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      Question

      If the total premium is Rs. 50,000 and the Limit of

      Liability is Rs. 20,000,000; what is the rate on line?
      A 2.5% Correct Answer Incorrect Answer
      B 0.25% Correct Answer Incorrect Answer
      C 4% Correct Answer Incorrect Answer
      D 0.4% Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      Calculation: Rate on line = (Total Premium / Limit of Liability) * 100 Rate on line = (Rs. 50,000 / Rs. 20,000,000) * 100 Rate on line = 0.0025 * 100 = 0.25%

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