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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
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Solution
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.
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