Why Motor Third Party Insurance in compulsory in India
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…
Perils covered under the Fire insurance policy
The following are covered under the Fire Policy in India :
Concept of Reinstatement value in Insurance
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…
Rights of third parties against insurers in Motor Insurance on insolvency of the insured
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 acts relating to General Insurance Business in India
Various legislations and acts influencing transaction of general insurance business in India and also loss minimization and risk management :
Road mishap victim’s family gets Rs 62L compensation from New India Assurance
New India Assurance Company to pay Rs 62L compensation to the family members of a man, who died in a road mishap involving a rashly driven truck in Uttar Pradesh…
Labourers not covered by insurance
The Supreme Court ruled last week that an insurance policy of a motor vehicle did not cover employees of a person who hired the vehicle to carry goods. “Someone who…
Concept of Accident in Insurance
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…
Provisions under Motor Vehicles Act regarding Transfer of Certificate of Insurance in India
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…
Insurance Company official sentenced to jail for Insurance Fraud
A sacked divisional manager of a state insurance firm and three others have been sentenced to varying jail terms for clearing bogus insurance claim and duping the firm of Rs…