Session 2 - Problems in calculating fire insurance claims

Session Plan : Problems in calculating fire insurance claims

1️⃣ 0–5 min: Introduce the need for fire insurance and basic claim calculation concepts.
2️⃣ 5–15 min: Explain common problems/errors in computing fire insurance claims.
3️⃣ 15–30 min: Demonstrate numerical problems showing each error and correction method.
4️⃣ 30–40 min: Explain average clause, underinsurance issues, and final claim computation.
5️⃣ 40–45 min: Recap and reinforce concepts with 5 key exam questions.

Lecture Material : (PDF, PPT)

Problems_in_Calculating_Fire_Insurance_Claims.pptx

Learning Material (IV Quadrant Approach)

(Q1) : Text and Image based Content (PDF/Image Formats)

Fire insurance claim.pdf

(Q2) : Video Based Content (Youtube)

(Q3) : Formative Assessment (Google Form/Any Other Online Quiz Platform)

(Q4) : Further Reading

Recommended Books & Texts

Accounting for Business (3rd ed) — A textbook focused on how accounting supports business decision-making and is suitable for non-specialist managers and business students. Goodreads
Accounting for Business Studies by Aneirin Owen — Integrates accounting with business & management studies, emphasising the commercial context. Routledge
Business Accounting (v.2.0) (free online text) — Covers many fundamental accounting topics; good for self-study. 2012 Books
Accounting, The Language of Business by JoAnn Wood — Openly-licensed, explains accounting as a communication tool in business. Boise State Pressbooks

Useful Online Resources

Open Textbook Library: “Accounting Principles: A Business Perspective” and others — free downloadable textbooks covering core accounting topics. Open Educational Resources
Guides listing recommended books for accounting and business: e.g., “Business Recommended Reading by Subject: Accounting”. BYU Library Guides+1
Articles on accounting fundamentals: e.g., “What Is Accounting? | Introduction to Business” explains accounting as the language of business.

Key Questions

Important Questions

What is the average clause, and when is it applied?
Explain any four common errors made while calculating fire insurance claims.
How do you calculate stock on the date of fire when records are incomplete?
Why is salvage deducted while computing fire loss?
Differentiate between underinsurance and overinsurance with examples.

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