Page 20 - Misc Ebook IC 78

The Insurance Times

Q4.(a) Enumerate the exclusions which are
normally incorporated in a Money Policy.

(b) Describe the various methods available to the
insurance company for providing indemnity
to the insured in the type of insurances
covering property/goods.

Ans.(a) The following losses are normally excluded :
Shortage due to error or omission.
(i) Loss of cash entrusted to any person other than the
insured or an employee of the insured.

(iii) Losses due to fraud/dishonesty of an employee of
the insured (provided they are discovered within
48 hours).

(iv) Losses which are covered by other policies.

(v) Losses arising from war and allied risks.

(vi) Losses arising from riot, strikes, and civil commotion
and acts of terrorism.

(vii)Losses occurring by the use of keys to the safe
unless such keys were obtained by force or threat.

(viii)Money carried under contract of affreightment and
theft of money from unattended vehicle.

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