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Value of a house is one lakh. The insured takes fire policy with two insurers one lakh each. How much is total claim payable by insurers together?

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Question ajoutée par mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice
Date de publication: 2014/01/10
Subhranshu Ganguly
par Subhranshu Ganguly , Quality Analyst. , WIPRO

As insurance aims to cover losses and not to make it profitable to policyholders to make a profit out of an accident the total claim amount cannot be more than the value of the asset.

Mamoun elbaghir abdalla mhamad Eltayeb
par Mamoun elbaghir abdalla mhamad Eltayeb , Insurance agent / Producer , Albaraka Insurance Company

I agree with Mr. Subhranshu Ganguly answer insurance is aims to return the insured property to it's condition as it's pre the risk or the incident , and would like to add that insurance here is convert to a coinsurance as we have two insurers covering the same risk which is the insured house by fire insurance policy , therfore we should apply the average out of the total sum insurd one lakh and calculate the claim settlement as follows:-

insurer A. share =0.5 lakh

insure B. share =0.5lakh

                        

total amount   =1 lakh

                       

Thanking you.

 

 

 

 

 

 

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