Write short answers for the following : What is Fire Insurance?
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Updated on : 2022-09-05
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Fire insurance contract is a contract whereby the insurance company undertakes to make good the loss or damage caused due to fire for a consideration called premium. the subject matter here is any physical property or assets.
This [policy usually does not exceed a period of one year. There is also no surrender value of this policy after the end of the period for which it was taken. The value of the policy cannot be more than the cost or the value of the subject matter.