Question

3. A fire insurance policy is taken out to indemnity:
(a) Capital losses and revenue losses of tangible assets
(b) Revenue losses of tangible assets​

Answer 1

Answer:

MCQ Insurance Claim.pdf

by S Shaikh · 2020

3. A fire insurance policy is taken out to indemnity: (a) Capital losses and revenue losses of tangible assets. (b) Revenue losses of tangible

Explanation:

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Answer 2

Answer: The correct answer is b) Capital losses and revenue losses of tangible assets

Explanation:

Fire Insurance Policy: Fire insurance is property insurance that allows additional coverage for loss or damage to the property hampered or destroyed due to/in fire.

Capital Loss: Capital loss refers to the loss in the value of capital or long-term assets, such as Investments, Land and Buildings, Machinery, Factory, etc.

Revenue Loss: Revenue loss refers to the loss incurred on day-to-day items, such as stock of goods, reduction in sales, etc.

Fire insurance policy aims to indemnify all these losses and get the business back on track by providing for coverage for these abnormal losses.