B Com Exam > B Com Questions > In fire insurance when we insured the 2,20,00...
Start Learning for Free
In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone?
Most Upvoted Answer
In fire insurance when we insured the 2,20,000 and when fire occur sto...
Cash a/c dr -200000 to insurance a/c - 200000 but the 20000 stock not destoyed
Community Answer
In fire insurance when we insured the 2,20,000 and when fire occur sto...
Explanation of the missing 20,000 Rs in fire insurance claim:
1. Insured Amount:
- The insured amount in fire insurance was 2,20,000 Rs, which means that in case of any fire damage, the insurance company would cover up to this amount.
2. Stock Destroyed:
- Unfortunately, a fire occurred and destroyed stock worth 2,00,000 Rs.
3. Claim Settlement:
- As per the insurance policy, the insurance company will cover the actual loss incurred, which is 2,00,000 Rs in this case.
4. Deductible:
- The missing 20,000 Rs could be due to the deductible clause in the insurance policy.
- Deductible is the amount that the policyholder needs to bear themselves before the insurance company starts covering the losses.
- In this scenario, the deductible amount could be 10% of the insured value, which is 20,000 Rs (10% of 2,00,000 Rs).
5. Final Payout:
- The insurance company will pay the claim amount after deducting the deductible.
- So, in this case, the insurance company will pay 1,80,000 Rs (2,00,000 Rs - 20,000 Rs) to cover the loss of the destroyed stock.
6. Conclusion:
- The missing 20,000 Rs is accounted for as the deductible amount that the insured needs to bear as per the policy terms.
- It is important to understand the terms and conditions of the insurance policy to know how the claim settlement will be done in case of any loss or damage.
1. Insured Amount:
- The insured amount in fire insurance was 2,20,000 Rs, which means that in case of any fire damage, the insurance company would cover up to this amount.
2. Stock Destroyed:
- Unfortunately, a fire occurred and destroyed stock worth 2,00,000 Rs.
3. Claim Settlement:
- As per the insurance policy, the insurance company will cover the actual loss incurred, which is 2,00,000 Rs in this case.
4. Deductible:
- The missing 20,000 Rs could be due to the deductible clause in the insurance policy.
- Deductible is the amount that the policyholder needs to bear themselves before the insurance company starts covering the losses.
- In this scenario, the deductible amount could be 10% of the insured value, which is 20,000 Rs (10% of 2,00,000 Rs).
5. Final Payout:
- The insurance company will pay the claim amount after deducting the deductible.
- So, in this case, the insurance company will pay 1,80,000 Rs (2,00,000 Rs - 20,000 Rs) to cover the loss of the destroyed stock.
6. Conclusion:
- The missing 20,000 Rs is accounted for as the deductible amount that the insured needs to bear as per the policy terms.
- It is important to understand the terms and conditions of the insurance policy to know how the claim settlement will be done in case of any loss or damage.
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone?
Question Description
In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone?.
In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone?.
Solutions for In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone? defined & explained in the simplest way possible. Besides giving the explanation of
In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone?, a detailed solution for In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone? has been provided alongside types of In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone? theory, EduRev gives you an
ample number of questions to practice In fire insurance when we insured the 2,20,000 and when fire occur stock destroyed about 2,00,000Rs.I understand that insurance company will give us the destroyed amount then where is 20,000 gone? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup