A person gets his stock of goods insured, but he hides the fact that the electricity board has issued him statutory warning letter to get his factory’s wiring changed later on, the factory catches fire due to short circuit. Can he claim compensation?
a) No, As principle of Indemnity is not followed
b) No, as principle of Mitigation is not followed
c)No, as principle of subrogation is followed d) No as principle of Indemnity is followed
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b answer is always right
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No, he cannot claim the compensation because the principle of utmost good faith is not followed. According to this principle, it is the duty of the insurer and insured to voluntarily make full accurate disclosure of all facts, material to the insurance contractRead more on Sarthaks.com - https://www.sarthaks.com/100123/person-gets-stock-goods-insured-but-hides-the-fact-that-the-electricity-board-has-issued-him
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