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Demonstrate how the claim will be settled

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Question - A company insured its property against accidental damage with insurance companies; X, Y and Z for, Kshs. 3M, Kshs. 2M and Kshs. 1M respectively. The policies were subject to a deductible of Kshs. 20, 000/= and average condition was also applicable. During the policy period, damage occurred to property and loss was estimated to be Kshs. 1M, while the market value of the property was Kshs. 7M. Demonstrate how the claim will be settled.

Reference no: EM133105828

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