Question
Mohammed has a property worth OMR 500,000. He took insurance from PRQ Company worth OMR 300,000 and from BCA Company OMR 100,000. In case of
Mohammed has a property worth OMR 500,000. He took insurance from PRQ Company worth OMR 300,000 and from BCA Company OMR 100,000. In case of accident, Mohammed incurred a loss of 300,000 OMR to the property. Mohammed can claim OMR 300,000 from PRQ Company but after that, he cannot make profit by making a claim from BCA Company. Under which insurance principle PRQ Company can make a claim from BCA Company to for proportional loss claim value. a. Principle of contribution b. None of the options c. Utmost good faith d. Principle of insurable interest
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