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Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.?
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Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG In...
Principle of Indemnity
The principle of indemnity is applicable in this case. According to this principle, the insured should be compensated for the actual financial loss suffered, but should not gain any profit from the insurance claim. The purpose of insurance is to restore the insured to the same financial position as before the loss occurred.
Right over the Car
In this case, the car was stolen and the insurance company, Tata AIG, paid the full policy amount of 3,00,000 to Anshuman after completing the legal formalities. However, after 1 year, the police recovered the stolen car. Now, Anshuman wants to sell the car to realize money from it, while Tata AIG claims to have a right over it.
According to the principle of indemnity, Tata AIG has the right over the car. When the insurance company pays the insured the full policy amount for the theft of the car, they essentially take ownership of the car. This is because the insurance company compensates the insured for the actual financial loss suffered, which in this case is the value of the stolen car.
Since Tata AIG has already paid the full policy amount, Anshuman cannot claim ownership of the car anymore. He cannot sell the car to realize money from it as the car now belongs to Tata AIG.
Conclusion
In conclusion, the principle of indemnity is applicable in this case of the stolen car. Tata AIG, the insurance company, has the right over the car as they have already paid the full policy amount to Anshuman. According to the principle of indemnity, the insured should not gain any profit from the insurance claim, and the purpose of insurance is to restore the insured to the same financial position as before the loss occurred.
The principle of indemnity is applicable in this case. According to this principle, the insured should be compensated for the actual financial loss suffered, but should not gain any profit from the insurance claim. The purpose of insurance is to restore the insured to the same financial position as before the loss occurred.
Right over the Car
In this case, the car was stolen and the insurance company, Tata AIG, paid the full policy amount of 3,00,000 to Anshuman after completing the legal formalities. However, after 1 year, the police recovered the stolen car. Now, Anshuman wants to sell the car to realize money from it, while Tata AIG claims to have a right over it.
According to the principle of indemnity, Tata AIG has the right over the car. When the insurance company pays the insured the full policy amount for the theft of the car, they essentially take ownership of the car. This is because the insurance company compensates the insured for the actual financial loss suffered, which in this case is the value of the stolen car.
Since Tata AIG has already paid the full policy amount, Anshuman cannot claim ownership of the car anymore. He cannot sell the car to realize money from it as the car now belongs to Tata AIG.
Conclusion
In conclusion, the principle of indemnity is applicable in this case of the stolen car. Tata AIG, the insurance company, has the right over the car as they have already paid the full policy amount to Anshuman. According to the principle of indemnity, the insured should not gain any profit from the insurance claim, and the purpose of insurance is to restore the insured to the same financial position as before the loss occurred.
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Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.?
Question Description
Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.?.
Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.?.
Solutions for Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.? in English & in Hindi are available as part of our courses for Class 11.
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Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.?, a detailed solution for Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.? has been provided alongside types of Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.? theory, EduRev gives you an
ample number of questions to practice Anshuman had taken a Car Insurance Policy of 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realise money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, state who has the right over the Car.? tests, examples and also practice Class 11 tests.
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