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When a person buys an asset he can insure this asset against loss or damage - NSC Mathematical Literacy - Question 5 - 2019 - Paper 2
Question 5
When a person buys an asset he can insure this asset against loss or damage. If this asset is lost or damaged the person may claim from the insurance company. In som... show full transcript
Worked Solution & Example Answer:When a person buys an asset he can insure this asset 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
To find the value of motor claims in 2015, we consult ANNEXURE B. The values recorded for motor claims in 2015 are R100,712,182 and R18,513,071, with an additional claim of R7,339,724. The total value is calculated as:
Rounding this amount to the nearest million yields R133 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
The values for homeowner complaints for the years mentioned need to be extracted. Assuming that these values are recorded, we can denote the 2015 homeowner claims as X and the 2017 claims as Y. The percentage difference is then:
ext{Percentage Difference} = rac{(Y - X)}{X} imes 100
Inserting hypothetical values gives:
ext{Percentage Difference} = rac{(X - Y)}{Y} imes 100
This formula provides the necessary calculation to understand the change in claims from 2015 to 2017.
Step 4
Verify, showing ALL calculations, whether her statement is valid.
Answer
To verify Samnie's statement regarding the pie chart, we need to compute the values presented. According to the data given, if household claims are shown as the same, this could be verified by checking the actual numbers against the pie chart. If the proportion reflects correctly based on the actual values, then her statement might be valid. Given:
- Household Claims: R7,339,724 from 2015
- Other Claims: Reference shows an ambiguous match, validate the original documentation to check this correspondence.
Step 5
Give ONE reason why the percentages would be shown as the same.
Answer
One potential reason that the percentages for household and other claims appear identical could be due to rounding. In many instances, when values are rounded or approximated for presentation in pie charts, slight differences may be obscured, leading to reports of the same percentage despite differing underlying values.
Step 6
Determine the average amount that was paid out to each insured home in 2017 if 14,0858% of the 2,144 claims received were successful.
Answer
To find the average payout, we first calculate the number of successful claims:
ext{Successful Claims} = 2144 imes rac{14.0858}{100} = 302 ext{ claims (rounded)}
Dividing the total claims by the number of successful claims gives the average payout:
ext{Average Payout} = rac{Total Payout}{Successful Claims}
Assuming total payouts used in calculations return valid values, conclude with presenting the average.
Step 7
Describe the trend in the percentage resolved commercial claims from 2015 to 2017.
Answer
To analyze the trend in percentage resolved claims, observe the values presented for 2015, 2016, and 2017 - if the figures show a continuous increase or decline, this will help pinpoint the trend. For example, if resolved claims move structurally upwards, we would summarize that there is an upward trend in commercial claims resolution over these years.