NOW LETS TEST YOUR MEMORY..

DO YOU REMEMBER INSURANCE CASES???

CASE 1
Aditya

gets his house insured against fire for 10lakhs with insurer A and for 5lakhs with insurer B .A loss of 3lakhs occurred .

Q- How much compensation can he claim from A and B ? Give reasons Q- which principle of insurance implied here?

CASE 2
Company

A had its truck insured for accident and apples for loss by theft . The truck while carrying apples to the market met with an accident . By this time apples had fallen down on the road and got spoiled . company is ready to compensate for the damage to truck but company A wants compensation for the loss of apples too ? Will they get compensated ? Why or why not ?

Insurance

CASE 3
Shubham

has taken a loan from Saurabh against the security of his factory .

Q- Can Saurabh take a fire insurance of that factory ? Give reasons. Q- name the principle implied here?

CASE 4
Mr. Rakesh got his factory insured against fire . On 31st december ,2013 fire was caught in the factory and a call was made by the security guard informing rakesh about the burning factory . Mr. rakesh told the security guard to leave that place and go home . Next day mr. rakesh visits the insurance company and asks for compensation . Q- Can insurance company refuse to compensate . Why or why not ? Q- Name the insurance principle implied?

CASE 5
If a person buys full insurance on a commercial building that same person coowns only a total of 50% share . If this building insured gets destroyed accidently . Q- Will the co owner be able to get full compensation for the damage to building ? Why or why not ? Q- Name the insurance principle?

CASE 6
A ship worth Rs 60 crores got turned upside down due to high and heavy waves. The ship was insured with the insurance company with its orignal cost. To bring It to its actual position it costed Rs 80 crores. Q- Will they get the compensation of 80 crores or 60 crores? Give reasons? Q- which ensurance principle implied?