Mr. David Otieno insured his house at Milimani Kisumu County with three insurance companies. Kenindia covered 250,000Kshs,
Fantastic news! We've Found the answer you've been seeking!
Question:
Mr. David Otieno insured his house at Milimani Kisumu County with three insurance companies. Kenindia covered 250,000Kshs, Gateway covered 500,000Kshs and Amaco Insurance covered 200,000Kshs. Two years later, the house was partly destroyed by fire and the loss to the house was estimated to be 450,000Kshs.
Required
Calculate:
(i) Total sum insured (2 marks).
(ii) The amount each company is required to contribute towards the loss
(4 marks).
(b) Describe the characteristics generally observed in the case of life, marine, fire and general insurance in Kenya (9 marks).
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date: