Question 11:
Surinder Chauhan had purchased a bus for 7 40,00,000 to Lis used as a private service vehicle
It was insured under a comprehensive insurance policy issued by an insurance company
The bus met with an accident, for which insurance was claimed. The insurance company
appointed its surveyor, who assessed the loss at 1,00,500 and this amount was paid to
Surinder Chauhan. Identify and explain the principle of insurance which is applicable in
the above case.
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Answer:
Principle of indemnity
Explanation:
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