Question

Mr. Akshit gets his factory insured against fire of Rs.40 lakh with insurer 'X' and Rs.10 lakhs
with insurer 'Y'. A loss of fire Rs.5 lakhs occurred.
(a) How much compensation can be claimed from 'X' and 'Y' separately and why? Explain
The principle of insurance highlighted in the above case.
b) The residues of the Mr.Akshit's factory were sold for Rs. 15000. Who will rightly avail the
amount and why?

Answer 1

Answer:

A. 30000000

2. 10000

Explanation:

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