Question

Stock of goods destroyed by fire is Rs 900000 , stock of goods salvaged Rs 100000 , value of insurance policy Rs 800000 . There is an average clause in the policy the amount of claim is *
a) Rs 900000
b) Rs 800000
c)Rs 720000
d) Rs 700000​

Answer 1

Answer:

ANSWER IS 700000 PLESE FOLLOW AND LIKE ME.

Answer 2

Given,

The stock of goods destroyed by fire = Rs 900000

The stock of goods salvaged = Rs 100000

The value of the insurance policy = Rs 800000

To find,

The amount of claim if there is an average clause in the policy.

Solution,

The amount of claim if there is an average clause in the policy is Rs. 7,20,000. (Option C)

We can simply solve the numerical problem by the following procedure.

We know that;

The amount of claim that the insured gets is calculated as follows:

Claim amount = (Actual loss × Insured amount) / Value of goods or property at the date of loss.

Thus,

Claim amount = $\frac{900000*800000}{100000}$

                        = Rs 7,20,000

As a result,

The amount of claim if there is an average clause in the policy is Rs. 7,20,000. (Option C)