Financial matters

2. Fire Insurance: Fire Insurance is a contract whereby the insurer, in recognition of the premium paid, promises to make good any damage or loss caused by fire during a specific period up to the amount stated in the policy. In fire Insurance, the insured should have an insurable interest in the basic matter of the insurance, and should be in good faith and strict indemnity. The insurer is liable to compensate only when fire is the proximate cause of damage or loss.
3. Marine Insurance: A marine insurance contract is an agreement whereby the insurer promises to indemnify the insured in the manner and to the extent thereby agreed against marine losses. Ship or hull insurance, Cargo Insurance, and Freight insurance are sub clauses in the Marine Insurance.
4. Motor Vehicle Insurance: This insurance is becoming very popular in which the owner’s liability to compensate people who were killed or insured through negligence of the motorists or drives is passed on to the insurance company.
5. Burglary Insurance: Loss of damages of household goods and properties and personal effects due to theft, larceny, burglary, house-breaking and acts of such nature are covered.