Question

From the following information find out fire insurance claim. Value of Stock on the date of fire Rs200000, Policy amount Rs 150000, Goods saved from fire Rs50000​..

Answer 1

Explanation:

Stock on date of fire is Rs. 2,00,000

Goods saved = Rs. 50,000

Amount of policy is Rs.1,50,000

Amount of claim is = ??

Stock on date of fire --------- Rs.2,00,000

Less : Goods saved --------- Rs. 50,000

Loss ----------------- Rs. 1,50,000

Claim = Policy value / Total stock × Loss

➨ Claim = (1,50,000/2,00,000) × 1,50,000

➨ Claim = (15/2) × 15,000

➨ Claim = (15/2) × 15,000

➨ Claim = 15 × 7,500

➨ Claim = 1,12,500

Claim is Rs. 1,12,500

Hence,  Rs. 1,12,500 is the claim.

Answer 2

Amount of claim is Rs. 1,12,500.

Explanation:

Given :

• Value of Stock on the date of fire = Rs. 2,00,000
• Policy amount is Rs 1,50,000
• Goods saved from fire = Rs. 50,000

★ Calculation of Insurance Claim :

• Loss of Stock =

• Amount of loss of stock is calculated as under :

Value of stock on the date of fire -- Rs. 2,00,000

Less : Goods saved from fire ----- Rs. 50,000

Stock destroyed by fire ---- Rs. 1,50,000

★ Amount of claim :

• Loss of Stock = 1,50,000

$\longrightarrow \: \frac{Amount \: of \: Policy}{Value \: of \: Stock} \times Loss$

$\longrightarrow \: \dfrac{1,50,000}{2,00,000} \: \times \: 1,50,000$

$\longrightarrow \: 1,12,500$

Amount of claim = Rs. 1,12,500

Therefore, Amount of claim is Rs. 1,12,500.