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LoginAmit took a fire insurance policy for his factory situated in Faridabad. One day when he was at PVR cinema hall in the evening, he received a call from the security guard of the factory. The security guard informed him that a fire has broken out in the factory and it is spreading very fast. Since, Amit was enjoying the movie very much he did not want to leave the theatre at that very time. Also, he thought that the loss will be compensated by the insurance company so he need not bother about anything when he visited his factory, later on he saw that everything has been burnt to ashes. He filed a claim for the loss with the insurance company. The surveyer who came from the insurance company to assess the amount of loss remarked. If sincere efforts were made to put off the fire immediately, the quantum of loss would have been minimal. In context of the above case:(a) Identify and explain the principle of insurance which has been violated.
Business Studies Secondary School in Business Studies 1 year ago
Posted on 27 Jul 2024, this text provides information on Business Studies related to Secondary School in Business Studies. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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