Which element is presented in Fire Insurance?
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=> 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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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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