Question

______ is a contract which the insurance company undertakes to indemnify for loss or damage caused due to accidental fire.

Options

• Life insurance

• Marine insurance

• Fire insurance

• Health insurance

Answer 1

Fire insurance is a contract which the insurance company undertakes to indemnify for loss or damage caused due to accidental fire.

Explanation:

Fire insurance may be defined as a contract in writing whereby the insurance company in consideration of a sum of money (called premium) undertakes to indemnify the insured (owner of the property) for any loss or damage to the insured property or goods caused by accidental fire. A fire insurance policy is generally for one year.