FIRE INSURANCE, PRINCIPLES, SURVEYS,PAYMENT OF CLAIM,PREMIMUM OF FIRE INSURANCE,RE-INSURANCE,DOUBLE INSURANCE,RENEWALS

1. ELEMENTS OF INSURANCE
F.JOSEPHINE LENTA,
ASSISTANT PROFESSOR,
DEPARTMENT OF COMMERCE,
COLLEGE OF SCIENCE AND HUMANITIES,
SRM IST
RAMAPURAM

2. UNIT 4
FIRE INSURANCE

3. FIRE INSURANCE:
Fire insurance is a social devicein which the insurer, in return
for the premium paid, undertakes to pay or madegood loss
suffered by the insured as a result of damagecaused by fire to
the property coveredby the policy.

4. PRINCIPLES OF FIRE INSURANCE
(i) Insurance Interest
(ii) UTMOSTGOODFAITH
(iii)SUBROGATION
(iv)CAUSA PROXIMA
(v) CONTRIBUTION
(vi)INDEMNITY

5. TYPES OF INSURANCE SURVEY
 Insurance of motor vehicles
 Insurance against burglary
 Marine insurance
 Employee liability insurance
Fire insurance
 Erection of all risk insurance
 Householders insurance

6. FIRE INSURANCE CLAIM PROCEDURE
 Makeuse of anyavailablefinancialor resourcesadvance
 Estimatethe losses
 Approachthe insuranceproviderandfile a claim
 Estimationof loss by the surveyor
 It’snot overuntil you say so

7. PREMIUM FOR FIRE INSURANCE
 Valued policy
 Specific policy
 Averagepolicy
 Floating policy
 Comprehensive policy