Question

7. Explain types of fire insurance policies.​

Answer 1

The following kinds of policies are generally issued for fire insurance:

Valued Policy

Specific Policy

Average Policy

Floating Policy

Comprehensive Policy

Consequential Loss Policy

Replacement Policy

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Answer 2

Answer:

Fire insurance policy is basically a contract between the buyer and the insurer, where the insurer guarantees to pay for the damage or loss caused to the property of the insurer for a particular time period. ... Fire insurance coverage includes mishaps caused due to accidental fire, lightning, implosion or explosion, etc.

Explanation:

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