Important Points for IC 57 - Fire and Consequential Loss Insurance Exam
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Various definitions related to the policy will be included in the ?specification? section.
The subject matter of fire insurance is material property and the subject matter of profits insurance is earning capacity of the property.
?No claim is payable or any 'on-account' payment shall be paid, if the terms of this condition are not complied with?. The above statement is true with regards to ?Condition 3? in the policy.
Condition 5 provides that the policy and the schedule shall be read together as one contract.
Output is defined as the quantity of commodity (to be specifie produced at the premises measured in units of
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