Question

Q6. (a) Mr.X gets his factory insured against fire of Rs. 40,00,000 with insurer
A & Rs. 10,00,000 insurer B. A loss of Rs. 5,00,000 occurred.
(i) How much compensation can be claimed from A & B separately & why?
Name the principle of insurance highlighted in the above case. (2)
I
(ii) The residues of the factory were sold for Rs. 15,000. Who will rightly avail
the amount & why? (1)
(b) Mr.
Y had advanced money on the security of a house, can take fire
insurance policy of that house though he is not the owner of the house.
Identify the principle due to which , he can take the policy. (1)
© Explain 'Mitigation' as a principle of Insurance. (2)​

Answer 1

Answer:

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Explanation:

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