Case Study :
Ram's’s bike, which was parked on the road, was hit
accidentally by a tanker. It got damaged and Ram found that repairing it
would cost a lot of money. So he thought of claiming insurance to lessen his
financial burden in repairing the damaged bike. He had bought the vehicle three
years back. He then got so busy with his job that he just forgot where the
insurance policy papers were. Then one weekend, he searched his entire room and
finally discovered the insurance papers, only to find that the insurance policy
has lapsed as he had not paid the premium on last year. A simple negligence,
cost Ram his half month’s pay.
