Page 237 - Fire Insurance Ebook IC 57

The Insurance Times

after investigation of Company official, it is
processed and settled on the basis of claim form
and investigation report. If the loss is complicated
or large, then loss surveyors are assigned the
job of investigation and report on the cause and
extent of loss.

(vi) After getting the report from the surveyor, the
insurer then decides whether to accept or decline
the claim. He then communicates the same to the
insured in writing.

(vii) If the insured agree with the insurer, and send his
acceptance letter for the same, the insurer then
prepares the check for disbursal in case of accepted
claim. For declined claim, if the insured disputes
the decision and replies back, the insurer then has
to satisfy his queries in writing.

Q5. Discuss the concept of value in respect of
insurance. How value is determined in
respect of following:

a. Buildings - In case of total destruction of a building, it
would not be appropriate to consider market value or

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