Business Studies

State the following statement is True or False:
Fire Insurance is a contract to cover risk of loss due to fire.


ANSWER

True


SOLUTION
Fire insurance is a contract whereby the insurer, in consideration of the premium paid, undertakes to make good any loss or damage caused by fire during a specified period upto the amount specified in the policy. Normally, the fire insurance policy is for a period of one year after which it is to be renewed from time to time.
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TRUE/FALSE Medium Published on 18th 08, 2020
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