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Premium is the amount paid to the insura...

Premium is the amount paid to the insurance company every month.

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Mansi is runnin a general store. The store was insured against naturel disaster like flood, earthquake and fire from Hindustan General Insurance Conpany for the amount of Rs 50 lacs. Heavy raining in the city caused massive flood. This left the store without any security. The Store was looted by people which was caught on CCTV . She claimed from the insurance company the amount of damage of 13 lacs for the material and furniture spoiled from flood and also Rs 5 lacs for the loss of meterial by theft, she also claimed another Rs 25 lacs for now converting the store into fully AC and additional floor for more stroange space. Insurance after assessoing the damage to the property and stock dur to flood and seeing the CCTV footage accepted the claim of Rs 13 lacs. Mansi argued that as she has being paying premium for Rs 50 lacs she should be paid the full claim of Rs 43 lacs. 1. What is the fundamental principle of insurance? 2. Identify the value which motivates him/her to take an insurance? 3. Identify and explain the principles of insurance involved by insurance company by accepting the claim amount.

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