En. Maniapan insured his house under a standard fire insurance policy with the sum insured of RM120,000.

After six months, fire occurred and destroyed part of his house. After investigation carried out by loss adjuster, the loss amounted to RM 45,000. At the time of loss, the current market value of the house valued at RM160,000. Calculate the claim amount payable and briefly explain why En. Maniapan may not get the full amount of loss. (6 marks) QUESTION 3 a) Encik Ezwan insured his house under a Standard Fire Insurance Policy with the sum insured of RM200.000. Six months later, fire occurred and damage part of his house. After investigation carried by loss adjuster, the loss suffered is worth to RM40.000. At the time of loss, the value of the house was discovered to be RM250,000. Calculate the claim amount payable accordingly and explain why Encik Ezwan would not get the full amount of loss. (7 marks) QUESTION 4 a) Razlan insured his bungalow under a standard fire insurance policy with sum insured of RM525.000. Eight months later, fire occurred and his bungalow is partially damaged. After investigation carried by loss adjuster, the loss suffered is worth RM125,000. At the time of loss the value of the house is RM650.000. Calculate the claim amount payable and explain why Razlan would not get the full amount of loss. (7 marks) QUESTION 4 a) Nik Nurul Aqmar insured her bungalow under a standard fire insurance policy with the sum insured of RM325,000. Eight months later, fire occurred and her bungalow is partially damaged. After investigation carried by loss adjuster, the loss suffered is worth to RM75,000. At the time of loss the value of the house is RM375,000. Calculate the claim amount payable accordingly and explain why Nik Nurul Aqmar would not get the full amount of loss. (7 marks) QUESTION 4 a) Encik Razali insured his house under a standard fire insurance policy with the sum insured is RM180,000. Eight months later, fire occurred and damage part of his house. After investigation carried by a loss adjuster, the loss suffered is RM35,000. At the time of loss, the value of the house was discovered to be RM210,000. Calculate the claim amount payable accordingly and explain why Encik Razali would not get the full amount of loss. (7 marks)

QUESTION 1 a) Encik Abd Razak has insured his house under a standard fire policy for RM140,000. Three months later, fire occurred damaging part of his house. Upon investigation, the amount of losses were assessed to be RM14,000. At the time of loss, the value of the house was found to be RM160,000. Calculate the loss amount payable accordingly. State why Encik Abd Razak is paid less than the actual amount of loss. (6 marks) QUESTION 1 Risk premium is the portion of the office premium that the insurance must charge each policyholder in order to cover the expected claim costs in the period of insurance. If the average total claims for motor risks for the past 3 years is RM500.000 and the average total value insured for the past 3 years is RM20,000,000, calculate the risk premium rate that should be payable for a car valued at RM100,000. (5 marks) QUESTION 1 Azhan Zuradi owned a car valued at RM100,000 BUT he insured the car ABC INSURANCE BHD for the amount of RM80.000 only. A week later, he met with an accident and suffered severe losses. The amount of loss is RM20,000, and he makes an own damage claim. Calculate the amount payable by his insurer under the average condition. (5 marks) QUESTION 3 a) The average total claim for fire risks for the past three years is RM300.000 and the average total value insured is RM 15,000,000. Calculate the annual risk premium for a house valued at RM150,000. (5 marks) QUESTION 4 a) The total of annual claims paid by an insurance company for the past four years is RM600.000 and the total of annual values of risks insured for the same period is RM15,000,000. i) Calculate the risk premium rate and the resultant risk premium for a risk valued at RM150,000. (5 marks) By:SNN