Motor Insurance Case
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This document discusses an insurance policy with a sum insured of Rs. 9,00,000 and a premium of Rs. 23,531. It details a loss of Rs. 30,000 that occurred, with Rs. 20,000 recovered from a third party. The remaining Rs. 10,000 loss can be recovered using the principle of subrogation. It also provides an example of calculating payment using the average method, showing the insurer paying Rs. 10,000 for a Rs. 30,000 loss.
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- 1. VALUE 21,00,000 PREMIUM SUM INSURED COMPREHENSIVE POLICY 9,00,000 23531
- 2. PERILS EXCLUDE THEFT WAR ROAD STRIKE
- 3. LOSS OCCURED 30000 RECOVERY (3rd PARTY) 20000 YET TO BE INDEMNIFIED 10000
- 4. CAN HE RECOVER THE UNINDEMNIFIED TK.10000 LOSS FROM ??? PRINCIPLE OF SUBROGATION SAYS - YES
- 5. AVERAGE METHOD MAXIMUM PAYABLE BY 12857 PAYS 10000
- 6. RECOVERY INDEMNITY LOSS 12857 32857 30000 10000 30000