What is fire casualty insurance?
Fire casualty insurance is protection against the risk of loss due to fire or other damage to your home. The damage relates to property damage in and around the home, as a result of the disaster. Fire casualty protection pays a benefit to you as the insured to reimburse you for the value of those items that were destroyed or damaged. What Is Indemnity? The act of reimbursement, or restoring the value of loss property by an insurance company, is known as indemnity. Indemnifying a loss means that you will receive a benefit that does not exceed the fair or actual value of the item. This is an important concept because it protects the interests of the insurance company and the public against false claims. With the principle of indemnity, it is not possible to profit from a loss since the amount paid only restores the original value. The benefit is paid based on a submitted claim and an investigation of the facts to determine that an actual loss has occurred. How Is a Loss Determined? For a
