Application of principle of Utmost Good Faith in Motor Insurance.

In insurance contracts, the legal doctrine of utmost good faith applies. This casts on the insured the duty to disclose all material facts that have a bearing on the insurance. A breach of this duty may make the contract void or voidable depending upon the nature of the breach. Read more

How Motor third party insurance was made compulsory in India?

A Certificate of Insurance must be carried in the vehicle as a proof of such insurance. For all vehicles registered with Regional Transport Authorities, third party insurance is compulsory as per Motor Vehicle Act. Third party liability is unlimited however, there is a statutory limit for Third party property damage of Rs. 6000/-.Legally, no motor vehicle is allowed to be driven on the road in India without valid insurance.

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General Insurance Plan: Marine Hull and Machinery Insurance Policy from IFFCO Tokio General Insurance

The International Freight Forwarding market has changed considerably over the past few years with the introduction of Multi-modal Transpoters  ( MTO).

And there is now an increased number of transport providers such as freight forwarders, shipping agents, packing and consolidating agents clearing and forwarding agents, offering a variety of services to trading companies, many of whom are operating on a world-wide basis. Read more

General Insurance: How interested is the insured: The aspect of Insurable Interest and its Transferability

While effecting a renewal of a Fire Policy issued by some other Company, it was observed that the name of the Insured in the original policy was different from the person who came to us for renewal of  the policy. On enquiry, he showed me an endorsement which read that “On request of the Insured, with effect from ___, this policy is transferred in the name of ____(The person who wanted to renew the policy). Read more

Life Insurance Corporation of India paid more than Rs 404 cr last fiscal as claims to BPL families

Life Insurance Corporation of India during the last financial year has paid more than Rs. 403.91 crores by way of claims to families below poverty line during last financial year under two insurance schemes Janashree Bima Yojana (JBY) and Aam Admi Bima Yojana (AABY). Read more

Reliance Life Insurance aims over 25 per cent growth in new business premium

Reliance Life Insurance is targeting over 25 per cent growth in its new business premium at Rs 2,300 crore in the current fiscal, according to a senior  official.

The company expects new business premium of Rs 2,300 crore in 2012-13, as against Rs 1,809 crore collected in the last fiscal. Read more

International Insurance News: Insurance council inks MoC with German Insurance Association

Life Insurance Council, the industry body of all life insurance companies in the country, today said it has signed a Memorandum of Cooperation (MoC) with the German Insurance Association (GDV). Read more

Insurance News: Analjit Singh raises stake in Max India; acquires 5.29 million shares

Max India chairman Analjit Singh has raised his stake in the healthcare and insurance company by 2%, consolidating his holding in the diversified company to 39%. Singh bought 5.29 million shares in Max India on Wednesday for about Rs 100 crore, at Rs 189.05 a piece. Read more