Page 12 - Misc Ebook IC 78
P. 12
The Insurance Times
(ii) Such a policy is considered only if the total value of
stocks exceed 25 lakhs.
(iii) No First Loss Policy is usually issued for less than
25% of the total value of the property.
(iv) Cover in respect of damage to the premises is
excluded.
No definite rules can be laid down for rating purpose, as
this depends from case to case, and from circumstances
to circumstances. However the factors to be considered
are :
(i) The full value of the property to be insured.
(ii) The sum insured selected by the proposer and its
relationship to the total value.
(iii) The maximum probable loss , regard to the nature
of the stock.
(iv) The normal rate for the risk on full value insurance.
Ans.b) The proposal form for Burglary insurance contains
the following questions :
(i) The names and address of the proposer.
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