Actuaries assemble and examine data to estimate the probability and likely cost of the occurrence of an event such as death, sickness, injury, disability, or loss of property. Hull and machinery insurance can be done to protect the shipowner and investment in the ship. It is a policy taken for a fixed round sum. For more information on Business Insurance with S.A. Faughnan click here . Join now. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. It can also be issued for the single transit and for specific period but not for more than a year. Log in. Join now. Shabby maintenance of a property and bad administration is an example of poor moral hazard. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. “Shameful” removal of fire safety from PI insurance leaves building owners uninsured. A fire insurance policy cannot be assigned without the permission of the insurer because ... taken into consideration while determining the amount of indemnity. Check the below NCERT MCQ Questions for Class 11 Business Studies Chapter 4 Business Services with Answers Pdf free download. There are two elements to hazard that an insurers needs to carefully consider, that is, the physical hazard and the moral hazard. The risks covered by indemnity insurance tend to be small, otherwise you would not be able to take out a policy against them. It involves a lot of trouble, duplication of work and waste of time. Besides, fire-related perils, a fire insurance policy also encompasses damages caused due to any natural calamity, explosion, the bursting of the water tank, etc. Ask your question. 7) Period of marine Insurance: The period of insurance in the policy is for the normal time taken for a particular transit. 9. Himu7845 Himu7845 01.10.2020 Accountancy Secondary School A fire insurance policy is taken out to indemnity 1 See answer Himu7845 is … 3) Contract of Indemnity: Fire insurance is a contract of indemnity and the insurance company is liable only to the extent of actual loss suffered. Although the seller is responsible for arranging the insurance and taking on the cost, if they refuse, the buyer has no choice but to pay for the premium as their mortgage lender requires it to cover any potential loss. A fire insurance policy usually has four different coverage areas. “Fire insurance is a contract between the insurer and the insured whereby the insurer undertakes to indemnity the insured for destruction of or damage to the properly caused by fire or other specified perils during an agreed period of time, in return for payment of a premium in lumpsum or by installments”. But if lighting ignites something, the damage may be covered by a fire-policy. A fire insurance policy is taken out to indemnity:(a) Capital losses and revenue losses of tangible assets(b) Revenue losses … In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. The insurer generally inserts an average clause in such a policy so that in the event of loss, he only bears the rateable proportion of such loss. premium c) Partial premium d) All of these 185. Here an average clause will be applied because the value of insurance policy (Rs.300,000) is less than the value of stock (Rs. A fire occurred on 1.7.2011 at the premises and the entire stock was gutted with nil salvage value. Consequential Loss Insurance. Hazard is a condition or situation that increases the chance of loss in an insured risk. Case: 1. Companies hate this law because it contradicts indemnity. 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