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Ram has taken fire insurance policy for his factory for a sum insured of 4 lakhs. 

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Ram has taken fire insurance policy for his factory for a sum insured of 4 lakhs. 

Due to fire, he suffered a loss of Rs. 1 lakhs. What is the amount of compensation will he get ? Explain with reason ?

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Ram will get 1 lakh as compensation. 

Insurer is liable to only indemnify the losses of the person and not to make any profitable deal for him. Losses will be indemnifies up to a maximum of sum insured.

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