| 1. |
Differentiate between Life Insurance and Fire Insurance on any four basis? |
|
Answer» Life Insurance: Risk is certain. The insured amount is paid either on maturity period or at the DEATH of policy holder (which is earlier). Fire Insurance: Risk is not certain in fire insurance. The insured property may not catch fire. 2. Period Life Insurance: Life insurance policy is generally of longer period (more than 5 years). Fire Insurance: Short period. Generally of one year. 3. Insurable Interest Life Insurance: While taking life insurance policy, insurable interest must exist. Fire Insurance: Insurable interest must exist at the time of taking fire insurance policy and at the time of loss also. 4. CONTRACT Of Indemnity Life Insurance: Not a contract if indemnity. Insured person gets payment on the maturity DATE in life insurance. Fire Insurance: Contract of indemnity. Only actual loss is indemnified in fire insurance. Explanation: I hope it will help you so please please please MARK me as a brainlist please |
|