Question

As per the Insurance Act what is the nature of fire insurance business?

Q: Answer-As per the Insurance Act what is the nature of fire insurance business?

Section 2 Definitions 6A fire insurance business means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies.

A Fire insurance business solely involves contracts of insurance against losses caused by fire, with no other risks included

B Fire insurance business refers to contracts of insurance against fire, but it excludes any incidental risks or other occurrences typically covered by fire insurance policies

C Fire insurance business involves the effecting of contracts of insurance primarily against losses due to fire, or other occurrences customarily included in fire insurance policies, provided these are not incidental to another class of insurance business

D Fire insurance business includes any form of insurance that covers risks, whether or not they are related to fire, as long as they are included in a fire insurance policy

E Fire insurance business is limited to contracts that are incidentally related to fire risks but are primarily concerned with other classes of insurance.

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As per the Insurance Act what is the nature of fire insurance business?

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