A house valued at ₹ 8,00,000 is insured at 75% of its value. If the rate of premium is 0.80%, find the premium

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Q. A house valued at ₹ 8,00,000 is insured at 75% of its value. If the rate of premium is 0.80%, find the premium paid by the owner of the house. If agent’s commission is 9% of the premium, find agent’s commission.

Maharashtra MsbshseMaharashtra HSC (MSBSHSE) Board 2025Subjective· 3mImportance★★★★★

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Policy value $= 75\%$ of ₹8,00,000 $= ₹6,00,000$ ; premium $= 0.80\%$ of that $= ₹4800$ ; commission $= 9\%$ of ₹4800 $= ₹432$ .

Step 1 — Insured (policy) value. The house is insured at $75\%$ of its value:

$\text{Policy value} = \frac{75}{100} \times 8{,}00{,}000 = ₹6{,}00{,}000.$

Step 2 — Premium. Rate of premium is $0.80\%$ of the policy value:

$\text{Premium} = \frac{0.80}{100} \times 6{,}00{,}000 = ₹4800.$

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Q.A house valued at ₹ 8,00,000 is insured at 75% of its value. If the rate of premium is 0.80%, find the premium paid by the owner of the house. If agent’s commission is 9% of the premium, find agent’s commission.