GK
RTI ACT 2005
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A fire insurance contract is
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A contract of indemnity
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A contract of surety
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One applicable to public buildings
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None of the above
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Explanation:
Detailed explanation-1: -Personal insurance contract As fire insurance is a personal contract, the policyholder is involved with the property.
Detailed explanation-2: -The contract of fire insurance is a contract of strict indemnity.
Detailed explanation-3: -A policy of insurance on a person’s own life is not an indemnity as it is solely a contract to pay a specified sum, known as Sum Assured, in the case of death.
There is 1 question to complete.