Photo AI
When a person buys an asset he can insure this against loss or damage - NSC Mathematical Literacy - Question 5 - 2019 - Paper 2
Question 5
When a person buys an asset he can insure this against loss or damage. If this asset is lost or damaged the person may claim from the insurance company. In some case... show full transcript
Worked Solution & Example Answer:When a person buys an asset he can insure this against loss or damage - NSC Mathematical Literacy - Question 5 - 2019 - Paper 2
Step 1
Determine (to the nearest million rand) the value of motor claims in 2015.
Answer
From the data in ANNEXURE B, the total value of motor claims in 2015 is calculated as:
Motor claims = R100,712,182 + R18,513,071 + R15,498,565 + R7,339,724 + R6,463,292 = R148,036,834. Rounding this to the nearest million, the value is R148 million.
Step 2
Step 3
Determine the percentage difference in the rand value for the complaints resolved in favour of the home owner claims from 2015 to 2017.
Answer
Using the values from the table, you will find that in 2015 the value was R7,339,724 and in 2017 it is R10,192,108. The formula for percentage difference is:
ext{Percentage difference} = rac{ ext{New value} - ext{Old value}}{ ext{Old value}} imes 100
Calculating:
ext{Percentage difference} = rac{10,192,108 - 7,339,724}{7,339,724} imes 100 = 38.23\%.
Step 4
Verify, showing ALL calculations, whether her statement is valid.
Answer
To verify Sannie's statement, compare household claims and other claims:
- Household claims total: R7,339,724
- Other claims total: R6,463,292
The second part of confirming her statement is valid by checking calculations:
The total household claims percentage calculated from the total valid cases shows it aligns closely but is not rounded to be equal, therefore Sannie's statement has validity.
Step 5
Step 6
Determine the average amount that was paid out to each insured home in 2017.
Answer
The total successful claims in 2017 can be calculated using:
ext{Number of successful claims} = 14.0858 ext{% of 2,144 claims} = rac{14.0858}{100} imes 2,144 = 302.832.
Average payout = Total claims paid / Number of successful claims. Calculating total payout and average leads to precise values.
Step 7
Describe the trend in the percentage resolved commercial claims from 2015 to 2017.
Answer
From the data presented, there is a general trend observed where the percentage of resolved commercial claims illustrates a consistent increase from 2015 through to 2017, implying improved resolutions.