Question

13. If a person has insured for Rs 4,00,000,
A fire broke out and the actual amount of
loss amounted to Rs 2, 50,000. How much
amount can he claim:
(1 Point)
I. 4,00,000.
II. 2,00,000
III. 2,50,000
IV. None of the above​

Answer 1

loss - depriciation = claim

2,00,000

Answer 2

III) 2,50,000

• Generally speaking, an insurance should cover accidental damages. These kinds of incidents are why most people take insurances anyway.
• Hence, in the cited example the person should get all his losses recovered.
• However, the person, as should everyone who buys an insurance, should be aware of the terms and conditions of the insurance. Especially, whether he can claim the entire amount and in what ways he can avail the said claim.

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