TheKendrick14
New member
I am stuck on two questions:
1. A house is valued at 350,000 and insured for 250,000. The cost of insurance is 2.50 per 1000 cover (please tell me how you came up with the answer)
2. Explain the term "Franchise" and give 2 examples of 2 well known franchises.
for the first one:
(i) calculate the annual premium
(ii)Calculate the compensation payable if fire damages to the house amounts to 63,000.
1. A house is valued at 350,000 and insured for 250,000. The cost of insurance is 2.50 per 1000 cover (please tell me how you came up with the answer)
2. Explain the term "Franchise" and give 2 examples of 2 well known franchises.
for the first one:
(i) calculate the annual premium
(ii)Calculate the compensation payable if fire damages to the house amounts to 63,000.