Life insurance case me sir Different policy lete hai to all insurance co claim milega ya nahi sir. Ye to General insurance co ke leye loss milega it's right
Principle of Contribution is corollary of principle of indemnity, it means the base of contribution is principle of indemnity. In indemnity person will get loss, but in principle of contribution if the policy holder prepares policy from two different insurance company upon same subject matter and if loss caused, both insurance company will contribute the loss, i. e. Suppose policy holder sustained a loss of rupees two lacs in such situation both insurance company will contribute 1lac rupees, because as per principle of indemnity policy holder will get only loss though he has prepared insurance policy from one or more insurance company.
@@WaseemKhanlaw Insured a property from 2 insurance is foolish in this case ,if he only get loss amount. Why he/she paid double premium for same loss recovery.???
No. Total claim will be equal to the damage. Eg A has taken 2 Fire Insurances from company X and Y for Rs.5000 and Rs.10000 respectively. Now if the peril happens and the assessment is Rs.1200, then X will be liable to pay Rs.400 and Y Rs.800. .
@@balaganeshmahendrathas9663 why he will take insurance from 2 company. If he get same compensation from one insurance company, why he LL give premium to 2 company.
@@bikashpatrabikash It is not about reasoning why someone will take insurance from two companies. It is when someone has taken insurance from two companies , how the settlement will be.
@@bikashpatrabikash I know where you are coming from and I will explain. This will only makes sense when claim amount is more than that of any one of the insured amount. Example total claim amount is 5000 and company A covered only 4000, then the rest 1000 can be claimed from company B. Elese as you mentioned taking from 2 companies and paying premium twice is useless he would rather increase coverage amount from 1 company itself. But again as the saying goes never put all eggs in one basket could be another reason. Hope it clarifies.
Dr sir I personally join your class happily thank
Nice explanation sir. Thank you
Very good explanation
Bahut achha sir aap moter insurence se related vidio plz uploaded
Thanks sir.
Life insurance case me sir
Different policy lete hai to all insurance co claim milega ya nahi sir.
Ye to General insurance co ke leye loss milega it's right
If the policy holder suppress the facts yo the other two insurance companies, then ?
Different between principal of ideminity and contribution?? I think u told same thing in these two videos. Please clarify.
Principle of Contribution is corollary of principle of indemnity, it means the base of contribution is principle of indemnity. In indemnity person will get loss, but in principle of contribution if the policy holder prepares policy from two different insurance company upon same subject matter and if loss caused, both insurance company will contribute the loss, i. e. Suppose policy holder sustained a loss of rupees two lacs in such situation both insurance company will contribute 1lac rupees, because as per principle of indemnity policy holder will get only loss though he has prepared insurance policy from one or more insurance company.
@@WaseemKhanlaw thank you
@@WaseemKhanlaw Insured a property from 2 insurance is foolish in this case ,if he only get loss amount. Why he/she paid double premium for same loss recovery.???
Why a policyholder can make same policy in different companies.
Whether he get same amount of loss from all the companies or a single company.
No. Total claim will be equal to the damage. Eg A has taken 2 Fire Insurances from company X and Y for Rs.5000 and Rs.10000 respectively. Now if the peril happens and the assessment is Rs.1200, then X will be liable to pay Rs.400 and Y Rs.800.
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@@balaganeshmahendrathas9663 why he will take insurance from 2 company. If he get same compensation from one insurance company, why he LL give premium to 2 company.
@@balaganeshmahendrathas9663 Yes absolutely right.
@@bikashpatrabikash It is not about reasoning why someone will take insurance from two companies. It is when someone has taken insurance from two companies , how the settlement will be.
@@bikashpatrabikash I know where you are coming from and I will explain. This will only makes sense when claim amount is more than that of any one of the insured amount. Example total claim amount is 5000 and company A covered only 4000, then the rest 1000 can be claimed from company B. Elese as you mentioned taking from 2 companies and paying premium twice is useless he would rather increase coverage amount from 1 company itself. But again as the saying goes never put all eggs in one basket could be another reason. Hope it clarifies.
sir, does the contribution principle of insurance apply to life insurance?
Principle of contribution doesn't applicable on Life insurance
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