What is fire insurance class 11?

What are the types of fire insurance?

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.

Who is an insured class 11?

The insured may be cargo owner or ship owner or fright receiver. 10. Communication Services Communication refers to exchange of ideas, views or message between two or more persons. According to William H Newman, “Communication is an exchange of facts ideas, opinion or emotions by two or more persons”.

What are the three types of insurance class 11?

General Insurance is related to all other aspects of human life apart from the life aspect and it includes health insurance, motor insurance, fire insurance, marine insurance and other types of insurance such as cattle insurance, sport insurance, crop insurance, etc.

What is insurance and types of insurance class 11?

Health Insurance: Covers the cost of medical care. Fire Insurance: give coverage for the damages caused to goods or property due to fire. Motor Insurance: offers financial protection to motor vehicles from damages due to accidents, fire, theft, or natural calamities.

What is fire insurance Slideshare?

 Insurance that is used to cover damage to a property caused by fire. Fire insurance is a specialized form of insurance beyond property insurance, and is designed to cover the cost of replacement, reconstruction or repair beyond what is covered by the property insurance policy.

What do you mean by fire insurance explain its nature and scope?

Fire Insurance is defined as “the business of effecting, otherwise than independently to some other class of business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies.”

What is fire insurance in business studies?

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.

Which policy is common in fire insurance?

Comprehensive Policy: This policy provides extensive coverage not only against fire-related perils but also provides coverage against any other perils, such as robbery, burglary, civil rampage, etc. Valued Policy: At the initiation of the policy, the value of a particular property is determined.

What are the 3 main types of insurance?

What are the 7 main types of insurance?

7 Types of Insurance are; Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Guarantee Insurance. Insurance is categorized based on risk, type, and hazards.

What do you mean by insurance?

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.

What is subrogation Class 11?

SUBROGATION:_After the insured is compensated for the loss or damage of the property insured by him,the right of ownership of such property passes on to the insurer. This is because the insured cannot make any profit by selling the damaged property.

How is fire insurance differ from marine insurance?

The difference between Fire Insurance and Marine Insurance is that Fire insurance means to take an insurance policy to cover all losses that occurred due to fire. Marine insurance means to take an insurance policy for all the damage that occurred to ship or cargo.

What is the difference between life fire and marine insurance Class 11?

Life Insurance is having the life insured of the policy maker upon his death. Fire Insurance is the insurance against any loss caused due to fire to the policyholder. Marine Insurance covers cargo losses of the policyholder caused to the ships or other cargo vessels due to any accidents in the water bodies.

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 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 is scope of fire insurance?

The scope of a fire insurance policy includes both moveable and immoveable properties. Note, it includes all those properties which are on land and do not cover those which are in transit.

How do I claim for fire 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.