January 24, 2021 0

 Procedure to insure the property under fire insurance: 

For insuring any property under the fire insurance policy the following is the procedure:

  • Step-1: Consultation with insurance agents.
  • Step-2:  Selection of the policy.
  • Step-3: Collection & filling up of proposal form.
  • Step-4: Investigation of the property & fixation of premium.
  • Step-5: Payment of the premium & insurance of cover notes.



Hazard:  

Hazard means the condition or situation that are likely to increase the chances of a loss arising from a peril, where as the term 'peril' denotes the cause of the loss.

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