Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

If insured wishes to make alteration in the period of insurance, then such changes can be made in Endorsement.
The term 'retention' refers to the amount which an insurer is prepared to retain for own account on a risk; the alternative terms used are 'limit' and 'net holding'.
The term ?Maximum Probable Loss? (also known as 'Estimated Probable Loss' ? EML) refers to the insurer?s estimate of potential liability in the worst event.
Possible means (something) that can happen
Probable means (something) capable of being proved or which may reasonably be expected to happen, wherein reasonable is meant in the sense of having sound judgement or sensible or as is judged appropriate or suitable to the circumstances or purpose.

Important Points for IC 57 - Fire and Consequential Loss Insurance Exam