Important Points for IC 57 - Fire and Consequential Loss Insurance Exam
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The rate of gross profit is defined as the rate of gross profit per unit earned on the output during the financial year immediately before the date of damage.
The money paid or payable to the insured for services rendered in the course of the business at the premises.
The gross fees are defined in the policy as 'the money paid or payable to the insured for services rendered in course of the business of the insured'.
The rate of premium for C.L. policy consists of two components: Basis rate and Percentage for the Indemnity Period.
In calculating basis rate the contents of any storage / utility blocks even if they are communicating with process blocks should not be taken into consideration.
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