Contingency contracts are the basis of the insurance industry. Suppose a business owner has property insurance and the property insurance covers damage from fire. In which instance is the insurance company likely to compensate the insured? In which instance not? Explain (1) A fire, caused by faulty electrical wiring about which the company had no knowledge, destroys the premises of the building (2) A fire, caused by faulty electrical wiring about which the company had knowledge but took no remedial action, destroys the premises of the building (3) A fire, caused by arson by a disgruntled employee, destroys the premises of the building (4) A fire, caused by arson by the owner of the company, destroys the premises of the building