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Purchase goods of G 20,000, out of these goods amounting to G 14,000 is insured. Goods amounting to G 3,000 is burnt by fire out of the insured goods, but the loss is only G 2,500. Insurance company accepted this claim and made the payment.?
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Purchase goods of G 20,000, out of these goods amounting to G 14,000 i...
Purchase goods:
The individual purchased goods amounting to G 20,000. Out of these goods, G 14,000 is insured.

Fire incident:
Unfortunately, a fire incident occurred, causing G 3,000 worth of goods to be burnt. Fortunately, the insured goods were covered by insurance.

Loss and claim:
The total loss incurred due to the fire incident was G 2,500. The individual filed a claim with the insurance company for this loss.

Insurance company's response:
The insurance company reviewed the claim and accepted it. They acknowledged that the loss of G 2,500 was a valid claim covered by the insurance policy.

Payment:
After accepting the claim, the insurance company proceeded to make the payment to the individual. The payment would likely be for the amount of the loss, which is G 2,500.

Explanation:
- The individual purchased goods worth G 20,000, out of which G 14,000 was insured. This means that in case of any covered risks, the insurance company would compensate for the loss or damage.
- Unfortunately, a fire incident occurred, resulting in G 3,000 worth of goods being burnt. However, since the insured goods were covered, the individual was eligible to file a claim for the loss.
- The loss incurred due to the fire incident was G 2,500, which was less than the value of the goods destroyed. This means that the insurance company would cover the loss up to the insured amount of G 14,000.
- The insurance company reviewed the claim filed by the individual. After assessing the validity of the claim and confirming that it fell within the policy's coverage, the insurance company accepted the claim.
- Once the claim was accepted, the insurance company proceeded to make the payment to the individual. The payment would be equal to the loss amount claimed, which in this case is G 2,500.
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Purchase goods of G 20,000, out of these goods amounting to G 14,000 is insured. Goods amounting to G 3,000 is burnt by fire out of the insured goods, but the loss is only G 2,500. Insurance company accepted this claim and made the payment.?
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Purchase goods of G 20,000, out of these goods amounting to G 14,000 is insured. Goods amounting to G 3,000 is burnt by fire out of the insured goods, but the loss is only G 2,500. Insurance company accepted this claim and made the payment.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Purchase goods of G 20,000, out of these goods amounting to G 14,000 is insured. Goods amounting to G 3,000 is burnt by fire out of the insured goods, but the loss is only G 2,500. Insurance company accepted this claim and made the payment.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Purchase goods of G 20,000, out of these goods amounting to G 14,000 is insured. Goods amounting to G 3,000 is burnt by fire out of the insured goods, but the loss is only G 2,500. Insurance company accepted this claim and made the payment.?.
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