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| 1. |
What is
the coverage of standard fire
insurance ? |
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| Fire insurance
can be divided into 2 categories : |
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| 1. |
Household
coverage for damage caused by fire,
lightning, explosion, water damage,
vehicle impact and aircraft. |
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| 2. |
Other business
: coverage for damage caused by fire
or lightning or explosion of gas used
for lighting or households only. |
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| 2. |
What are
the properties applicable for fire
insurance ? |
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Building (excluding foundation), furniture,
household goods, fixtures and fittings, machinery,
stock inventory and other properties not exclude
in the policy. |
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| 3. |
Can one
identical property be insured with many
insurance companies ? |
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Yes,
but the total sum insured stipulated in all
policies must not exceed the actual value
of the property. |
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| 4. |
Can
a rented or leased house be insured
? |
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|
No,
if the insured is a mere tenant or leasee.
But the contents of the house which the insured
has insurable interest can be insured. |
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| 5. |
If the
insured has his property under-insured,
how does the company pay indemnity against
loss or damage occurred ? |
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| 1. |
Total
loss case : The company pays indemnity
up to sum insured limit. |
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| 2. |
Partial loss case : The company pays
indemnity within average loss ratio
of sum insured proportionated to the
actual value of the property.
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