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Fire insurance claim...
Accountancy
What is avq clause explain in layman's terms anyone Plssss......
Answers (4)
Avg clause: Your stock was worth 10,000. But you took insurance of only 5,000 (you insured only half value) Now when you suffer a loss of say 4,000. Insurance company will apply average clause and compensate you with only 2,000 i.e. (5,000/10,000 x 4,000).
Thread Starter
Balachandar SAnd also .... What is salvage value,, and fire fighting exp.... Menas what........ Tell anyone .tq.......
Salvage value - Value of destroyed goods Fire fighting expenses - Expenditure incurred to put the fire off
Sahibdeep Singh
Salvage value - Value of destroyed goods Fire fighting expenses - Expenditure incurred to put the fire off
Thank you so much sir.........
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