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Question

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A person insured his factor for Rs.10 lakh against fire. Due to fire, he suffered a loss of Rs. 4 lakh after three months. How will he get from the insurance company as compensation ?

Solution

He will get Rs. 4 lakh as compensation.

Some More Questions From Business Services Chapter

Define the term “bank”.

Define insurance.

Define life insurance.

What do you mean by Fire Insurance ?

What do you mean by Marine Insurance ?

Define communication.

What do you mean by the term transportation ?

What do you mean by the term warehousing ?

What do you mean by Public Warehouse ?

What is meant by cold storage houses ?

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