Question

Balaji Transport Company has maintained a fleet of refrigerated transportation vehicles to ensure fresh delivery of Fruits and Vegetables from Nagpur to other parts of country The consignment is always sent on the most direct route, with fewest transit stops, thereby minimizing the elapsed time and eliminating unnecessary climatic changes Balaji transport company has accident insurance policy for all its vehicles. A truck of the company carrying oranges from Nagpur to Varanasi met with an accident.

There was no damage to the oranges but the consignment had to be reloaded in a new truck. Due to the time consumed unloading and

reloading, the oranges got spoiled. On the basis of given information, answer the following questions:

(a) Will the company get compensation for the loss of oranges from the insurance company? Give reason in support of answer. (b) Explain the relevant principle of insurance (c) State any two other principles of insurance​

Answer 1

Answer:

The basic principle of insurance is that an entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss. Basically, all the policyholder pool their risks together. Any loss that they suffer will be paid out of their premiums which they pay.

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