A company has undertaken a fire insurance policy of aur forrupees 500000 after 2 month due to fire it include a loss of rupees 200000 how much amount will the company get as compensation find the principle of insurance principle of insurance
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Rs.200,000
Principle of indemnity
Explanation:
According to the principle of indemnity or reimbursement, the insurance company accepts a claim of as many rupees as the loss incurred, that is, the insurance company can pay as many rupees as the loss to the insurance taker.
So the company will pay R.s 200,000 only.
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