Page 157 - Misc Ebook IC 78

Ans. Miscellaneous Insurance

Q10.c) robbery occurred of Rs 15 lacs when the
employee of the insured was returning
with cash of Rs.25,00,000. It was however
found that the total carrying till date of
loss was already Rs. 3,30,00,000. What
would be the liability of the insurance
company for the claim?

Annual carrying limit = Rs. 3 crores
Single carrying limit = Rs 20,00,000
Amount of money lost = Rs.15,00,000
So, liability of the insurers will be restricted to Rs,
15,00,000 only
However, since the annual carrying limit has
exceeded 3 crores, but premium was taken for 3
crores only, the premium necessary for the exceeded
amount will be deducted from the claim payable
amount.

A 25% first loss burglary policy has been
issued with a sum insured of Rs. 1 crore.
A loss occurs their under of Rs.1,20,000
due to a break in and theft thereafter. It

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