Whether under insurance (Average) is applicable under money insurance?
No, it is not applicable as the policy term and conditions does not stipulate the Average clause and further it is adjustable policy. At the end of the policy period either the premium to be collected or refunded (not more than 50%) as per the total transit amount in the policy period.
Example: Suppose the total transit amount is 5 crs and per carrying limit is Rs 3 lakhs. If an employee is carrying Rs 4 lakhs and loss of Rs 2 lakhs takes place. The claim will be settled for Rs 2.00 lakhs no average will be applicable.