Important Points for IC 57 - Fire and Consequential Loss Insurance Exam
Page 18 Of 56
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'Per Se' rating means each risk will be charged as its own merits at applicable rate of premium.
The general rules and regulations prescribed in Section 1 of the erstwhile tariff are applicable to all sections of the Tariff. These rules are now observed by insurers as good practice.
Valued policies are issued only for items for which market value cannot be ascertained.
Long-term policies are issued for 36 months or more for house flat owners.
Policies for a period of less than 12 months must be issued at the short period scale of rates.
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