Business Studies, asked by mansiacharya249, 6 months ago

The insured gets loss amount or policy amount, whichever is less. what is called??​

Answers

Answered by parimeshram040
6

Answer:

According to the Principle of Loss Minimization, the insured must always try their level best to minimize the loss of his insured property, in case of sudden events like fire etc. The insured must take all necessary steps to control and reduce the losses and to save what is left.

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