The general exclusions under fire insurance policy
There are nine exclusions under the policy. They are: Read more
Insurance Concepts: General Insurance
Concept of Insurable interest in insurance
The requirement of insurable interest gives legal validity to insurance contracts and distinguishes them from wagers. It may be defined as the legal right to insure, where the right arises out of a pecuniary relationship between the insured and the subject matter of insurance. The destruction or damage to the latter involves the insured in financial loss. Absolute legal ownership is a clear example of insurable interest. Read more
Various Types of alarm systems used for fire fighting
Mechanical device for signalling the occurrence of an unwanted condition, such as a fire, burglary, or the unnecessary activation of a fire-suppression system so that a corrective action may be taken in haste.
Read moreWhy Motor Third Party Insurance in compulsory in India
Section 146 of the Motor Vehicles Act, 1988 provides that no person shall use ( except as a passenger), or allow any other person to use, a motor vehicle in a public place, unless the vehicle is covered by a policy of insurance complying with the requirement of the Act.
Read morePerils covered under the Fire insurance policy
The following are covered under the Fire Policy in India :
Read moreConcept of Reinstatement value in Insurance
This is the value at which the damaged property can be reinstated or replaced by a similar property, without deducting depreciation. Agreed value is also sometimes mutually agreed upon by the insured and the insurer, subject to the valuation certificate. Following are the basis on which the sum insured can be fixed: Read more
Rights of third parties against insurers in Motor Insurance on insolvency of the insured
Sec 150 of Motor Vehicle Act, 1988 provides for the rights of Third parties in the event of the insolvency of the insured or in the event of winding up when the insured is a Company. The Act provides that if, either before or after that event, any third party liability is incurred by the insured, his rights against the insurer under the policy are transferred to the third party to whom the liability was incurred. Read more
Various acts relating to General Insurance Business in India
Various legislations and acts influencing transaction of general insurance business in India and also loss minimization and risk management : Read more
Concept of Accident in Insurance
Unplanned injurious or damaging event which interrupts the normal progress of an activity. An accident may be seen as resulting from a failure to identify a hazard or from some inadequacy in an existing system of hazard controls. Refer “Diseaseâ€, “Incidentâ€, and “Occurrenceâ€.
Read moreProvisions under Motor Vehicles Act regarding Transfer of Certificate of Insurance in India
The 1988 Act requires issue of a Certificate of Insurance by the insurers as proof of Third party insurance to satisfy the requirements of Chapter XI of the Act. The Certificate of Insurance Form 51 must be in the form prescribed under the Motor Vehicles Rules framed under the Act. Certificate is to be issued by the “Authorized Insurer and Authorized Government insurance Fund” who are authorized to do general insurance business in India. Certificate of insurance includes Cover Note and Policy of Insurance includes ‘Certificate of Insurance.” Read more