Fire Insurance: A Social Security Tool

Abstract

It is a generally acknowledged phenomenon that there are enormous risks in every sphere of life. Our life and property are not safe and there is always a chance of losing it; to recover that loses and damage is to get insured. Insurance is a contractual agreement for transferring and allocating risks where the risk is the uncertain event. In simple words insurance is a contract of consideration for a happening of an event. The chances of occurrence of the events causing losses are quite uncertain because it may happen or may not happen; when such risk happens, the insurer indemnifies the risk and losses in return for the payment of premium. For property, there are fire risks, for shipment of goods there are perils of sea, for human being there are risk of death and disability and so on. Hence, insurance protects men as well as things. In this paper, I have tried to analyse and research the concept of fire insurance, its kinds, and claim of fire insurance along with case laws.