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Arshad Malik entered into an insurance contract with Mehran Insurance company for his car and...

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Accounting

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Arshad Malik entered into an insurance contract with Mehran Insurance company for his car and compensation amount (cover) agreed was PKR 1,000,000 maximum fora premium of PKR 32,000 for one year. During the year, his car was stolen and police traced the culprit, who paid an amount equal to the value of the car. Me. Arshad filed a claim of PKR 1,000,000 with the insurance company. What would be the amount of claim to be paid to policyholder

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