Question

In reference to fire insurance following facts are given. Identify the correct statements.
(A) Fire insurance is a comprehensive policy which covers loss on account of fire, earthquake, riots, floods, strikes and malicious intent.
(B) Fire Insurance can be taken only by the owner of the premises to be insured.
(C) A tenant cannot insure rented premises but he can insure the contents of the premises.
(D) Fire insurance is compulsory if your house/flat is financed by a bank or any other financial institution.
Choose the correct answer from the options given below:

• A. (A), (B) and (D) only
• B. (A), (B) and (C) only
• C. (A), (B), (C) and (D)
• D. (B), (C) and (D) only

Answer 1

The Correct Option is B

The following statements are relevant:
- (A): Fire insurance is a comprehensive policy, covering losses from fire, earthquakes, riots, floods, strikes, and malicious intent.
(B): Only the premises owner may purchase fire insurance for the property.
- (C): Tenants cannot insure rented premises but are permitted to insure their contents.
(D): Fire insurance is recommended but not universally mandatory unless required by specific lenders or banks.
Consequently, statements (A), (B), and (C) are accurate, while (D) is not always applicable.