Fire insurance

Fire Insurance: Definition, Functions, Importance (Explained)

Definition of Fire in Insurance Fire insurance contract is defined as “an agreement, whereby one party in return for a consideration undertakes to indemnify the other party against financial loss which the latter may sustain by reason of certainly defined subject-matter being damaged or destroyed by fire or other defined perils up to an agreed amount”. Fire, in order to make the insurer liable under the contract, must satisfy two conditions. First, there should be actual fire or ignition, and second, the fire must be fortuities in its nature. It is a well-known fact that the fire causes huge losses every year. The individual owner by taking fire Insurance can prevent the fire...

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