Question

A Cargo consisting of 10000 bags was insured for TK. 80000. But 2000 bags of cargo were damaged and would realize TK. 3.00 bag. The following expenses were also incurred by the insured: Sales commission-2% Survey fee- TK. 100.00 You are required to: i. Prepare a particular average or partial loss statement assuming that goods would have realized TK. 9.00 per bag in their undamaged condition and the policy is valued. 02 ii. Prepare a particular average or partial loss statement assuming that goods would have realized TK. 7.00 per bag in their undamaged condition and the policy is unvalued. 03 (b) 'Insurance is not gambling"-show your arguments in favor and against. (c) Explain the principle of Indemnification in case of insurance contract with suitable example.​

Answer 1

3.00 bag. The following expenses were also incurred by the insured: Sales commission-2% Survey fee- TK. 100.00 You ...