Q:1 It is a prime responsibility of he insured to take reasonable steps to minimise loss/ damage to the insured property . Identify and explain the principle of insurance highlighted in the given statement.
Q:2 Paul Ltd. insures its stock against fire for Rs 20 lakh. A fire broke down and the total stock was lost. At the time of fire there was stock worth RS 20 lakh. What is the value of compensation company would be entitled to?
Q:3 Mr. Akshit gets his factory insured against fire of Rs 40 lakh with insurer A and Rs 10 lakh insurer B. A loss of Rs 5 lakh occurred.
(a) How much compensation can be claimed from A and B separately and why? Name the principle of insurance highlighted in the above case.
(b) The residues of the barat factory were sold for Rs 15,000. Who will rightly avail the amount and why?
Q:4 Identify the principle of insurance highlighted in the given statement :
(a) To claim for insurance the insured must take reasonable steps to minimise the loss.
(b) Insured is entitled to recover the loss suffered by him, up to the limit of policy amount.
(c) The insured is expected to disclose all the important facts related to the property insured.
(d) Insured must have some economic interest in the subject – matter of insurance contract.
Answers
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Answer:
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