What is fire insurance called?

• Valued Policy. This is a fire insurance policy in which an agreement is framed and the insurer undertakes to pay in the event of destruction of property by fire.
• Specific Policy. ...
• Average Policy. ...
• Floating policy. ...
• Excess Policy. ...
• Blanket Policy. ...
• Comprehensive Policy. ...
• Consequential Loss Policy.

What is the fire insurance contract?

Fire insurance is a legal contract between an insurance company and the policyholder which guarantees that any loss or damages caused to the policyholder's property in a fire will be paid by the insurance company. Fire insurance provides coverage against incidents of accidental fire, lightning, explosion, etc.

What is a standard fire insurance policy?

Standard Fire insurance covers a policyholder against loss by fire and damage from several other sources. ... Purchasing additional fire coverage helps to cover the cost of the replacement, repair, or reconstruction of property above the limit set by the property insurance policy.

Which policy is common in fire insurance *?

Which policy is common in fire insurance and mentions its period of time? Annual policies are common and its period of time is one year.

What is fire and perils insurance?

Definition: Fire and special perils policy is an insurance contract that safeguards the insured against unforeseen contingency caused by accidental fire, lightning, explosion/implosion, destruction or damage caused by aerial devices, man made perils in the form of riots, strike etc, natural calamities like storm, ...

What are the uses of fire insurance?

Uses of Fire Insurance

Fire insurance has been designed to reimburse the cost of repair, reconstruction or replacement of the property damaged or destroyed in a fire. Besides, fire insurance also covers property loss or damages due to smoke, water and damages caused by the firefighters.

What is fire and marine 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 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 fire insurance 11th?

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 is a floating policy?

plural floating policies (also floater) a type of insurance in which the value of the goods being insured cannot be calculated exactly, so the payment for insuring them can be changed after a period of time.

What is unvalued policy?

Definition of unvalued policy

: an insurance policy in which absence of prior agreement leaves losses to be settled on the basis of indemnity.

What is a block policy?

What Is a Block Policy? A block policy is an all-risk insurance policy providing coverage against risks faced by goods transported or stored by third parties. Commonly found in commercial insurance, a block policy is designed to protect businesses from property damage.

What is marine insurance and its types?

Marine Insurance is a type of insurance policy that provides coverage against any damage/loss caused to cargo vessels, ships, terminals, etc. in which the goods are transported from one point of origin to another.

What are types of Class 8 insurance?

What is hull or ship insurance?

What is Marine Hull Insurance? Marine hull insurance is an insurance policy specifically designed to provide coverage to water vehicles like a boat, ship, yacht, fishing boat, steamer, etc. A hull means the body of the vessel and that is exactly what is covered by this insurance policy.

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 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.

Why is life insurance considered as a contract of assurance?

Business Studies - II

But Life Insurance will be paid irrespective of the fact we die or not. ... It assures our life. While there's no assurance in case of General Insurance. So, Life Insurance is called as Contract Of Assurance.

What are the 16 named perils?

What perils are covered by a fire insurance contract?

Fire Insurance covers loss or damage to property caused by fire and lightning. ... Riot, Strike and Malicious Damage. Extended Coverage (which includes the perils of smoke, explosion, falling aircraft and impact of vehicles)