Fire Insurance Claims Case Studies

Fire Insurance Claims Case Studies-2
This capital can then be invested in productive purposes that generate income for the company.As we discussed before, insurance is actually a form of contract.Today there are 13 companies in life insurance and 13 in general insurance. And then there are other major players like New India, Tata AIG, Bajaj Allianz, ICICI Lombard etc.

This capital can then be invested in productive purposes that generate income for the company.As we discussed before, insurance is actually a form of contract.Today there are 13 companies in life insurance and 13 in general insurance. And then there are other major players like New India, Tata AIG, Bajaj Allianz, ICICI Lombard etc.

This means that the insurer must have some pecuniary interest in the subject matter of the insurance.

This means that the insurer need not necessarily be the owner of the insured property but he must have some vested interest in it.

Basically, all the policyholder pool their risks together.

Any loss that they suffer will be paid out of their premiums which they pay.

If the insured claims full insurance from one insurer he losses his right to claim any amount from the other insurers.

This principle states that the property is insured only against the incidents that are mentioned in the policy.Any facts that would increase his premium amount, or would cause any prudent insurer to reconsider the policy must be disclosed.If it is later discovered that some such fact was hidden by the insured, the insurer will be within his rights to void the insurance policy.They all pay their premiums and if one of them suffers financial losses, then the payout comes from this fund. In a lot of cases getting some form of insurance is actually required by the law of the land.Like for example when goods are in freight, or when you open a public space getting fire insurance may be a mandatory requirement. There is no guarantee that the business will not suffer an unexpected loss or damages.So while we cannot protect our interests against all risks, we can opt for some insurance.The main function of insurance is that eliminates the uncertainty of an unexpected and sudden financial loss. Instead of this uncertainty, it provides the certainty of regular payment i.e. Insurance does not reduce the risk of loss or damage that a company may suffer.But it provides a protection against such loss that a company may suffer.Ans: India’s economy has been in a boom for the last two decades.There has been increased manufacturing and financial activities.

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