Consumer Mathematics: Insurance

Deductible is commonly found in the contract of the following except

• medical and health insurance

• motor insurance

• life insurance

• property insurance

Alice has purchased an insurance with a deductible provision of RM1 000. In the insurance coverage period, she suffered a loss of RM1 200. State the compensation that can be claimed.

• None

• RM200

• RM1 000

• RM1 200

Tags

CCSS.7.NS.A.1D

The table above shows the annual premium rate schedule per RM1 000 face value of a life insurance.

Mr Lee is 58 years old, healthy and a non-smoker. He wants to buy the insurance policy worth RM308 000. Calculate his annual premium.

• RM3 699.08

• RM4 077.08

• RM5 100.48

• RM5 531.68

Tags

CCSS.6.RP.A.3B

Encik Ramli insured his house with fire insurance.

He insured his house at the amount of required insurance. Calculate the compensation amount received by Mr Ramli if his house is completely burnt down.

• RM79 000

• RM331 000

• RM336 000

• RM415 000

Tags

CCSS.6.RP.A.3C

The table above shows Ali’s claims to his motorcycle’s insurance company in a year.

If his insurance policy has a deductible of RM300, state the ratio of the total compensation payment received by Ali to the total actual loss suffered by Ali in that year.

• 4 : 7

• 13 : 28

• 27 : 70

• 41 : 140

Calculate the gross premium for Encik Muthu if he chooses the third party, fire and theft policy.

• RM349.52

• RM427.19

• RM435.56

• RM518.88

Tags

CCSS.7.RP.A.3

In the following year, Encik Muthu accepts a new job in Ipoh. He moves and stays in Ipoh. He also brings along his car. Calculate the gross premium if he only wants to buy a third party policy for his car.

• RM83.16

• RM480.65

• RM640.86

• RM3326.40

What is the amount paid by the insurance company for Madam Ann in the first year?

• None

• RM30 000

• RM40 000

• RM300 000

Tags

CCSS.6.RP.A.3B

What is the amount paid by the insurance company for Madam Ann in the second year?

• RM20 000

• RM50 000

• RM180 000

• RM250 000

Tags

CCSS.6.RP.A.3B

What is the amounts borne by Madam Ann in the third year?

• RM100 000

• RM120 000

• RM170 000

• RM400 000

Tags

CCSS.6.RP.A.3B