Question
A method of permitting the final premium for a risk to
be adjusted, subject to an agreed-upon maximum and minimum limit based on actual loss experience is called?Solution
Retrospective rating is an insurance pricing method in which the premium is directly affected by losses that occur during the policy period. The insured pays a provisional premium based on projected losses. Retrospective rating is commonly used in workers compensation insurance.
- What approximate value will come in place of the question mark (?) in the following question? (Note: You are not expected to calculate the exact value.)
A salesman is allowed 32% commission on the total sales by him and a bonus of 3% on the sales over Rs. 15000. If the total earnings of a salesman is Rs....
8.992 + (5.01 × 4.98) + ? = 224.03
(9.013 – 15.04) = ? + 7.98% of 5199.98
85.22 of 499.98% + 299.99 ÷ 30.18 = ?
92% of 1650 + 32² = ? + 1504 ÷ 16
12.06 × 19.02 + 12.94 × 14.87 + 152.09 = ?% of 498.98Â
(11.11 ×  31.98) + 14.15% of 749.99 = ? + 124.34
What approximate value will come in place of the question mark (?) in the following question? (Note: You are not expected to calculate the exact value.)...
