Important Points for IC 57 - Fire and Consequential Loss Insurance Exam
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Fire insurance business was governed by the All India Fire Tariff. The Tariff Advisory Committee have laid down rules, regulations, rates, advantages, terms and conditions for fire insurance business in India under the provisions of Part IIB of the Insurance Act, 1938.
The fire policy form consists of three main parts: Operative clause, General exclusions and General conditions.
Perils covered generally include: fire, lightning, aircraft damage, explosions, implosions, aircraft damage, riots, strike, terrorism damage, storm, cyclones, hurricanes, tornados, bush fire, leakage, bush fire, etc.
There are generally thirteen exclusions prescribed in a fire policy.
There are generally fifteen conditions prescribed in a fire policy.
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