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Hide Calculations from the Insurance Plan

Hide Calculations from the Insurance Plan and eSign it in minutes

Aug 6th, 2022

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How to Hide Calculations from the Insurance Plan

5 out of 5

47 votes

hi everybody and welcome back to junior cycle business studies Im working today after state examinations commissioned sample paper and Im just running through some of the short answer questions okay so today Im going to work on question eleven so if you all want to just flick over to that one and this one is about insurance okay so Tom and Michelle have been renting an apartment for the last five years theyve they currently have insurance for the contents of their apartment valued at twenty five thousand so the contents are valued at twenty five thousand they have been reviewing their insurance requirements to save some money they have received a quote for contents from B II Insurance Limited as follows theyre going to be charged six fifty per thousand theres also a discount of 25% for online applications they decide to accept the court and apply online so their discount will apply calculate the cost of Tom and Michelles contents insurance okay so the first thing we must do here

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What is omitting information that affects the insurance?

Concealment refers to the omission of important information related to an insurance contract. If pertinent information has been withheld from an insurance contract, the insurance company has a right to refuse to pay out claims to the insured.

What are the three major types of exclusions included in insurance contracts?

The three major types of Exclusions are: Excluded perils or causes of loss. Excluded losses. Excluded property.

What are the calculations in insurance premiums?

The premium rate is calculated by dividing the sum insured by the sum assured. This means that if you have a sum insured of Rs 10,000 and a sum assured of Rs 1,000 then your premium rate would be 10%. Calculating the insurance premium rate is a crucial step in the process of purchasing insurance.

What means hiding information in insurance?

Definition: Concealment is the act of hiding or not putting forward any relevant fact in front of the insurer that need to be revealed. An applicant commits this fraudulent act intentionally or unintentionally that may lead to loss to the insurer.

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