Page 138 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

policy.

Premium

n As per Sec.64 VB of the Insurance Act states that no risk can
be assumed unless and until the full premium is received in
advance.

n The policy can be issued only after receipt of full premium.

The contents of an Acceptance cum Receipt may include
the following:

3 Policy No.
3 Period of Insurance
3 Agent / Development Officer code
3 Policy issuing office details
3 Name of insured and address
3 Property covered
3 Perils covered
3 Sum Insured
3 Premium charged
3 Service tax
3 Total amount received
3 Details of cheque
3 Signature of company official.

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