Insurance Concepts: General Insurance

There are nine exclusions under the policy. They are:

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…

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…

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…

The following are covered under the Fire Policy in India :

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…

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…

Various legislations and acts influencing transaction of general insurance business in India and also loss minimization and risk management :

Unplanned injurious or damaging event which interrupts the normal progress of an activity. An accident may be seen as resulting from a failure to identify a hazard or from some…

The 1988 Act requires issue of a Certificate of Insurance by the insurers as proof of Third party insurance to satisfy the requirements of Chapter XI of the Act. The…