Question

Q.33 a) Vivaan insure his shop for rs 4lakhs. In a fire accident the
shop burned & incurred a loss of rs. 2 lakhs Vivaan claimed for the
assured sum ie. Rs. 4 lakhs.
(i)Which principle of insurance is applicable here? Explain. (3)
(b) Mr. Subhash purchased a car for for rs. 650000 and insured it with
Oriental Insurance Company for rs 650000 each. On an accident, the car
was completely damaged & he claimed compensation from both the
companies
(1) Explain the principle of insurance highlighted here? (3)​

Answer 1

The Three Things to Consider When Making Life Decisions

• Weigh the pros and cons. Make a list of what's good about the decision and what isn't. ...
• Listen to your gut. ...
• Consider the impact on others..