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Difference between life fire and marine …

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Difference between life fire and marine insurance
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Sia ? 2 years, 9 months ago

<caption>Difference between Fire, Marine and Life Insurance</caption>
Basis Difference Fire Insurance Marine Insurance Life Insurance
Compensation Amount insured or Actual loss which ever is less is given as compensation. Purchase price of goods and 10 - 15 percent profit is given as compensation No loss is compensable only specific amount is paid.
Insurable Interest interest Insurable must exist both at the time of taking policy as well as the time of loss. Insurable interest must exist at the time of loss. Insurable interest must exist at the time of taking policy.
Assignment of Policy No Assignment without permission of Insurance Company. No Assignment without permission of Insurance Company. No Assignment is done.
Nature of Risk Uncertain Uncertain certain but the time is uncertain.
Period Normally for one year Normally for one year It is taken for long term.
Premium Premium depends upon the amount insured. More the amount insured more will be the Premium. Premium depends upon nature of perils Premium depends upon the age of the insured and term of policy.
Object To cover the risk of fire. To cover the sea perils Protection and Investment.
Surrender Cannot be surrendered before expiry Cannot be surrendered before. expiry. can be surrendered maturity.
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