formula

[Kutty]

I am working in insurance company. I want to create a vehicle list and I
need premium calculation in vehicle list. There is 2 kind of insurance. 1)
Comprehensive
2) Third party.
I would like to create the list with If condition. If condition have to
check whether it is Comprehensive or Third party. Then there will be
different kind of rate as per type of vehicle. These vehicle will check with
conditions if vehicles are older than 5 years. If vehicles are not insuring
comprehensive the insurance will be third party. In these case corresponding
vehicle will be charged a total premium per vehicle.
Could you please inform an example if condition too? Would appreciate.

 

[JLatham]

If I understand correctly, then I believe a nested IF statement like this
would work for you:
=IF(B2="Comprehensive",IF(C2>5,"calculate 3rd party","calculate not 3rd
party"),"calculate 3rd party")

B2 would hold the type of insurance desired (Comprehensive or Third Party),
C2 would hold the age of the vehicle.
You can replace the text of the results with formulas to calculate the rate
instead of just showing the text I put into the formula.

I suspect that the problem is more complex than you've shown us at this
point, and that you may run out of IF() nesting levels (maximum is 7 in
pre-2007 versions of Excel) and you might want to go with a combination of
nested IF statements along with some tables to look up some information
within the formulas using VLOOKUP() or HLOOKUP().