Question # 02:
Loss intimated amount : Rs. 575,000/=
Sum insured: Rs. 1,500,000/=
Following information available for calculation of assessed value;
1- Market value of asset at the time of insurance arrangement Rs. 1,700,000/=
2- Market value of asset at the time of loss Rs. 500,000/=
3- Depreciation: 5% of loss amount
4- Deductible: Rs. 25,000/= each and every loss
5- Salvage value: 30,000/=
Requirement: Calculate Assessed loss.
