State Board
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A Shop Valued at ` 2,40,000 is Insured for 75% of Its Value. If the Rate of Premium is 90 Paise Percent, Find the Premium Paid by the Owner of the Shop. - HSC Commerce (Marketing and Salesmanship) 12th Board Exam - Mathematics and Statistics

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Question

A shop valued at ` 2,40,000 is insured for 75% of its value. If the rate of premium is 90 paise percent, find the
premium paid by the owner of the shop. 

Solution

Given, property value = ` 2,40,000
Rate of premium = 90 paise% = ` 0.9 %
Since, the shop is insured for 75% of its value
∴ Policy value = 75% of property value 

∴ Policy value = `75/100xx240000` 

`  =rs180000`
Now, amount of premium = 0.9% of policy value 

=` 0.9/100xx180000` 

= `1620`

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APPEARS IN

 2017-2018 (March) (with solutions)
Question 4.1 | 2.00 marks
Solution A Shop Valued at ` 2,40,000 is Insured for 75% of Its Value. If the Rate of Premium is 90 Paise Percent, Find the Premium Paid by the Owner of the Shop. Concept: Insurance and Annuity.
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