Fire Insurance
Trending Questions
Explain the principles of Insurance.
Explain any four principles of insurance with examples.
Name the principle of insurance for each of the following statements:
(a)The insured is expected to disclose all the important facts related to the property insured.
(b) Insured must have some economic interest in the subject matter of Insurance contract.
(c) To claim for insurance the insured must take reasonable steps to minimize the loss.
(d) Insured is entitled to recover the loss suffered by him, up to the limit of policy amount
Naresh took a fire insurance policy from NICL of Rs 50 Lakhs for his factory at the annual premium of Rs 75, 000 in order to avoid premium more than his amount he did not disclose that highly explosive chemicals are being manufactured in his factory, due to a fire his factory gets damaged. The insurance company NICL refused to make the payment for the claim as they were aware of the highly explosive chemicals. Is Naresh entitled to claim? Explain the principle of insurance violated by Naresh.
State True or False. An insurance contract is void if the insurable interest is not present.
True
False
Discuss the various principles of contract of insurance.
State True or False. The fire insurance policy is for a period of one year. After which it does not have to be renewed.
True
False
When should insurable interest be present for life insurance?
Discuss the various principle of insurance?
Explain briefly the principles of insurance with suitable examples.
What do you mean by insurable interest?
- six months
- one year
- two year
- three year
- True
- False
- True
- False
