Page 25 - Misc Ebook IC 78

Miscellaneous Insurance

(xvii) Suhana Safar Policy - Covers travelers within India
through any modes of transport, Rail, Road, Air or
Water.

(xviii) Package Policy for Credit Societies -Provides
cover to Buildings and their contents, Office contents,
Money and Pledged Gold.

Q5. Write short notes on the following :

(i) Valued policy - Valued policies are contracts where
the sum insured is deemed to be the actual value of the
property insured throughout the currency of insurance.
Claims are settled in respect of total loss without any
adjustment which may otherwise arise on such
considerations as adequacy of sum insured, market value
etc.

They are mostly issued for valuable paintings, curios,
antiques and other works of art whose values are
different from the market value of such things, as the
intrinsic value may be small compared to the sentimental
or personal value which the owner of the article place
on it. Hence an Agreed value is insured mutually decided

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