Course Overview
41m | 6 Videos | 81164 Views | 
All Levels The term fire in fire insurance is interpreted in the literal and popular sense. There is fire when something burns. In other words fire means visible flames or actual ignition. Simmering/ smoldering is not considered fire in Fire Insurance. Fire produces heat and light but either of them alone is not fire. Lightening is not a fire but if it ignites something, the damage may be due to fire.
Under section 2(6A) Insurance Act 1938, the fire insurance business is defined as follows: “Fire insurance business means the business of effecting, otherwise than independently to some other class of business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies”.
Fire insurance is a contract of indemnity. The insurer is liable only to the extent of the actual loss suffered. If there is no loss there is no liability even if there is a fire. Fire insurance is a contract of good faith. The policy-holder and the insurer must disclose all the material facts known to them. Fire insurance policy is usually made for one year only. The policy can be renewed according to the terms of the policy. The contract of insurance is embodied in a policy called the fire policy. Such policies usually cover specific properties for a specified period. A fire policy is valid only if the policy-holder has an insurable interest in the property covered. Such interest must exist at the time when the loss occurs. In English cases it has been held that the following persons have insurable interest for the purposes of fire insurance- owner; tenants, bailees, including carriers; mortgages and charge-holders. In case of several policies for the same property, each insurer is entitled to contribution from the others. After a loss occurs and payment is made, the insurer is subrogated to the rights and interests of the policy-holder. An insurer can reinsure a part of the risk. Fire policies cover losses caused proximately by fire.
In this course of Fire Insurance you will be learning about various features of fire insurance, characteristics of fire insurance, terms & conditions applied in fire insurance, on what all aspects fire insurance can be claimed, areas covered under fire insurance, what all benefits are covered under fire insurance, tax exemption policies, various other benefits attached to fire insurance are covered. These all things are covered under this course.
What are the requirements?
Basic knowledge about insurance policies
Passion to learn
What am I going to get from this course?
Over 6 lectures and 42 mins of content!
To understand the importance of fire insurance and its benefits covered with the same
To learn the objectives, procedures and terms & conditions for claiming the fire insurance policy
Learn about specialized form of insurance beyond property insurance which is designed to cover the cost of replacement, reconstruction or repair beyond what is covered by the property insurance policy
What is the target audience?
Management Students
Professionals working in insurance sector
Anyone who wants to learn about Fire Insurance.
