How to take a fire insurance policy:
When a fire insurance policy is to be taken out, the first step is to fill in a "Proposal Form" giving full particulars of the property to be insured. The company sends its inspector to inspect the property. When his report is submitted, the company may accept the risk and quote a premium or may refuse to accept the risk. Is the company accepts the risk, it issues a "Cover Note", which is an undertaking by the company to cover the risk of fire till the actual policy is prepared. In case of a loss by fire, the claimant must file his claim with the company within 15 days. He must give full particular of the fire, the estimated value of the goods, etc. The company may send its representative or surveyor to determine the actual extent of the loss. Then the company pays the claim. If there is a dispute to arbitrators, as provided in the policy. A fire policy cannot be assigned to anyone. It is purely a personal contract between the businessman and the insurance company. ***** 000 ******* 00049 ***** 000 ****** 00 # ****** 0004 $ ***** Q. 3.