Question
Ms. Emilie insured a brand-new Toyota Land Cruiser Prado, which she personally stole from ABC Car Rentals Company, with Geraldo Insurance Co. Ltd on March
Ms. Emilie insured a brand-new Toyota Land Cruiser Prado, which she personally stole from ABC Car Rentals Company, with Geraldo Insurance Co. Ltd on March 6, 2020. The car was insured on a Comprehensive Policy for one year. Ms. Emilie concealed the fact that the car was stolen from ABC Car Rental. The insurance contract was entered into after Ms. Emilie had paid GHC 10,000 (ten thousand Ghana Cedis) as a premium. The full cost of the vehicle was GHC 250,000 (Two hundred and Fifty Thousand Ghana Cedis). On 31st December 2020, the car got involved in a serious accident at Shai Hills when it was on top of the hill near a village and it was damaged beyond repairs. Ms. Emilie submitted a claim for the sum assured to Geraldo Insurance Co. How much should Geraldo Insurance Co Ltd pay Ms. Emilie? Discuss.
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