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The formula for calculating gratuity for non-government employees covered by the Payment of Gratuity Act is: Gratuity = 15 * Last drawn salary * Number of years of service / 26 Where, Last drawn salary is the average salary of the employee for the last 12 months of service. Number of years of service is the total number of years of service with the employer. 26 is the number of days in a month. Therefore, 15 days salary is to be computed by dividing the monthly salary by 26.
The amount which is payable by you during the premium paying term at regular intervals for a limited period as specified in the plan schedule is called?
What is the impact of inflation on premium calculations?
Which of the following principles of Insurance enables the insured to claim the amount from the third party responsible for the loss?
There is unlimited coverage to Third parties injury and Third party property damage is covered up to a sum of Rs ______.
A provision added to a home owners insurance policy that automatically adjusts the coverage limit on the dwelling each time the policy is renewed to ref...
The section of the policy that outlines what is NOT covered is called:
As per the Consumer Protection Act, 1986, who cannot be classified as a consumer?
In which year New India Assurance Co Ltd nationalized?
What is the primary method to calculate the pure premium for a group of insured?
IRDAI has the power to frame regulations under which of the following Section of the Insurance Act, 1938?