What do you mean by fire insurance?Asked by: Dr. Floy Marquardt | Last update: February 11, 2022
Score: 4.1/5 (30 votes)
The term fire insurance refers to a form of property insurance that covers damage and losses caused by fire. ... Purchasing additional fire coverage helps to cover the cost of replacement, repair, or reconstruction of property above the limit set by the property insurance policy.
What is fire insurance class 11?
A fire insurance is a contract between the policyholder and the insurer. Here the insurance company will pay to the policyholder any loss caused to him or his particular property when destroyed by a fire accident. So the protection is against any damage that the fire causes.
What do u mean by insurance?
Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies or perils. 1. There are many types of insurance policies. Life, health, homeowners, and auto are the most common forms of insurance.
What are the 3 main types of insurance?
- Life insurance. As the name suggests, life insurance is insurance on your life. ...
- Health insurance. Health insurance is bought to cover medical costs for expensive treatments. ...
- Car insurance. ...
- Education Insurance. ...
- Home insurance.
What are the six general types of insurance?
Six common car insurance coverage options are: auto liability coverage, uninsured and underinsured motorist coverage, comprehensive coverage, collision coverage, medical payments coverage and personal injury protection. Depending on where you live, some of these coverages are mandatory and some are optional.
Class 11 Business Studies Chapter 4 | Fire Insurance - Business Services
What is marine and fire insurance?
Fire insurance is an insurance that covers the risk of fire. It covers goods or property of the insured person. ... Marine insurance is one that encompasses risks associated with the sea. The subject matter covered here, is the ship, cargo and freight.
What is fire insurance and marine insurance?
Fire insurance is insurance coverage that guards against the risks of fire to your property and the losses that ordinarily arise thereafter. ... Marine insurance refers to the insurance coverage of the ships and the goods in transit.
What is difference between life insurance and fire insurance?
The main difference between Fire Insurance and Life Insurance is that fire insurance covers the losses caused by the properties of the policyholder whereas life insurance covers the losses that happened to the person of the policyholder.
What is the difference between life and fire insurance on the basis of indemnity?
Life Insurance: While taking life insurance policy, insurable interest must exist. Fire Insurance: Insurable interest must exist at the time of taking fire insurance policy and at the time of loss also. Life Insurance: Not a contract if indemnity. ... Only actual loss is indemnified in fire insurance.
What are the benefits of life fire and marine insurance?
Fire and Marine Insurance is mainly provided to the business property. Big business houses are prone to certain accidents, like a fire breakout or even a leakage at sea which might cause loss of goods being transmitted to the destination hub. Hence, in regard to this fire insurance and marine insurance is done. 4.
What is difference between fire marine and life insurance?
There are some difference between life, fire and marine insurance according to the risk, time period, insurable interest, premium, mode of payment etc. Life Insurance: Risk is certain. ... The insured property may not catch fire. Marine Insurance: Risk may or may not be arise because the happening of event is uncertain.
What are the principles of fire insurance?
The following are the principles of fire insurance: Insurable Interest in fire insurance. The principle of Good Faith in fire insurance. The principle of indemnity.
Is fire insurance a contract of indemnity?
Every contract of marine or fire insurance is a contract of indemnity and of indemnity only, the meaning of which is that the assured in case of a loss is to receive a full indemnity, but is never to receive more.
How many types of general insurance policies are available?
4 Different Types of General Insurance in India. General insurance covers home, your travel, vehicle, and health (non-life assets) from fire, floods, accidents, man-made disasters, and theft. Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.
What are the principles of insurance?
In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution. The right to insure arising out of a financial relationship, between the insured to the insured and legally recognized.
What is meant by marine insurance?
Marine Insurance — a type of insurance designed to provide coverage for the transportation of goods either on the ocean or by land as well as damage to the waterborne instrument of conveyance and to the liability for third parties arising out of the process.
How are claims settled in fire insurance?
(3)Submission of the claim form: The insured must fill all possible details in the claim form. ... He must lodge the claim form within 15 days of the fire to claim compensation.
What is the importance of fire insurance?
A fire insurance policy gives the financial security for home, furniture, shares, and other business assets. The policy is useful as it gives the price of properties and assets which get damaged due to fire. Hence, having a fire insurance policy is necessary for personal, social, and national sectors.
What is fire insurance India?
Fire insurance is a kind of contract between the insurance company and the insured, where the insurer assures. The policy helps the insured to cover the risk of loss of property by accidental fire cases, in exchange for an annual premium.
What different types of life insurance are there?
- Term life insurance.
- Whole life insurance.
- Universal life insurance.
- Variable life insurance.
- Simplified issue life insurance.
- Guaranteed issue life insurance.
- Group life insurance.
Which type of insurance has the elements of protection and investment both * life insurance fire insurance marine insurance All of them?
Explanation: Life insurance is a financial tool to support the family of an insured' person after his death. In a nutshell, it acts as a shield at a time when you require utmost protection and security. This is the reason insurance is poles apart from banking, investment or any kind of saving.
What is particular risk?
Particular risks are risks that affect only individuals and not the entire community. Examples of particular risks are burglary, theft, auto accident, dwelling fires. ... For example, the risk of unemployment is generally not insurable by private insurance companies but can be insured publicly by federal or state agencies.
What is fire claim?
It offers compensation for the costs incurred in the replacement, repair or reconstruction of a property that was damaged due to fire. ... The actual loss or the maximum amount agreed beforehand is paid as compensation when you file a claim for fire insurance.
What is fire insurance what matters are covered by fire insurance?
Fire insurance is a type of insurance to protect your personal property such as office, shop, home, factory, and apartment buildings, from any losses or damages caused by a fire. Fire insurance is an agreement between an insurance company and the policyholder.