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INSURANCE CLAIMS

AFTERSCHO☺OL
– DEVELOPING CHANGE MAKERS
CENTRE FOR SOCIAL ENTREPRENEURSHIP
PGPSE PROGRAMME –
World’ Most Comprehensive programme in social
entrepreneurship & spiritual entrepreneurship
OPEN FOR ALL FREE FOR ALL

www.afterschoool.tk
11/28/09 AFTERSCHO☺OL's
AFTERSCHO☺OL's MATERIAL
MATERIAL 1
www.afterschoool.tk FOR PGPSE PARTICIPANTS
INSURANCE CLAIMS
Dr. T.K. Jain.

AFTERSCHO☺OL
Centre for social entrepreneurship
Bikaner M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk, www.afterschoool.tk

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11/28/09 AFTERSCHO☺OL's
AFTERSCHO☺OL's MATERIAL
MATERIAL 2
www.afterschoool.tk FOR PGPSE PARTICIPANTS
What is average clause?
• When there is any loss the insurable claim
amount is calculated as per the following
formulae:
• Claim = loss suffered * (sum insured / actual
insurance value)
• For example, if Ramu’s property is of 5 lakh, but
gets insurance for Rs. 4 lakh only and suffers
loss of 2.5 lakh, then he will get only Rs. 2 Lakh,
not Rs. 2.5 lakh (proportionate).

11/28/09 AFTERSCHO☺OL's MATERIAL 3


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Principles of loss calculation…
• When proper records and maintained and
they are not lost then we will deduct the
value of goods salvaged / saved from the
value of stock in godown.
• If the record is lost, then we prepare an
estimated trading account.

11/28/09 AFTERSCHO☺OL's MATERIAL 4


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How to prepare estimated trading
account?
• Take the ratio of GP (gross profit), get the
data regarding sales of the period, use GP
ratio to estimate the gross profit and then
try to estimate other expenses. If
purchase, opening stock and sales data
are available, the closing stock data can
be easily estimated and thus loss can be
ascertained.

11/28/09 AFTERSCHO☺OL's MATERIAL 5


www.afterschoool.tk FOR PGPSE PARTICIPANTS
Guidelines for preparation of
estimated trading account…
• If the Gross profit ratio of last year is not based
on stock valuation on cost, then adjust the stock
first to represent it on cost and they find out new
GP rate. Similarly, if the the records of the
previous years show closing stock not on cost –
then adjust them first to value them on cost.
• You may take average of last few years’ GP to
take average GP ratio. If there is some trend,
use weighted or geometric mean to find the
average GP ratio.
11/28/09 AFTERSCHO☺OL's MATERIAL 6
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If the records are lost on fire?
• Contact customers, suppliers to ascertain
the value of purchase and sale
• Contact the auditors to get information
about our records..
• Obtain last year’s records and try to
estimate this year’s figures.
• Deduct salvaged stock from the stock on
the date and use average clause for
estimating the loss by fire.
11/28/09 AFTERSCHO☺OL's MATERIAL 7
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Suppose Ramu had a closing stock of 12 lakh
last year. His GP was 20%. This year he
purchased goods of Rs. 2 lakhs and sold goods
of Rs. 5 Lakhs. What is his insurance claim if
fire destroyed 80% of the goods and records.
His other expenses upto this time was Rs. 5
lakhs last year? Insurance amount = 10 Lakhs

• Goods = (12+2+ 1+5 – 5) = 15 Lakhs.


• 80% of 15 lakhs = 12 Lakhs as insurance
claim. 12 * (10/15) = 8 Lakhs answer.

11/28/09 AFTERSCHO☺OL's MATERIAL 8


www.afterschoool.tk FOR PGPSE PARTICIPANTS
Loss of profit…
• Identify the period of indemnity – by taking
up the period of dislocation or period of
indemnity
• Identify GP Ratio and identify the loss of
turnover
• Identify the increased cost of working
• Ascertain the amount of net claim by
applying the average clause.
11/28/09 AFTERSCHO☺OL's MATERIAL 9
www.afterschoool.tk FOR PGPSE PARTICIPANTS
About AFTERSCHO☺OL
• PGPSE - World’s most comprehensive
programme on social entrepreneurship –
after class 12th
• Flexible – fast changing to meet the
requirements
• Admission open throughout the year
• Complete support from beginning to the
end – from idea generation to making the
project viable.
11/28/09 AFTERSCHO☺OL's MATERIAL 10
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Branches of AFTERSCHO☺OL
• PGPSE programme is open all over the
world as free online programme.
• Those who complete PSPSE have the
freedom to start branches of
AFTERSCHO☺OL
• A few branches have already started -
one such branch is at KOTA (Rajasthan).

11/28/09 AFTERSCHO☺OL's MATERIAL 11


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Workshop on social
entrepreneurship
• We conduct workshop on social
entrepreneurship – all over India and out
of India also - in school, college, club,
association or any such place - just send
us a call and we will come to conduct the
workshop on social entrepreeurship.
• These workshops are great moments of
learning, sharing, and commitments.

11/28/09 AFTERSCHO☺OL's MATERIAL 12


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FREE ONLINE PROGRAMME
• AFTERSCHO☺OL is absolutely free
programme available online – any person can
join it. The programme has four components :
• 1. case studies – writing and analysing – using
latest tools of management
• 2. articles / reports writing & presentation of
them in conferences / seminars
• 3. Study material / books / ebooks / audio / audio
visual material to support the study
• 4. business plan preparation and presentations
of those plans in conferences / seminars

11/28/09 AFTERSCHO☺OL's MATERIAL 13


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100% placement / entrepreneurship
• AFTERSCHO☺OL has the record of
100% placement / entrepreneurship till
date
• Be assured of a bright career – if you join
AFTERSCHO☺OL

11/28/09 AFTERSCHO☺OL's MATERIAL 14


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Pursue professional courses along
with PGPSE
• AFTERSCHO☺OL permits you to pursue
distance education based professional /
vocational courses and gives you support
for that also. Many students are doing
CA / CS/ ICWA / CMA / FRM / CFP / CFA
and other courses along with PGPSE.
• Come and join AFTERSCHO☺OL

11/28/09 AFTERSCHO☺OL's MATERIAL 15


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