Claim procedure under solatium scheme prevailing in India
The Scheme came into force from 1.10.1982. The procedure for getting solatium money is as follow: Read more
Insurance Concepts
Jald Rahat Yojana is an unique Pre-litigation Scheme for settlement of Third Party Motor Insurance Claim
Nature of Jald Rahat Yojana – The Jald Rahat Yojana came into with effect from 14 th March. 1992. This is a Pre-litigation Scheme for settlement of Third Party Motor Insurance Claims for motor accident victims. Read more
Explain the concept of Lok Adalat. Advantages of Lok Adalat Settlements from the viewpoint of insurance companies?
For the purpose of bringing about voluntary settlement of disputes Hon’ble Shri P.N.Bhagwati, the ex-Chief Justice of the Supreme Court, conceived a unique concept of Lok Adalat or Lok Nyayalaya. Read more
Concept of Liability without Fault in motor insurance? How Motor Vehicle Act deals with without fault liability?
Sec 140 of Motor Vehicles Act, 1988 deals with the liability without fault. The claimant involved in a motor vehicle accident is not required to prove wrongful act, neglect, or default on the part of the owner of the vehicle or by any other person. Read more
Hit and Run Accident provisions in Motor Insurance
Hit and Run Accident is a motor accident arising out of the use of a motor vehicle or motor vehicles the identity whereof cannot be ascertained in spite of reasonable efforts for the purpose. Read more
Necessity of third party insurance? Who are exempted from it
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 more
Rights of third parties against insurers 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. Read more
Various conditions under fire insurance policy
There are fifteen conditions in the policy. They are:
(1)Â Voidable Condition: This condition provides that the policy shall be void able in the event of misrepresentation, mis-description or non-disclosure of any material particulars. This condition emphasizes the principle of utmost good faith. Read more
Various hazards in Aviation Insurance
The hazard of accidental death or injury resulting from participation in aeronautics. Read more
Concept of Liability without Fault” in motor insurance? How Motor Vehicle Act deals with without fault liability?
Sec 140 of Motor Vehicles Act, 1988 deals with the liability without fault. The claimant involved in a motor vehicle accident is not required to prove wrongful act, neglect, or default on the part of the owner of the vehicle or by any other person. Read more