Ali got a life insurance policy of Rs. 500,000. Rate of annual premium at 4.5% of the total amount of the policy whereas the policy fee is at the rate of 0.25%. Find the annual premium of the policy?
- Rs. 23530
- Rs. 25250
- Rs. 23750
- Rs. 26000
Explanation
To find the annual premium for Ali's life insurance policy, we need to calculate both the premium amount and the policy fee, then add them together.
Calculate the premium amount:
The premium is 4.5% of the total policy amount.
Premium = 4.5/100 × 500,000 = 0.045 × 500,000 Rs.
Calculate the policy fee:
The policy fee is 0.25% of the total policy amount.
Policy Fee = 0.25/100 × 500,000 = 0.0025 × 500,000 =1,250 Rs.
Add the premium amount and the policy fee to get the total annual premium:
Total Annual Premium = 22,500 + 1,250 = 23,750 Rs.
So, the annual premium for Ali's life insurance policy is Rs. 23,750.
Related MCQs
- 25%
- 30%
- 35%
- None of these
اس سوال کو وضاحت کے ساتھ پڑھیں
ایک طالب علم معیاری ٹیسٹ میں 84 ویں فیصد پر ہے۔ اس کا سب سے زیادہ قابل دفاع مطلب کیا ہے؟
- About 84% of the reference group scored no higher
- The learner answered exactly 84% of the items correctly
- The learner's raw score is 84 points above the mean
- Exactly 84% of all test items were easier for the learner
اس سوال کو وضاحت کے ساتھ پڑھیں
