Page 221 - Misc Ebook IC 78

Miscellaneous Insurance

under the control of the insured, whilst such vehicles
are left unattended.
(v) Loss or damage caused by or arising from
depreciation, wear and tear, vermin and mildew.
(vi) Theft or dishonesty of insured's family members,
employees, brokers or customers.

Q8.a) List out various underwriting considerations
in Money Insurance Policy.

Ans. The following factors are generally considered
while underwriting a Money policy :
(i) The maximum amount carried in any single transit.

(ii) The number of employees carrying money, their
service tenure with the insured and whether any of
them was involved in any previous default.

(iii) The mode of transport to be used while carrying
money, i.e, taxi, bicycle, bus etc

(iv) The manner in which it is carried, i.e, in the body of
the employee, in a bag, sealed box etc.

(v) Whether armed guards accompany the person
carrying the money.

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