Business Studies

State the following statement is True or False:
Fire insurance is a contract of indemnity.


ANSWER

True


SOLUTION
Fire Insurance is a contract where one party agrees to indemnify the loss of other party at the time of loss, for a consideration. Insurance company agrees to safeguards the insured to put him in the same position that he/she would have been in if the loss had not occurred. Fire insurance contracts runs on the principle of indemnity.
View Answers

You're just one step away

Create your Digital Resume For FREE on your name's sub domain "yourname.wcard.io". Register Here!


TRUE/FALSE Medium Published on 18th 08, 2020
Next Question
Questions 244531
Subjects 8
Chapters 125
Enrolled Students 199
Enroll Now For FREE

Realted Questions

Q1 Subjective Medium
Answer briefly the question:
What is meant by unsolicited applications?

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q2 TRUE/FALSE Medium
State whether the following statement is True or False.
Inside address of a letter introduces the firm.
  • A. True
  • B. False

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q3 Single Correct Medium
This policy compensates the market value of the lost property after accounting for any depreciation _______________.
  • A. Reinstatement Value Policy
  • B. Floating Policy
  • C. Valued Policy
  • D. Comprehensive Policy

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q4 Single Correct Medium
If you have not made any claim on your vehicle insurance for the previous year, then you are eligible for a ______.
  • A. Depreciation
  • B. Own Damage Premium
  • C. No-Claim Bonus
  • D. Personal accident cover

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q5 Single Correct Medium
International trade is based on the idea that ______________.
  • A. exports should exceed imports
  • B. resources are less mobile internationally are goods
  • C. resources are more mobile internally than are goods.
  • D. imports should not be there

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer