Distinguish between the following:
Fire Insurance & Marine Insurance
Basis of Difference
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Fire Insurance
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Marine Insurance
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Compensation
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Compensation is paid only in the event of loss due to fire. Nothing is paid otherwise.
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Compensation is paid only in the event of loss due marine perils. Nothing is paid otherwise.
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Duration
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It does not generally exceed one year.
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It is generally done for one year or for the period of voyage.
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Subject matter
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The goods and property of the person make the subject matter.
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The goods in ship, cargo and freight make the subject matter.
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Insurable interest
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Insurable interest must exist at the time of taking the policy and also at the time of receiving the claim.
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Insurable interest must exist at the time of receiving the claim or at the time of loss only.
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