Important Points for IC 57 - Fire and Consequential Loss Insurance Exam
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Carry over provision is a feature offered under dual basis of insurance method.
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.
Details regarding final assessment of loss cannot be provided under preliminary report submitted by Surveyor.
Under dual basis of insurance method of insuring wages, scheme wages are entirely removed from the gross profit cover, and are insured as a separate item.
Termination of a workman by the employer for any reasons whatsoever is an example of ?Retrenchment?.
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