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LECTURE BY SRCC GRADUATE II ANSHITA JINDAL II VIDYAM II CLASS 11 BUSINESS STUDIES

Class 11 Business Studies 📘
Chapter: Business Services 🏦
Topic: Principle of Contribution 🤝
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🤝 The Principle of Contribution states that if the insured has taken insurance for the same risk from multiple insurers, each insurer will pay only their share of the loss and not the full amount.

✅ This prevents the insured from claiming more than the actual loss.
✅ Insurers share the compensation amount proportionally.
✅ Ensures fairness among multiple insurers and avoids over-insurance.

💡 Example: If your goods are insured by two companies for ₹1 lakh each and loss occurs, each insurer pays half the loss, i.e., ₹50,000 each.
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