Business Studies

Distinguish between : 
Marine insurance and Fire Insurance.


SOLUTION

BASIS FOR COMPARISONFIRE INSURANCEMARINE INSURANCE
MeaningFire insurance is an insuance contract wherein the insurer commits to compensate the insured in case of any incident happening with the subject matter due to fire or any such event.Marine insurance refers to a contract, wherein the insurance company promises to compensate the insured in case of loss caused to ship or cargo due to perils of sea.
Insurable interestMust exist both while taking the policy and on the occurrence of loss.Must exist when the loss takes place.
ObjectiveTo cover fire risk.To cover sea perils.
ClaimLower of amount insured or actual loss sustained.Purchase price of the material plus 10-15% profit.
Moral responsibility of insuredImportant conditionDoes not exist
Policy amountIt cannot be more than the value of subject matter.It can be the market value of the cargo or ship.
View Answers

You're just one step away


Subjective Medium Published on 18th 08, 2020
Next Question
Questions 244558
Subjects 8
Chapters 125
Enrolled Students 373
Enroll Now For FREE

Realted Questions

Q1 Single Correct Medium
The information of MIS comes from the _____.
  • A. Internal source
  • B. External source
  • C. Both internal and external source
  • D. None of the above

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q2 Single Correct Medium
Which of these statement(s) is/are true about a good objective?
  1. A good objective should clarify the desired result.
  2. Enable achievement to be measured.
  3. Need not specify a time scale.
  • A. 1 & 2
  • B. 2
  • C. 1
  • D. 3

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q3 Subjective Medium
Write short notes on the following:
Secondary Functions of bank.

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q4 Subjective Medium
Distinguish between the following:
Salutation and Complementary Close.

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q5 Subjective Medium
Fill in the blanks with suitable words in the following incomplete sentences.
The insurance that covers the life is called ______.

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer