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Veeru is a dealer of dress …

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Veeru is a dealer of dress materials for ladies suits. He deals in variety of fabrics like Silk, Embroidered cotton, Synthetic, Georgette, Lycra, Nylon, Crepe, Satin etc. He took a fire insurance policy for his stock worth ` 5 lakh. After 6 months, his shop catches fire due to short circuit and all his stock gutted in the fire. He claimed for compensation. The insurer paid 10% less to him what is actually due to him stating that as per the Company’s internal policy they render 10% less on all fire insurance cases. Veeru didn’t accept the compensation and moved to the consumer court to get his fair due. Identify and explain the insurance principle which is being violated in the above case.

Posted by Aayush Jindal 5 years, 7 months ago

CBSE > Class 11 > Business Studies

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