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Premium is the amount paid to the insura...

Premium is the amount paid to the insurance company every month.

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Rishabh insured his factory for ₹ 5 lakh against fire. Due to fire, he suffered a loss of ₹ 2 lakh. How much amount he can recover from the insurance company ? Why ?

Classify the following expenditures as intermediate consumption expenditure and final consumption expenditure. (i) Expenditure on research and development by Tata. (ii) Insurance premium paid by a firm to an insurance company. (iii) Insurance premium paid by households to an insurance company. (iv) Expenditure on repairs and maintenance of plant and machinery. (v) Expenditure incurred by a firm on purchase of equipments. (vi) Advertising expenditure incurred by Airtel on promotion of its products. (vii) Business expenses of the employees on tour and entertainment.

Knowledge Check

  • A house priced Rs 500000 is insured 70 %. The house gets completely damaged in an accident and the insurance company pays 80% of the insurance. What is the amount paid by the insurance company?

    A
    Rs 250000
    B
    Rs 240000
    C
    Rs 320000
    D
    Rs 280000

  • There are 25 software engineers and 10 testers in Infosys and 15 software engineers and 8 testers in Wipro. In both the companies, a software engineer is paid Rs. 5000 per month and a tester is paid Rs 3000 per month. Find the total amount paid by each of the companies per month by representing the data in matrix form.

    A
    `((155000), (99000))`
    B
    `((23000), (24000))`
    C
    `((50000), (30000))`
    D
    `((155000), (100000))`

  • Premium to be paid for insurance of bank deposits under Deposit Insurance and Credit Guarantee Corporation currently ………….

    A
    Deposits in rupees rounded to thousands × 0.05 / 100
    B
    Deposits in rupees rounded to thousands × 1.00 / 100
    C
    Deposits in rupees rounded to thousands × 0.50 / 100
    D
    Deposits in rupees rounded to thousands × 02.00/ 100

    • Similar Questions

    Explore conceptually related problems

    The graph given here shows the annual premium of an insurance company, charged for an insurance off 1000 for individuals of different age groups. Study the graph and answer each of the following questions. What is the age of person whose premium is Rs. 44.60 for an insurance of Rs. 1000?

    Mansi is runnin a general store. The store was insured against naturel disaster like flood, earthquake and fire from Hindustan General Insurance Conpany for the amount of Rs 50 lacs. Heavy raining in the city caused massive flood. This left the store without any security. The Store was looted by people which was caught on CCTV . She claimed from the insurance company the amount of damage of 13 lacs for the material and furniture spoiled from flood and also Rs 5 lacs for the loss of meterial by theft, she also claimed another Rs 25 lacs for now converting the store into fully AC and additional floor for more stroange space. Insurance after assessoing the damage to the property and stock dur to flood and seeing the CCTV footage accepted the claim of Rs 13 lacs. Mansi argued that as she has being paying premium for Rs 50 lacs she should be paid the full claim of Rs 43 lacs. 1. What is the fundamental principle of insurance? 2. Identify the value which motivates him/her to take an insurance? 3. Identify and explain the principles of insurance involved by insurance company by accepting the claim amount.

    Harish took a fire insurance policy of Rs 20 Lakh for his factory at the annual premium of Rs 24,000. In order to avoid higher premium, he did not disclose that a highly explosive chemical is being used in his factory . Due to an accidental fire, his factory gate severely damaged . The insurance company refused to pay the claim as it came to know about the fact. Is company justified in doing so? Also state the principle of insurance involved here.

    Premium to be paid for insurance of bank deposits under Deposit Insurance and Credit Guarantee Corporation currently ………….

    A man purchased a car for Rs1 2 lakhs and was insured for 80% of the cost. He sold the car at " 15% loss, but had not yet delivered it to the buyer when he met with an accident. After the accident, the car was damaged a lot and the insurance company paid 90% of the insured amount. The net difference in the two transactions is:

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