Question

Distinguish between the Life insurance & Fire insurance.

Answer 1

The difference between fire insurance and marine insurance are discussed in the points given below: ... Fire insurance covers risks due to fire and associated risks. Conversely, marine insurancecovers sea perils. The claim in case of fire insurance is the amountinsured, or the actual loss sustained whichever is less.

Answer 2

The difference between the Life insurance & Fire insurance are as follows:

LIFE INSURANCE:

1. The duration of life insurance is more than that of fire insurance.
2. This insurance helps to avail the credit facility.
3. Life insurance sometimes enjoys the benefit of tax concessions.
4. Life insurance includes both security and investment elements.

FIRE INSURANCE:

1. The duration of fire insurance is between 1 to 10 years and it is renewable in nature.
2. This insurance doesn't helps to avail the credit facility.
3. There are no tax concessions on fire insurance by any means.
4. Fire insurance is always done for the security reasons.

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