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FIRE POLICY (POLICY CONDITION (OFFER AND ACCEPTANCE, PAYMENT OF PREMIUM,…
FIRE POLICY
POLICY CONDITION
OFFER AND ACCEPTANCE
PAYMENT OF PREMIUM
CONTRACT OF INDEMNITY
INSURABLE INTEREST
UTMOST GOOD FAITH
CONTRIBUTION
PERIOD OF FIRE INSURANCE
DELIBERATE ACT
CLAIMS
ADDITIONAL PERILS INSURANCE
FLOOD
VEHICLES
ELECTRICAL DAMAGE
RIOT OR CIVIL COMMOTION
EXPLOSION
AIRCRAFT
PROPERTY EXCLUDED
MONEY
GLASS
ANIMALS IN THE BUILDING
PRECIOUS STONE
SUM INSURED
FIRE TARIFF- quotation of how much insurance company can charge
MARKET VALUE- sum insured = market value
REINSTATEMENT VALUE- without taking depreciation cost
DAY ONE BASIS-declared as the first day of the insurance
WHAT SHOULD HAVE IN THE POLICY
PREAMBLE PART
The Heading
BODY PART
Operative Clause
CLOSING PART
Attestation Clause
SCOPE OF COVER
FIRE
LIGHTNING
EXPLOSION
CLAUSE : Provision in an insurance policy that stipulates the risks assumed by the insured
Endorsement
Warranties
Extension
PERIOD OF FIRE INSURANCE ?
Cannot exceed by 1 year
can be less than 1 year
INSURED PERIL
Source of damage loss covered by insurance policy
EXCLUDED PERIL
Insurance company does not bear the responsibility of providing financial relief
ADDITIONAL PERILS
Perils that can be added to widen its scope
PROXIMATE CAUSE
Key principle of insurance
STANDARD FIRE POLICY
Product of property insurance covering damage and losses caused by fire
PROPERTY COVERED
covers all properties either it movable or
immovable