Chapter-2 Insurance And Annuity - HSC Commerce 12th Board Exam- Maharashtra State Board Textbook Solutions for Mathematics and Statistics

Mukund Pathak May 13, 2023

HSC Commerce 12th Board Exam- 
Maharashtra State Board Textbook Solutions for Mathematics and Statistics



Chapter 2
Insurance and Annuity


    EXERCISE 2.1

Q. 1 Find the premium on a property  worth Rs. 25,00,0000 at 3% if (i) The property is insured for 80% of its value. [Video Solution]
Ans:

Given, 
Value of the property = Rs. 25,00,000
Property is insured for 80% of its value i.e., insured value = 80/100 * 25,00,000 = Rs. 20,00,000
Rate of premium = 3%

Formula for premium = Insured value * Rate of premium/100

Substituting the values, we get:
Premium = 20,00,000 * 3/100 = Rs. 60,000

Therefore, the premium on the property worth Rs. 25,00,000 at 3% if the property is insured for 80% of its value is Rs. 60,000.

Q.2 A shop is valued at Rs. 3,60,000 for 75% of its value. If the rate of premium is 0.9%, find the premium paid by the owner of the shop. Also, find the agents commission if the agent gets commission at 15% of the premium. [Video Solution]

Q.3 A person insures his office valued at Rs. 5,00,000 for 80% of its value. Find the rate of premium if he pays Rs. 13,000 as premium. Also, find agent's commission at 11%. [Video Solution]

Q.4 A building is insured for 75% of its value. The annual premium at 0.70% amounts to Rs. 2625. If the building is damaged to the extent of 60% due to fire, how much can be claimed under the policy?    [Video Solution]

Q.5 A stock worth Rs. 7,00,000 was insured for Rs. 4,50,000. Fire brunt stock worth Rs. 3,00,000 completely and damaged the remaining stock to the extent of 75% of its value. What amount can be claimed under the policy?    [Video Solution]

Q.6 A cargo of rice was insured at 0.625% to cover 80% of its value. The premium paid was Rs. 5250. If the price of rice is Rs. 21 per Kg. find the quantity of rice ( in Kg) in the cargo. [Video Solution]

Q.7 6,000 articles costing Rs. 200 per dozen were insured against fire for Rs. 2,40,000. If 20% of the articles were brunt and 7200 of the remaining articles were damaged to the extent of 80% of their value, find the amount that can be claimed under the policy.    [Video Solution]

Q.8 The rate of premium is 2% and other expenses are 0.075%. A cargo worth Rs. 3,50,000 is to be insured so that all its value and the cost of insurance will be recovered in the event of total loss.    [Video Solution]

Q.9 A property worth Rs. 4,00,000 is insured with three companies. A, B and C. The amounts insured with these companies are Rs. 1,60,000, Rs. 1,00,000 and Rs. 1,40,000 respectively. Find the amount recoverable from each company in the event of a loss to the extent of Rs. 9,000.    [Video Solution]

Q.10 A car valued at Rs. 8,00,000 is insured for Rs. 5,00,000. The rate of premium is 5% less 20%. How much will the owner bear including the premium if value of the car is reduced to 60% of its original value.    [Video Solution]

Q.11 A shop and a godown worth Rs. 1,00,000 and Rs. 2,00,000 respectively were insured through an agent who was paid 12% of the total premium. If the shop was insured for 80% and the godown for 60% of their respective value, find the agent's commission, given that the rate of premium was 0.80% less 20%.    [Video Solution]

Q.12 The rate of premium on a policy of Rs. 1,00,000 is Rs. 56 per thousand per annum. A rebate of Rs. 0.75 per thousand is permitted if the premium is paid annually. Find the net amount of premium payable if the policy holder pays the premium annually.     [Video Solution]

Q.13 A warehouse valued at Rs. 40,000 contains goods worth Rs. 2,40,000. The warehouse is insured against fire for Rs. 16,000 and ther goods to extent 90% of their value. Goods worth Rs. 80,000 are completely destroyed, while the remaining goods are destroyed to 80% of their value due to a fire. The damage to the warehouse is to the extent of Rs. 80,000. Find the total amount that can be claimed.    [Video Solution]

Q.14 A person takes a life policy for Rs. 2,00,000 for a period of 20 years. He pays premium for 10 years during which bonus was declared at an average rate of Rs. 20 per year per thousand. Find the paid up value of the policy if he discontinues paying premium after 10 years.    [Video Solution]

Exercise 2.2

1) Find the accumulated (future) value of annuity of Rs. 800 for 3 years at interest rate 8% compounded annually. [Given (1.08)3 = 1.2597]      [Video Solution]

2) A person invested Rs. 5,000 every year in finance company that offered him interest compounded at 10% p.a., what is the amount accumulated after 4 years? [Given (1.1)4 = 1.4641]    [Video Solution]

3) Find the amount accumulated after 2 years if a sum of Rs. 24,000 is invested every six hour at months at 12% p.a. compounded half yearly. [Given (1.06)4 = 1.2625]    [Video Solution]

4) Find accumulated value after 1 year of an annuity immediate in which Rs. 10,000 are invested very quarter at 16% p.a. compounded quarterly. [Given (1.04)4 = 1.2625]    [Video Solution]

5) Find the present value of an annuity immediate of Rs. 36,000 p.a. for 3 years at 9% p.a. compounded annually. [Given (1.09)-3 = 0.7722]    [Video Solution]

6) Find the present value of an ordinary annuity of Rs. 63,000 p.a. for 4 years at 14% p.a. compounded annually. [Given (1.4)-4 = 0.5921]    [Video Solution]

7) A lady plans to save for her daughter's marriage. She wishes to accumulated a sum of Rs. 4,64,100 at the end of 4 years. What amount should she invest of 10% p.a. compounded annually? [Given(1.1)4 = 1,4641]    [Video Solution]

8) A person wants to create a fund of Rs. 6,96,150 after 4 years at the time of invest a fixed amount at the end of every year in a bank that offers him interest of 10% p.a. compounded annually. What amount should he invest every year? [Given (1.1)4 = 1.461.]    [Video Solution]

9) Find the rate of interest compounded annually if an annuity immediate at Rs.20,000 per years amounts Rs.2,60000 in 3 years.    [Video Solution]

10) Find the number of years for which ab annuity of Rs. 500 is paid at the end of every year, if the accumulated amount works out to be Rs. 1,655 when interest is compounded annually at 10% p.a.      [Video Solution]

11) Find the accumulated value of aanuity due to Rs. 1,000 p.a. for 3 year at 10% p.a. compounded annually. [Given (1.1)3 = 1.331]    [Video Solution]

12) A person plans to put Rs. 400 at the beginning of each year for 2 year in a deposit that gives interest At 2% p.a. compound annually. Find the amount that willbe accumulated at the end of 2year.    [Video Solution]

13) Find the present value of the annuity due of Rs. 600 to be paid quarterly at 32% p.a. compound quarterly. [Given (1.08) -4 = 0.7350]    [Video Solution]

14) An annuity immediate is to be paid for same year ls at 12% p.a. The present value of annuity is Rs. 10,000 and the accumulated value of Rs. 20,000. Find the amount of each annuity payment.     [Video Solution]

Maharashtra State Board 12th Board Exam HSC Commerce has the subjects. You can select any subject to view Solved Question papers, Textbook Solutions, Important Solutions, Syllabus and Explanations in each subject.

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