Case study based factual graph interpretation comprehension class 10, 11 & 12

CASE STUDY BASED FACTUAL WITH GRAPH INTERPRETATION COMPREHENSION;

Along with textual content in the form of passage, graph is provided. Students have to understand the text along with graph interpretation to correctly answer the questions. Let's solve the following case study based factual comprehension with graph interpretation.

Read the following passage and study the graph to answer the MCQ's  on the basis of understood comprehension: 

Bank lockers have long been considered a safe option to store jewellery and important pa pers. However, in the recent past, there have been sever al instances of theft in bank lockers. Bank locker hiring agreements absolve banks of any responsibility for the losses. So it may be prudent to insure the contents of the locker. Home insurance policies cover jewellery too, but you could also look at specific insurance for a bank locker. Iffco-Tokio has recently launched a bank locker protection policy.

COVERAGE

A locker insurance policy covers jewellery and other valuables kept in bank safes against accidents, burglary, acts of terrorism, among other things, but not cash. “Besides jewellery, impor tant documcovered as an add-on fea ture," says Sabrata Mondal,, executive vice-president (underwriting), Iffco-Tokio General Insurance. "The cost of replacing the lost or damaged documents is paid on an actual basis subject to a maximum sum insured of Rs 25,000.

BUYING THE POLICY

 The policy is not available, it can be bought only through the branch of fices of Iffco-Tokio. In most cases; a self-declaration of the value of the jewellery suffices. However, if the value of an individual item exceeds Rs 10 lakh and the total sum assured is over Rs 40 lakh, then a valuation report from a government approved valuer is required.

CLAIM SETTLEMENT

For making a claim, you need to submit a copy of the first  Information report (FIR) filed by the bank along with the claim form. The claim is settled i on the basis of the market value subject to the sum assured. Once the relevant documents are submitted, settlement takes 15 days, says Mondal.

COVER UNDER HOME INSURANCE

A few general insurance companies such as Bajaj Allianz also cover jewell- ery under home insurance, but generally there are sub limits to it and you may not get a Rs 40 lakh cover for jewellery alone. "Under the My Home insurance policy, we cover not just the jewellery kept in homes but also in bank lockers," says Sasikumar Adidamu, chief technical officer, Bajaj Alli- anz General Insurance. "The policy also offers worldwide coverage. So the jewellery is covered even if a person is wearing/ carrying it any where in the world. Abank locker polley, on the other hand, does not cover jewel lery kept at home or outside the bank locker. Hence the premium paid for a bank locker policy is lower than that for insuring jewellery under home insurance.

SHOULD YOU BUY A SEPARATE LOCKER POLICY?

If the value of the contents in your locker is high and the premium low, it is prudent to cover the risk. The need to buy separate locker insurance depends on the intrinsic value of the locker contents and affordability the value is considerable a home insurance coverage not exhaustive

Q1. Bank lockers are considered safe option to store _______ and important papers. 

a)Stones

b)Money

c)Agreements

d) jewellery

Q2. On which basis the cost of replacing the lost or damaged documents is paid?

a)Sales value

b)Actual basis

c)Cost price

d)Re-sale value

Q3. In most cases, a _________ of value of the jewellery suffices. 

a)Weight 

b)Purity 

c)Self declaration

d)Stones

Q4. Once the relevant documents are submitted, settlement takes ______ days. 

a) 20

b) 10

c) 12

d)15

Q5. On which factor, the need to buy separate locker insurance depends?

a) Intrinsic value

b)Locker policy

c)Insurance cover

d)Premium

Q6. The premium for Rs. 5 lacs policy is ________

a) 1000

b) 2000

c) 500

d) 2500

Q7. For ______ lacs policy the premium for bank locker policy is Rs 2000.

a) 25

b) 40

c) 50

d) 20

Q8. As the amount of sum insured increases the amount of premium ________.

a) Decreases

b) Increases

c) Unchanged

d) Zero

Q9. When amount of policy is 20 lacs then premium is Rs _____. 

a) 2000

b) 3500

c) 200

d) 1500

Q10. The premium paid under bank locker policy is lower than insuring jewellery under which insurance?

a) Home

b) Office

c) Car

d) Pet