Question

Supposing in motor insurance, sum insured is Rs. 1,00,000, deductible is Rs. 5,000 and claims amount is Rs. 3,000 . What is the amount payable by the insurance company

Answer 1

Given :   in motor insurance, sum insured is rs. 1,00,000, deductible is rs. 5,000 and claims amount is rs. 3,000 .

To Find : amount payable by the insurance company.

Solution:

amount payable by the insurance company. = claimed amount -  deductible

and  claimed amount max limit is  sum insured

claimed amount = 3000

3000 < 100000

claimed amount = 3000

deductible amount = 5000

amount payable by the insurance company. = 3000 - 5000

= - 2000

-2000 < 0

Hence nothing payable by the insurance company.

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