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प्रश्न
Distinguish between the following:
Fire Insurance and Marine Insurance
उत्तर
Differences between Fire Insurance and Marine Insurance
| Sr. No. | Point of Distinction |
Fire Insurance | Marine Insurance |
| 1 | Meaning | A contract in which insurer promises to pay compensation to insured if something happens to the subject matter due to fire or related events. |
A contract whereby the insurance company undertakes to pay compensation to the insured in case of loss to him due to dangers (perils) of the sea. |
| 2 | Who takes it | It can be taken by individuals for their properties or by businessmen for their goods, properties business liabilities, etc. |
It can be taken by exporters, importers and shipping companies. |
| 3 | Subject Matter | In Fire Insurance, the goods and assets or property of the insured is the subject matter. |
In Marine Insurance, goods in ship, cargo and freight is the subject matter. |
| 4 | Insurable Interest |
It must exist both at the time of contract and also at the time of loss. |
It must exist at the time of loss. |
| 5 | Period | It is generally for a short period like one year. |
It is generally for a short period and may range from one month to a year. Normally, it does not exceed one year. |
| 6 | Compensation | It is paid only if there is loss due to fire during the term of policy |
It is paid only if there is a loss causing event during the term of the policy. |
APPEARS IN
संबंधित प्रश्न
Principles of Insurance?
Choose the correct answer for the following:
Which of the following is not applicable in life insurance contract?
A cargo of rice was insured at 0.625% to cover 80% of its value. The premium paid was ₹5,250. If the price of rice is ₹21 per kg, find the quantity of rice (in kg) in the cargo.
A car valued at ₹8,00,000 is insured for ₹5,00,000. The rate of premium is 5% less 20%. How much will the owner bear including the premium if value of the car is reduced to 60 % of its original value.
A person takes a life policy for ₹2,00,000 for a period of 20 years. He pays premium for 10 years during which bonus was declared at an average rate of ₹20 per year per thousand. Find the paid up value of the policy if he discontinues paying premium after 10 years.
Choose the correct alternative :
“A contract that pledges payment of an agreed upon amount to the person (or his/ her nominee) on the happening of an event covered against” is technically known as
Fill in the blank :
General insurance covers all risks except __________.
The value of insured property is called ______.
Fill in the blank :
The proportion of property value to insured value is called __________.
Solve the following :
A cargo of grain is insured at `(3/4)`% to cover 70% of its value. ₹1,008 is the amount of premium paid. If the grain is worth ₹12 per kg, how many kg of the grain did the cargo contain?
Solve the following :
A property valued at ₹7,00,000 is insured to the extent of ₹5,60,000 at `(5/8)^"th"` % less 20%. . Calculate the saving made in the premium.Find the amount of loss that the owner must bear, including premium, if the property is damaged to the extent of 40 % of its value.
Solve the following :
A godown valued at ₹80,000 contained stock worth ₹4,80,000. Both were insured against fire. Godown for ₹50,000 and stock for 80% of its value. A part of stock worth ₹60,000 was completely destroyed and the rest was reduced to 60% of its value. The amount of damage to the godown is ₹40,000. Find the amount that can be claimed under the policy.
State whether the following statement is True or False:
Premium is the amount paid to the insurance company every month
State whether the following statement is True or False:
The value of insured property is called policy value
______ insurance is not covered by general insurance
Property value = ₹ 12,50,000
Rate of premium, r = ₹ 3%
If property is 80% insured
Policy value = 80% of its property value
= `square/100 xx 12,50,000`
= ₹ 10,00,000
Premium = `square/100 xx 10,00,000`
= ₹ `square`
