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CBSE - XI Commerce - ALL Subject

Why one will take more than one insurance of the same subject matter if he knows that only contributed amount will bee available to him? What is his profit of taking insurance from more than one company? 

Asked by shiphalijain 5th October 2017, 4:36 PM
Answered by Expert


All the insurers will be liable to pay only a proportion of the loss suffered by the insured. If the house is damaged by fire then he cannot claim the amount from both the insurers more than the value of insured property or more than the loss amount. The contract of insurance is not for making profit.
Answered by Expert 6th October 2017, 9:54 AM

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