insurance sector - Page 5

Features of Marine Insurance

As you are aware that Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. I also includes offshore and onshore exposed properties (container terminals, ports, oil platforms, pipelines etc.),...

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Posted Under: Corporate Law |

Persons Entitled to Payment under an Insurance Policy

The insurance provides us short range as well as long range relief. The short-term relief is aimed at protecting the assured from loss of property and life. The long-term object being industrial and economical growth of country and the society. Insurance has become one of the most important necessities in our life. As we have […]...

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Posted Under: Corporate Law |

Dilemma of Tax Implications on Ceding of Reinsurance Commission

To comply with the section 101A of Insurance Act, an insurance company must re-insure a specific proportion of the sum assured with another insurance company, commonly known as a “re-insurer”. A certain amount of re-insurance commission is kept by the insurer for this reason, which is termed as “Cession of Re-insurance C...

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Posted Under: Corporate Law |

LIC IPO: Policyholders asked to update PAN

In order to participate in any such public offering by LIC, policyholders will need to ensure that their PAN details are updated in the Corporation's records. Further, subscribing to any public offering in India is only possible if you have a valid DEMAT account —accordingly, policyholders should ensure that they have an active DEMAT ac...

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Posted Under: Corporate Law |

Writ Jurisdiction of High Court against Repudiation of Life Insurance Claim

As you are aware that the Constitution of India has provided powers of Central and State Legislature to frame Rules and Regulations and to establish a Judiciary System to enforce these. The government has established various quasi judicial authorities , tribunals, appellate tribunals and a hierarchy of judicial system to provide opportuni...

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Posted Under: Corporate Law |

Which term insurance plan should I buy in India?

It is how life insurance and life are interconnected. Owning life insurance is a mandate, and one should never underestimate it's a necessity in life because catastrophes or unfortunate events don't inform and arrive....

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Posted Under: Corporate Law |

Some Facts Related to A ‘Cover Note or Interim Receipt’ Under Insurance

As you are aware that a ‘Cover Note or Interim Receipt’, is a documents issued by the insurers during negotiations stage for an insurance to a person proposing to insure with them , by which they acknowledge receipt of payment in respect of premium and undertake to hold him indemnified until they have elided whether […]...

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Posted Under: Corporate Law |

An Insurer cannot Repudiate a claim by citing Existing Medical Condition- SC

Manmohan Nanda Vs. United India Assurance Co. Ltd. (Supreme Court of India)

On the disclosures made by the appellant with regard to his existing disease, namely diabetes mellitus II, the insurance company considered the same and issued the policy in question to the appellant. The respondent insurance company as a prudent insurer considered the details given by the appellant in the proposal form and issued the pol...

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Doctrine of Uberrimae Fidei/Good Faith in a Contract of Insurance

I was watching Amir Khan’s advertisement for Phone Pe on TV. The actor’s Motor Cycle was being destructed in a domino effect. Realizing the disaster in advance, the actor does not run to save his motorcycle but fills up form for insurance and makes payment through Phone Pe. The payment was so easy and fast […]...

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Posted Under: Corporate Law |

With multiple term insurance plans to choose from, something for every budget

Term insurance plans can help you secure the financial future of your loved ones. If a working family member dies prematurely, his family can become dependent on others. Inflation, rising living costs, spending on children, debt, medicine, and severance pay are some of the financial obligations you have to meet. The contract period allows...

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Posted Under: Corporate Law |

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