Principles of indemnity in Insurance
The objective of the principle is to place the insured, as far as possible, in the same financial position after a loss, as that occupied by him, immediately before the loss. Read more
Insurance Concepts: General Insurance
Concept of Utmost good faith in insurance
In insurance contracts, the legal doctrine of utmost good faith applies. The insured has the duty to disclose all material facts, which have a bearing on the insurance. A breach of this duty may make the contract void or voidable.
Read moreHealth insurance awaits recognition from senior citizens
As per recent reports, nearly 7.5% of India’s population is presently aged 60 years and above. Less than 1% of these would be covered under any kind of health insurance plan. Being estimated that India will soon become home to the second largest number of senior citizens in the world, these numbers show a worrying picture, despite most General insurers offering specific plans for the elderly. Read more
The basic principles that govern Fire insurance
The basic principles that govern Fire Insurance are:
Utmost good faith – In insurance contracts, the legal doctrine of utmost good faith applies. The insured has the duty to disclose all material facts, which have a bearing on the insurance. A breach of this duty may make the contract void or voidable. The duty of disclosure continues throughout the policy period. Read more
Developments/ New trends in field of motor insurance in India
The practice of motor insurance is influenced, to a large extent, by the Motor Vehicle Act, 1939. This Act makes provision for various matters relating to the use, maintenance and operation of motor vehicles, registration of motor vehicles, construction equipment and maintenance of motor vehicles, control of traffic, etc. Chapter VII -A and Chapter VIII of the Act provide for insurance of motor vehicles against third party risks. Read more
What does a motor insurance policy covers?
Motor insurance policies cover against any loss or damage caused to the vehicle or its accessories due to the following natural and manmade calamities. Read more
A motor insurance policy does not indemnify the loss or damages caused by a drunk driver
Recently an incident was reported in media wherein a lady who was allegedly under the influence of alcohol banged her car into traffic policeman, as well as a biker whom the traffic policeman was checking. Sadly, both died in this unfortunate accident. Not only she, there are many such instances have been highlighted by the media in the past. Read more
How about a top up health insurance?
With healthcare costs in India increasing at an exorbitant rate every year, it becomes mandatory to have a health insurance policy. However, most people usually take a health cover of approximately Rs 3-4 lakh for the family. Since this amount covers the entire family, this can fall short of your actual expenditure. Multiple ailments of family members, or even if a single member has to undergo hospitalisation many times can force you to dig into your savings to meet the expenses. This is where top-up health insurance plans can be used. Read more
Medical insurance: Why your city and profile are important
As medical expenditures are sky rocketing with every passing year, medical insurance is fast becoming a must for every household. As the need for healthcare insurance is becoming evident, almost all of us are faced with two questions – What would be the right health insurance plan for my family? And how much health insurance do I need? Read more
Motor Insurance: Forms of Motor policies available in India
The India Motor Tariffs, as amended in July 2002 provided for two types of Policy forms. These were: Read more