Name Insure amount Actual value Actual loss Mr A 30,000 100,000 40,000 Mr B 40,000 120,000 50,000 Mr C 50,000 15,000 70,000 If Mr A takes a fire insurance p...
Question 1 Report
| Name | Insure amount | Actual value | Actual loss |
| Mr A | 30,000 | 100,000 | 40,000 |
| Mr B | 40,000 | 120,000 | 50,000 |
| Mr C | 50,000 | 15,000 | 70,000 |
If Mr A takes a fire insurance policy with average clause, his compensation will be
Answer Details
Since the policy is with average clause the formula used in calculating his compensation is
By this formula the compensation will be
Amount insured = N30,000
Amount loss = N40,000
Actual Value = N100,000
=
= = 12,000
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