Difference between life marine and fire insurance and life insurance
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Answer:Life Insurance
The purpose of life insurance is to provide the relatives and beneficiaries of a deceased person with some financial aid and help. Life insurance is a contract between the policyholder and the insurance company. It can be said that the insurance company or the insurer are providing a service to the policy-holder.
Fire Insurance
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.
Here the policyholder pays an annual premium. And if a fire breaks out and causes damage to the property the insurance company will pay to the extent of the damages up to the insured amount. If the damages exceed such amount the company will not be liable for the excess amount. And if during the term such an incident does not occur, the premium amount will obviously lapse.
Explanation: