module 1 ins law - Copy Flashcards
and
more has seen it been opened up substantially. In 1993, the government set up a
The
Authority has the power to frame regulations under section 114A of the Insurance
Indian
Insurance market include agents (individual and corporate), brokers, surveyors and
Company Ltd,
Max Bupa Health Insurance Company Ltd, Religare Health Insurance
Company Ltd and Cigna
TTK Health Insurance Company Ltd. There are two more
contingency”.
In its legal aspects it is a contract whereby one person agrees to indemnify
the
property. The condition is reverse of ordinary commercial contracts and the seller is
the need for
Utmost Good Faith on the part of the proposer. It may be said here that the
insured
with another company and the previous claim experience. Similarly, a medical
examination
may not reveal the previous history i.e. details of past illness, accidents etc.
e.g., fire
extinguishing Appliances discount in fire policies or that Earthquake risk is not
contracts Utmost
Good Faith means that “each party to the proposed contract is legally
made in
an existing contract then this duty of full disclosure recovers in respect of the
had
made false representation or suppressed the material facts is undoubtedly on the
making the
statement that it was false or that fact which ought to be disclosed has been
relationship
recognized under the law between the insured and the subject matter of
evaluating
insurable interest. Every person has an insurable interest in his own life. A
Interest
in life & property - where it is possible to predetermine the extent of Insurable
Insurers
protect themselves by taking a receipt from the person receiving the amount
value
and will indemnify the insured to this extent in case of total loss. Such policies are
type of policy
where the principle of strict indemnity is not applied is the Reinstatement
current replacement value
and the Insurer agrees that in the event of a total loss he shall
policy documents the word
indemnity may not be used but the courts will follow this
meet the
losses of the few who suffer damage, so it is reasonable to conclude that every
usually
lies with the bereaved or injured party but the law recognises that if another has
the right to
recover damages. In case the insured after having received indemnity also
Principle
of Insurance can be traced to the judgement given in the case of Casletlan V
doctrine in favour of
the underwriters or insurers, in order to prevent the insured from
recovering more than a full
indemnity; it has been adopted solely for that reason.”
Subrogation does not apply to life and
personal accidents as these are not contracts of
million
from Mr. Tom, then the insurance company will retain $ 1 million (which it has
policies
be identical to one another. What is important is that there should be an
overlap
between policies, i.e. the subject matter should be common and the peril
the loss
as per the terms and conditions of the individual policy and pay the claims
the
proximate cause has to be chosen the choice should be of the most predominant and
payable.
However, if reverse were the case and the chain was started by an excepted or
policy
earthquake is not a covered risk, hence the claim will not be payable. To really
understand the
complexities of proximate cause and its proper identification one must go
trawler
vessel gets to collide, which result in further delay for few days. Because of this
order
to extricate himself ought not to be weighed in nice scales at the instance of the
