Question

Ankit, a businessman insures his factory for Rs 40 Lakhs against fire but does not inform the insurance company that they do not follow any fire safety norms and that he has also mortgaged this factory against a bank loan Rs 8 to 10 lakhs. The bank has also insured this factory for Rs 10 Lakhs . Later factory catches fire and could not be controlled because there were no fire extinguishers in the factory. Ankit suffered a loss of Rs 15 Lakhs due to fire. The half burnt goods could be sold for Rs 1 Lakh. On the basis of the information given above
a. Identify and explain the principle of insurance violated by Ankit.
b. Can the bank insure the factory against fire? Why?
c. How much amount Ankit can claim from the insurance company? Explain the principle. d. If the insurance company compensates for the loss to the insured, who has the right to sell the half burnt goods? Why?

Answer 1

Answer:

mark the one as brainliest, not me^_^

Answer 2

Answer:

mark the one as brainliest plz