Saklesh

59. Distinction Between Fire & Marine Insurance on the one hand, and Life Insurance on the other. Fire Insurance and Marine Insurance Life Insurance 1. Certainty of event : * In case of Fire and Marine Insurance the event insured may or may not happen at all 1. Certainty of event : * The event (death) is bound to happen sooner or later. 2 .Indemnity : * The contract of fire and marine insurance are contracts of indemnity. 2. Indemnity : * The sum assured is payable irrespective of any proof of loss and to the full extent of the amount assured in the event of death of the assured.

60. Distinction Between Fire & Marine Insurance on the one hand, and Life Insurance on the other. 3. V aluation of Insurable interest : *In fire and marine insurance, the insurable interest of the assured must be capable of valuation in terms of money 3. Valuation of Insurable interest : *In case of Life insurance,this is not just possible 4. Time of Insurable Interest : *In fire insurance, the insurable interest must be present both at the time of insurance and at the time of loss. In marine insurance, it must be present at the time of loss. 4. Time of Insurable Interest: *In Life insurance, it must exist at the time of the contract.It need not be present at the time when the policy falls due.

61. Distinction Between Fire & Marine Insurance on the one hand, and Life Insurance on the other. 5. Duration of Contract of Insurance : *A contract of fire insurance is a contract from year to year.It comes to an end after the expiry of the year.Though it can be renewed if the insured expresses his willingness to do so and pays the premium. *A contract of marine insurance is for a particular voyage. 5 . Duration of Contract of Insurance : *A contract of life insurance is a continuing contract.It lapses if premium is not paid regularly at the specified times.