Page 348 - Misc Ebook IC 78

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Amount of cash snatched = Rs.5 lacs
So, liability of the insurance company = Rs.5 lacs.

Q5.b) Money policy issued for 1.4.2010 to
31.3.2011. A loss occurred on 2.2.2011 of Rs.4
lacs. The par carrying limit was Rs.3 lacs and
the annual carrying limit was Rs.40 lacs. It
was found that till 1.2.11 the insured had
already carried cash of Rs.45 lacs. Discuss
the liability of the insurance company.

Ans. The amount of claim payable = Rs 3 lacs less the
premium for the excess amount above Rs. 40 lacs.

Q5.c) A bag containing Rs.3 lacs , being conveyed
from the bank to the Insured's office was
stolen from the parked car at a petrol pump
on the way. It appears that the employee had
gone to settle the petrol bill and the driver
was checking the tyre pressure. Discuss the
liability aspect of the insurer.

Ans. The liability of the insurer = Rs. 3 lacs, provided he has

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