FIRE INSURANCE

By prreetha1999 | Updated: Sept. 6, 2019, 1:36 p.m.

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PRINCIPLES OF RISK MANAGEMENT AND INSURANCE DPP5013
CHAPTER 4: CLASSES OF INSURANCE 
BY: PRREETHA RAMESH 11DPI17F2010
      YOGASHREE RAVENDRAN 11DPI17F2014
LOH YONG HUO 11DPI17F2016

FOR: PUAN ZAIHAN BINTI HARON 
COURSE LEARNING OUTCOME 
1. Identify the concept of risk and insurance as a risk transfer mechanism in International  business

2.Apply the basic principle of insurance and the classes of insurance in international business

3. Explain the application of marine and aviation insurance in international business.
What is Fire Insurance? 
Fire Insurance can be define as an agreement between the insurer and the insured. The insurers, having received the premium, undertake to make good the financial loss suffered by the insured as a result of damage or destruction of the insured property by fire or other specified perlis during a stated period.   
What is the subject matter of insurance and scope of cover ?
the subject matter is any kind of movable or immovable property that having a pecuniary value. Example, building ,plants, equipment, furniture and etc. the scope of cover is provided under a standard fire policy in respect of 3 perils which is fire, lighting and explosion.
Fire is actual burning damage following ignition under accidental circumtances. There are 3 types of direct consequences of fire.
FOLLOWING ARE:

A) Damage during or immediately following a fire cause by:
Smoke
scorching
falling walls
Damage caused by water
B) Damage caused by fire brigades in the discharge of their duties.
Damage caused by blowing up of property to prevent spreading fire.
C) Damage of property removed from burning building caused by exposure to weather,provided the removal was made in an endeavor to mitigate the loss.
3
1
2
4
5
Its undergoing any process involving the application of heat 
Earthquake
Subteranean fire 
EXCEPTIONS:
Its own spontaneous fermentation
Riot or civil commotion
6
War, invasion, act of foreign enemies, hostilities and etc 
LIGHTNING
All lighting damage is covered whether there is a fire or not 
LIGHTNING
Loss of damage by explosion of gas used for domestic or illumination purpose only are covered
EXPLOSION

FIRE INSURANCE

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