26 October 2016
X Company took a fidelity insurance on group of employees. Goods are were removed from the godown in a fraudulent manner by one of the employee. What value( cost of good / sale value) shall be considered for insurance claim ? Please support with any link.
26 October 2016
The financial loss due to the dishonesty of the employee. The salary of the said employee is adjusted in settling the claim. The claim is settled upto the limit of the said employee. The cost of the stock is the base and not the sale price.
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