Question

Que:-

Explain Elements of Fire insurance contract.

NO spams gn..

Answer 1

$\huge\mathfrak\red{Elo!!}$

ELEMENTS OF FIRE INSURANCE CONTRACT:-

-The inside must have insurable interest both at the time of insurance and at the time of Loss.

- The contact is based on utmost good faith.

- It is based on principal of strict indemnity.

- Fire must be the proximate cause of damage or loss.

Answer 2

$\huge \mathfrak {Answer:-}$

=> Fire Insurance contract is a written contract between two parties, i.e insurer and insured.

=> Fire insurance contract contains element of protection, it do not contain investment element.

=> The compensation is paid only when there is actual loss.

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