Insurance Concepts

Insurance Concepts: General Insurance 

Various Policies issued in Aviation Insurance in India

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Aircraft (Flight & Ground Risks) Policy :

The cover provided by the policy is to replace or make good accidental loss of or damage to the aircraft including standard components parts thereof, temporarily detached in con­nection with overhaul or repair while in the custody or control of the insured (unless other similar component parts have been substituted) from whatsoever cause arising whill the aircraft is in Flight and/or Taxying and/or on the Ground and/or Moored. The policy also covers legal liability to third parties (other than passengers), and also legal liability to passengers. Read more

Insurance Concepts: General Insurance 

Concept of Hit and Run Accident in Motor Insurance

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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. The Motor Vehicles Act, 1988 is a piece of social legislation and its provisions are designed to protect the rights of victims of road accidents.  In spite of the wide protection afforded by the provisions of the Act, there remain certain gaps in which the road victims may not have any remedies. Read more

Insurance Concepts: General Insurance 

Concept of Insurable interest in insurance

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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

Insurance Concepts: General Insurance 

Various Types of alarm systems used for fire fighting

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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.

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Insurance Concepts: General Insurance 

Why Motor Third Party Insurance in compulsory in India

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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.

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Insurance Concepts: General Insurance 

Concept of Reinstatement value in Insurance

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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

Insurance Concepts: General Insurance 

Rights of third parties against insurers in Motor Insurance on insolvency of the insured

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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