1. State the types of Fire Insurance Policies. Buildings, ships, goods, etc. are insured against fire or lightning during the period and up to the amount specified in the fire insurance policy. It should be remembered that insurance is a contract of indemnity, only and the company makes good only the actual loss sustained, which means that over – insurance is quite useless. For example, if a man has insured his goods for Rs. 15,00,000, he will get in case of loss by fire, Rs. 15,00,000. If it is proved to be Rs. 10,00,000, he will get Rs. 10,00; 000, although he may have insured his goods for Rs. 15,00,000. ****** 004 ******* 001 ****** 800 ******
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