A factory owner took a fire insurance policy for his factory without informing the insurance company that he received notice from the electricity department to get the wiring of the factory repaired. After six months of taking policy, the factory caught fire due to faulty wiring. Will the factory ower get compensation for the loss due to fire? Which principle of insurance can be related to the above passage?

A factory owner took a fire insurance policy for his factory without i

1.	A factory owner took a fire insurance policy for his factory without informing the insurance company that he received notice from the electricity department to get the wiring of the factory repaired. After six months of taking policy, the factory caught fire due to faulty wiring. Will the factory ower get compensation for the loss due to fire? Which principle of insurance can be related to the above passage?
Answer» A factory owner took a fire insurance policy for his factory without informing the insurance company that he received notice from the electricity department to get the wiring of the factory repaired. After six months of taking policy, the factory caught fire due to faulty wiring. Will the factory ower get compensation for the loss due to fire? Which principle of insurance can be related to the above passage?