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A house priced Rs. 500000 is insured 70%. The house gets completely damaged in an accident and the insurance company pays 80% of the insurance. What is the amount paid by the insurance company?

A house priced Rs. 500000 is insured 70%. The house gets completely damaged in an accident and the insurance company pays 80% of the insurance. What is the amount paid by the insurance company? Correct Answer Rs. 280000

⇒ Total price of house = Rs. 500000

⇒ Insured amount of house = 70% of 500000

⇒ Insured amount of house = Rs. 350000

⇒ Amount paid by insurance company = 80% of amount insured

⇒ Amount paid by insurance company = 80% of 350000

∴ Amount paid by insurance company = Rs. 280000

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