Fire Insurance Under Indian Insurance Law A contract of Insurance comes into being when a person seeking insurance protection enters into a contract with the insurer to indemnify him against loss of property by or incidental to fire and or lightening, explosion, etc. This is primarily a contract and hence as is governed by the general law of contract. However, it has certain special features as insurance transactions, such as utmost faith, insurable interest, indemnity, subrogation and contribution, etc. these principles are common in all insurance contracts and are governed by special principles of law. FIRE INSURANCE: According to S. 2(6A), "fire insurance business" means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence, customarily included among the risks insured against in fire insurance business. According to Halsbury, it is a contract of insurance by which the insurer agrees for consideration to indemnify the assured up to a certain extent and subject to certain terms and conditions against loss or damage by fire, which may happen to the property of the assured during a specific period. Thus, fire insurance is a contract whereby the person, seeking insurance protection, enters into a contract with the insurer to indemnify him against loss of property by or incidental to fire or lightning, explosion etc. This policy is designed to insure one's property and other items from loss occurring due to complete or partial damage by fire. In its strict sense, a fire insurance contract is one: 1. Whose principle object is insurance against loss or damage occasioned by fire. 2. The extent of insurer's liability being limited by the sum assured and not necessarily by the extent of loss or damage sustained by the insured: and 3. The insurer having no interest in the safety or destruction of the insured property apart from the liability undertaken under the contract. LAW GOVERNING FIRE INSURANCE There is no statutory enactment governing fire insurance, as in the case of marine insurance which is regulated by the Indian Marine Insurance Act, 1963. the Indian Insurance Act, 1938 mainly dealt with regulation of insurance business as such and not with any general or special principles of the law relating fire of other insurance contracts. So also the General Insurance Business (Nationalization) Act, 1872. in the absence of any legislative enactment on the subject , the courts in India have in dealing with the topic of fire insurance have relied so far on judicial decisions of Courts and opinions of English Jurists. In determining the value of property damaged or destroyed by fire for the purpose of indemnity under a policy of fire insurance, it was the value of the property to the insured, which was to be measured. Prima facie that value was measured by reference of the market value of the property before and after the loss. However such method of assessment was not applicable in cases where the market value did not represent the real value of the property to the insured, as where the property was used by the insured as a home or, for carrying business. In such cases, the measure of indemnity was the cost of reinstatement. In the case of Lucas v. New Zealand Insurance Co. Ltd.[1] where the insured property was purchased and held as an income-producing investment, and therefore the court held that the proper measure of indemnity for damage to the property by fire was the cost of reinstatement. Who's Heard About The Latest Digital Hearing Aids? Face it. Getting old is a drag. 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Hearing aid technology rival flat screen TV, cell phones or computers... the entire sound spectrum can be "processed", backing out some frequencies, amplifying others in order to perfectly match any hearing deficiency. 2. Programmability. In the sound-technology field, the best hearing aids give programming flexibility. Wearers can "orient" the sound capture in a forward direction, towards the people you're looking at or speaking with... dampening out room noise, or sounds from behind. Treble "high frequencies", which are the sound frequencies that aging first diminishes, receive a gentle controlled boost. Impacts? Conversation will sparkle. Music will sound crystal clear again. 3. Discrete In-Ear Location - No More Banana Shaped Hearing Aids. No need for embarrassment associated with past generation behind the ear BTC hearing aids... shaped like pieces of fruit and prone to whining and clicking and battery failure at the most embarrassing of moments. Cool and contemporary digital designs are only noticeable if someone stares into your ear canal. What they'll see is a delicate wire probe resting quietly atop the inner ear canal. New generation hearing aids offer designer colors no less, from earth tone reds to stronger colors so that your hearing aid virtually becomes a fashion accessory. Forex Trading for Total Beginners Stock investment, binary options, and foreign exchange (Forex) trading - these are some of the popular ways of generating additional income aside from choosing the traditional ways (building a small business or applying for a part-time work). Which do you prefer? Oh, so you're already familiar with stock investment and binary options. You don't mind trying them but you would be glad to learn about other potential sources of investment income. And so, your wish is my command! You landed here because you want to know some facts about Forex trading, didn't you? This article won't make you an expert on the subject, but it can certainly answer the simplest questions that you have at this moment. No need to beat your brains out! The Basics of Foreign Exchange Currencies and foreign exchange are important to various people in different parts of the world. They are needed to keep foreign businesses running. For example, you are an American tourist traveling in Europe. Of course, you can't pay in dollars to go to the popular tourist destinations there. You will need to exchange your dollars for the local currency. So you see, there is a continuous need to exchange currencies. Due to this fact, Forex market has become the biggest financial market in the world. Forex Trading Defined Doing this type of investment means you're trading currencies against each other. You may opt to buy one while selling another. When you trade Forex, you basically attempt to make a profit by guessing that the value of one currency will go up or go down compared to another; for instance, a lot of EUR/USD. You choose when you want to close the trade. You can do it anytime the market is open. Some Advantages So, you can gain profits. What else? What makes this type of trading a lot more beneficial to you? • You can try a free demo account. This is mostly beneficial for beginners like you especially if you are a bit doubtful about yourself. Trying a free demo account prepares you for the time that you will need to really invest your money in the hopes of earning real profits. It likewise helps you figure out if Forex trading is for you. • The market trades 24 hours a day. So, you don't plan to do it full-time. That's just fine. You can trade at any time of the day because the market never sleeps. • There is no fixed lot size. Want to participate with a small lot size, let's say, $25? No problem! You determine your own position size. There you have it; the set of basic pieces of information about Forex trading. Do you want to try it? Or do you want to learn more detailed facts? You better choose the latter for now. There are numerous things you need to know, and you should make the most out of your resources. The good thing is, there are lots of them! Indeed, you need to be very careful in trying to make an investment. But it also pays to be bold enough to take risks. Just make sure you are equipped with enough knowledge about what you're doing.
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