Q.8. Anubhav took a fire insurance policy for his property worth 5, 00,000 with two insurers: ICICI Lombard General Insurance Co. Ltd. for 4,00,000 and Bajaj Allianz General Insurance Co. Ltd. for 2,00,000. An electric short circuit in his property caused fire and it resulted in a loss of 1, 50,000. He filed a claim for 1, 50,000 against each of the two insurance companies. (a) Can Anubhav recover 1, 50,000 each from the two insurers. (b) State which principle of insurance has been highlighted in the given case?
Answers
Explanation:
a) No, he won't claim Rs.1,50,000 from both the insurers.
He can claim from ICOCI Lombard general insurance Co.ltd = 400000x150000/600000=1,00,000
He can claim from Bajaj Allianz General insurance Co.ltd =
200000x150000/600000=50,000
b)
Principle of Contribution is highlighted here.
Please mark it as brainliast
Explanation:
Anil took a fire insurance policy for his property worth Rs. 5,00,000 with two insurers: ICICI
Lombard General Insurance Co. Ltd. for Rs. 4,00,000 and Bajaj Allianz General Insurance Co.
Ltd. for Rs. 2,00,000. An electric short circuit in his property caused fire and it resulted in a
loss of Rs. 1,50,000. He filed a claim for Rs. 1,50,000 against each of the two insurance
companies.
i. Can Anil recover Rs. 1,50,000 each from the two insurers.
ii. Which principle of insurance has been highlighted in the given case?
iii. Determine the liability of each of the two insurers.