Classification of Fire Insurance or Different Fire Insurance Policies
As the size and scope of the activity increases, an unacceptable level of risk increases. Therefore, fire insurance plays a key role in reducing property risk. Fire insurance or policies are designed differently for different risks. The most important types and categories of fire insurance are listed below .
1. Price policy: The policy by which the property price is determined is called the price policy. Jewelry, paintings, and furniture are often insured with high-value policies. The main advantage of the right policy is that in case of fire damage, the policyholder will pay a portion of the property in full.
2. Low politics. This policy is the opposite of the review policy. This means that the policy in which the value of the property is not adjusted is called a low value policy. The value of the properties is estimated below the market value of the affected property.
3. Average Policy: An insurance contract that conforms to the average policy of the Insurance Act is called an average policy. Intermediate Policy Formula:
Insurance compensation = (amount of the insurance value of the damaged item) / the actual value of the insured.
4. Special Policy: A special policy can be defined as an insurance policy in which the property is covered for a certain period of time and for a certain amount of money . In this policy, the extent of the damage does not matter, the insured will receive a certain amount of money, which is bound to the insurer.
5. Floating Policy: When the product of the insurer is in different places but the owner is the same, this policy is called a floating policy. The insurer selects the premiums from different parts of the product, then adds the total premium and the average.
6. Declaration Policy: In this policy the insurer guarantees the maximum amount of the product sold and requires 75% of the premium to be paid upfront. Then he should report the cost of the finished product in each month.
7. Fixed Policy: In this policy the insured has to be insured for the exact amount of the finished product. The premium is fixed at the level of finished products and has to be paid by the policy buyer after the expiry of the contract. If the number of finished products increases or decreases, the insured must inform the insurer and adjust the premium.
8. High cost with discount policy: This type of insurance policy is formed to reduce the problem of stated and adjusted policy. According to this policy, the maximum number of finished products is guaranteed in one year, and the insurance premium must be paid, because after the end of the year the finished product has increased or decreased, the insurer will receive one third of the premium. deduction..
9. Replacement Policy: When the insured receives money from the insurer, if the insured is damaged in whole or in part, this policy is called a replacement policy. It is also called "a new light for an old politician".
10. Loss of Profit/Consequential Loss Insurance: This type of fire insurance is a recent invention. A merchant suffered fire damage as his goods could be damaged by fire. So his business can be closed. To mitigate such losses, the employer can take insurance with an insurance company.
11. Comprehensive Combined Insurance:- A policy in which the insurer insures against all perils like fire, hidden cargo, theft, labor unrest, strike etc. is called comprehensive combined insurance. It is also called "everything in the police". . In this case, the insurer has to pay a higher fee.
The above fire insurance is seen everywhere. But due to time lag, future demand and nature of business, a new fire safety policy may be created.
1. Price policy: The policy by which the property price is determined is called the price policy. Jewelry, paintings, and furniture are often insured with high-value policies. The main advantage of the right policy is that in case of fire damage, the policyholder will pay a portion of the property in full.
2. Low politics. This policy is the opposite of the review policy. This means that the policy in which the value of the property is not adjusted is called a low value policy. The value of the properties is estimated below the market value of the affected property.
3. Average Policy: An insurance contract that conforms to the average policy of the Insurance Act is called an average policy. Intermediate Policy Formula:
Insurance compensation = (amount of the insurance value of the damaged item) / the actual value of the insured.
4. Special Policy: A special policy can be defined as an insurance policy in which the property is covered for a certain period of time and for a certain amount of money . In this policy, the extent of the damage does not matter, the insured will receive a certain amount of money, which is bound to the insurer.
5. Floating Policy: When the product of the insurer is in different places but the owner is the same, this policy is called a floating policy. The insurer selects the premiums from different parts of the product, then adds the total premium and the average.
6. Declaration Policy: In this policy the insurer guarantees the maximum amount of the product sold and requires 75% of the premium to be paid upfront. Then he should report the cost of the finished product in each month.
7. Fixed Policy: In this policy the insured has to be insured for the exact amount of the finished product. The premium is fixed at the level of finished products and has to be paid by the policy buyer after the expiry of the contract. If the number of finished products increases or decreases, the insured must inform the insurer and adjust the premium.
8. High cost with discount policy: This type of insurance policy is formed to reduce the problem of stated and adjusted policy. According to this policy, the maximum number of finished products is guaranteed in one year, and the insurance premium must be paid, because after the end of the year the finished product has increased or decreased, the insurer will receive one third of the premium. deduction..
9. Replacement Policy: When the insured receives money from the insurer, if the insured is damaged in whole or in part, this policy is called a replacement policy. It is also called "a new light for an old politician".
10. Loss of Profit/Consequential Loss Insurance: This type of fire insurance is a recent invention. A merchant suffered fire damage as his goods could be damaged by fire. So his business can be closed. To mitigate such losses, the employer can take insurance with an insurance company.
11. Comprehensive Combined Insurance:- A policy in which the insurer insures against all perils like fire, hidden cargo, theft, labor unrest, strike etc. is called comprehensive combined insurance. It is also called "everything in the police". . In this case, the insurer has to pay a higher fee.
The above fire insurance is seen everywhere. But due to time lag, future demand and nature of business, a new fire safety policy may be created.
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