Page 431 - Motor Insurance Ebook IC 72
P. 431
Solution: Guide for Motor Insurance
Adjustment of Loss
Assessment of loss against tyre & tube burst Rs. 3,000.00
Assessment of loss against broken front bumper Rs. 4,500.00
Rs. 7,500.00
Less 50% as per Policy conditions Rs. 3,750.00
Rs. 3,750.00
Less Salvage Rs. 200.00
Assessment against spares after salvage
& depreciation Rs. 3,550.00
Add Mechanical charges Rs. 500.00
Rs. 4,050.00
Less Policy Excess Rs. 500.00
Rs. 3,550.00
Claim Payable : Rs. 3,550/-.
Ex. No. 5
A Ashok Leyland truck registered on 1-1-2011 insured for SI
Rs. 6 lacs for a term from 1-1-2011 to 31-12-2011 under
commercial vehicle package Policy. The IV met with an
accident on 1-8-2011 and insured furnished the claim form
along with estimate of loss as follows.
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