A godown is a place for storing large amount of products before sending them the market for selling. The service of storing the products is called godown service or warehouse service.
The asset of which physical value is assessed and under prescribed causes damage occurs. The Compensation of which is paid within fixed amount the insurance company as per foxed calculation pays Compensation. This contract is called ordinary insurance.
The contract in which the insurance company promise to pay the person who takes insurance the fixed . Amount to his / her successors on the death of the policy holder
The following are various media of transportation.
$(1)$ Transportation through human force.
$(2)$ Transportation through animal force
$(3)$ Air Route
$(4)$ Land Route
$(5)$ Marine Route
$(6)$ Transportation through pipeline .
Give six example of other types of ordinary insurance.
Answer
Other types of ordinary insurance are
$(1)$ Vehicle insurance
$(2)$ Theft and Robbery insurance
$(3)$ Insurance of cattle
$(4)$ Insurance of sports
$(5)$ insurance of accident
$(6)$ Insurance of prestige
$(7)$ Insurance of natural calamity.
A person insure himself for a parties and he gets the amount on maturity. If the dies before maturity of Policy the amount is paid to heir as mentioned in the policy documents.
What is the position of an individual who has insured the thing of less than its actual value ?
Answer
An individual who has insured the thing of less than its actual value gets less compensation. He himself Has to bear proportionate loss has to bear proportionate loss.