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Question
Property value = ₹ 12,50,000
Rate of premium, r = ₹ 3%
If property is 80% insured
Policy value = 80% of its property value
= `square/100 xx 12,50,000`
= ₹ 10,00,000
Premium = `square/100 xx 10,00,000`
= ₹ `square`
Fill in the Blanks
Sum
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Solution
property is 80% insured
Policy value = 80% of its property value
= `80/100 xx 12,50,000`
= ₹ 10,00,000
Premium = `3/100 xx 10,00,000`
= ₹ 30,000
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