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House insurance
There are two types of house insurance:
- Buildings
- Contents
The amount you pay each year is called a Premium.
Buildings insurance Example
Wisesure Insurance Company will insure buildings at 27p per £100.
- Question
Dave wants to insure his flat which is worth £27000 with Wisesure.
Find the premium he must pay.
- Answer
Premium per £100 = 27p
Premium due = 27p x(27000 / 100)
= 27p x 270
= 7290p
= £72.90
Have a go at this question:
- Question
Sybil wants to insure her flat worth £35000 with Wisesure.
Work through this example and write down the missing values as you go along.
Premium per £100 = 27p
Premium due = 27p x (? / 100)
= 27p x ?
= ? p
= £94.50
- Answer
Premium per £100 = 27p
Premium due = 27p x (35000 / 100)
= 27p x 350
= 9450p
= £94.50
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