Page 38 - Misc Ebook IC 78

The Insurance Times

retroactive period covered which is a maximum
period of two years from the date of discovery of
loss.

(iv) Additional Sum Insured - if the insured bank
requires a higher limit of sum insured (higher than
the basic sum insured), in respect of section A and/
or B of the policy, this is permissible on the payment
of additional premium.

This increased sum insured is called the additional
sum insured. Both the basic and additional sum
insured under section A and/or B are specified in
the schedule of the policy.

Q8. Write a detailed note on the Householder's
Insurance Policy.

Ans. The Householder's Insurance Policy comprises of
10 sections. They are as follows:
(i) Section 1 - Loss or damage of the buildings or
contents in the premises by
(a) Fire, Lightning, Explosion.

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