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Business Studies

Functions of Insurance

Mr.Rakshit to...

Question

Mr.Rakshit took an insurance policy against his car after four months he sold it to Mr Sharma. The car was stolen from outside of Mr Sharma's house. Mr.Rakshit made a claim to insurance company. His claim was rejected on the grounds that Mr Rakshit was no longer the car ower, so he has no insurable interest and he has no financial loss with the loss of the car. Was Mr Rakshit right in making a claim?

A

Yes, because he had bought the car.

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B

No, because he has already sold the car to Mr Sharma.

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Solution

The correct option is B
No, because he has already sold the car to Mr Sharma.

No, because he has already sold the car.

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