Question

Difference between life insurance and fire insurance on the basis of -:
-Subject matter
- Insurable interest
- Duration
- Loss management​

Answer 1

subject matter of fire insurance :

the insurance company normally sends his surveyor for investigation when subject matter is of very high value. The nature of risk covered and the amount of premium is determined on the basis of the report of the surveyor.

period of fire insurance:

the period of insurance is to be defined in the policy.Generally the period of fire insurance will not be exceed by one year.The period can be less than one year but not more than one year except for residential houses which can be insured for the period exceeding one year also.

period of life insurance:

the insurance policy is for a fixed period. If the policy matures during the life time of an insured, a certain sum of amount is paid to him.

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