Wednesday, October 07, 2009

Insurance claim

Books of Account
Motor Third Party Claims Management
Institute of Chartered Accountants of India
( http://www.icai.org/)

In the realm of hypothesis

To arrive at the damages in an insurance claim, it may be necessary to ascertain the net income of the deceased available for the dependants, and then capitalise the same by “multiplying it by a figure representing the proper number of years’ purchase.” Much of the calculation necessarily remains in the realm of hypothesis, a region in which arithmetic is a good servant but a bad master, notes the Institute of Chartered Accountants of India in Motor Third Party Claims Management.

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