Page 347 - Fire Insurance Ebook IC 57

The Insurance Times

bear the following meanings:
n Rate of gross profit earned on the output/turnover

- During the period between date of
commencement of the business and date of
damage
n Annual Output/Turnover: the proportional
equivalent for a period of 12 months or the
output/turnover realized - During the period
between date of commencement of the business
and date of damage
n Standard Output/Turnover: the proportional
equivalent for a period equal to the indemnity period
of the output/turnover realized - During the period
between date of commencement of the business
and date of damage
n These definitions are however, subject to the trends,
variations and special circumstances clause of the
usual Output/Turnover wordings. The normal words
operate on completion of twelve months of trading.

Q8. Discuss the concept of revenue policies in

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