Important Points for IC 57 - Fire and Consequential Loss Insurance Exam
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Drafting of the policies means completion of the schedule which forms part of the fire policy.
The following is a summary of the contents of the proposal form. i. Details about proposer, ii. Coverage, iii. Details of the property, iv. Details of sum insured, v. Declaration clause
For manufacturing risks like large factories, huge plants or industrial complexes with a large number of different blocks, a risk inspection report is submitted by the insurer?s engineers.
The main object of risk inspection report is to provide the underwriter with a complete picture of the risk so that he is enabled to determine the rates of premium and the terms of insurance.
During the time lag between the receipt of a proposal and the issue of the policy the insurers provide evidence of insurance protection through the issue of an Acceptance cum Receipt and/ or a Cover Note.
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