Question

Nishant is the owner of a training school of performing arts in Jaipur. On the suggestion of a friend he took an insurance policy for the school. A few months later a fire broke out in one portion of the school due to bursting of a gas cylinder in the kitchen. The total amount of loss was estimated to be Rs 40000 which included a few musical instruments that was partly burnt. As per the Nishant’s estimation rupees 7000 could be realised by selling of these instruments. Nishant filled and insurance claim with the company and received a cheque of rupees 40000 in due course of time but the insurance company refused to let him take the money which was realised from selling the partly damage musical instruments. Identify and explain the related principles of insurance being described in the above lines​

Answer 1

Answer:

ok this is correct answered