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
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.Read more
The International Freight Forwarding market has changed considerably over the past few years with the introduction of Multi-modal Transpoters Â ( 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
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 ofÂ 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
A. Traditional â€œAffinity Channelsâ€ have concentrated on a few defined areas of focus:
1. Delivering a value proposition to members/constituents that includedâ€¦ Read more
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 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 Â 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
A man gave a supari for his own murder in Lakhimpur Kheri district of central Uttar Pradesh. The killing was carried out as planned but the police got the better of the conspirators and unveiled the fact that the murder was meant only to get a heavy insurance amount.Read more
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
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