Issue of Fire Insurance Policy

Finally the insurance company issues fire insurance policy to the insured. The insurance policy contains the facts such as rights and obligations of the insurer and insured and terms and conditions of the insurance including total amount of insurance, detail of insured property and so on. In general, the duration of insurance policy is one year or less than one year. Policy of less than one year period is known as short term strategy, whereas the policy of more than one year period is known as long term strategy. The long term policy should be renewed every year.