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Characteristics - Reinsurance - Concept of Insurance, Principles of Insurance, B com
6075 Views
Insurance Services
3583 Views
Role of Insurance in Economic Development - Insurance Business and Market, Principles of Insurance
2637 Views
Nature & Evolution of Insurance - Risk management And Insurance, Principles of Insurance, B com
1969 Views
Insurance Contract Term - Principles of Insurance, B com
1524 Views
Characteristics & Objectives of Reinsurance, Principles of Insurance
903 Views
Introduction to Insurance, Principles of Insurance
617 Views
Benefit of Insurance - Concept of Insurance, Principles of Insurance, B com
516 Views
Life Insurance - Insurance Terminology And Insurance Customers, Principles of Insurance, B com
467 Views
Principle of Insurable Interest - Insurance Contract, Principles of Insurance
390 Views
Different Type of Insurance & Insurance Pooling - Principles of Insurance, B com
379 Views
Basics of Insurance - Risk Management and Insurance, Principles of Insurance
356 Views
Concept of Pooling in Insurance - Risk Management and Insurance, Principles of Insurance
338 Views
Nature of Insurance - Risk Management and Insurance, Principles of Insurance
326 Views
Principle of Insurable Interest - Insurance Contract - Principles of Insurance, B com
302 Views
BVP MBA General Insurance and Reinsurance (GIR) 4th Semester Question Papers (BVIMR)
293 Views
Type of Reinsurance - Concept of Insurance, Principles of Insurance, B com
272 Views
Benefits of Insurance, Principles of Insurance
272 Views
BVP MBA General Insurance and Reinsurance (GIR) 3rd Semester 2013 Question Papers (BVIMR)
252 Views
Principals of Insurance
239 Views
Importance of Insurance - Risk Management and Insurance, Principles of Insurance
225 Views
Life Insurance, Principles of Insurance
214 Views
Principle of Subrogation - Insurance Contract, Principles of Insurance
214 Views
Different types of Insurance - Risk Management and Insurance, Principles of Insurance
208 Views
Evolution of Insurance - Risk Management and Insurance, Principles of Insurance
204 Views
Reinsurance, Principles of Insurance
203 Views
Importance of Insurance - Risk management And Insurance, Principles of Insurance, B com
202 Views
Non Life Insurance - Insurance Terminology And Insurance Customers, Principles of Insurance, B com
190 Views
Double Insurance, Principles of Insurance
183 Views
Marine Insurance - General insurance product, Principles of Insurance
181 Views
Basics of Insurance - Risk management And Insurance, Principles of Insurance, B com
178 Views
LIC products - Insurance Products, Principles of Insurance
177 Views
Principal of Contribution - Insurance Contract, Principles of Insurance
165 Views
Important Concept - Reinsurance - Concept of Insurance, Principles of Insurance, B com
163 Views
Put as insurance
148 Views
Insurance contracts, Principles of Insurance
145 Views
Non Life Insurance, Principles of Insurance
145 Views
External & Internal customer of insurance, Principles of Insurance
145 Views
Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com
140 Views
Peril - Concept of Insurance, Principles of Insurance, B com
133 Views
Understanding Insurance Customers, Principles of Insurance
131 Views
Disclosure - Insurance Contract, Principles of Insurance
129 Views
Personal Accident Insurance Policy - General insurance product, Principles of Insurance
129 Views
Claim process - Concept of Insurance, Principles of Insurance
126 Views
Car insurance Cover Note - Concept of Insurance, Principles of Insurance, B com
115 Views
Insurance Regulator - Insurance Business and Market, Principles of Insurance
113 Views
Insurance Regulator - Insurance Business And Market, Principles of Insurance, B com
109 Views
Annuities - Life insurance product, Principles of Insurance
101 Views
Operations of Insurance Companies - Insurance Business And Market, Principles of Insurance, B com
98 Views
Operations of Insurance Companies - Insurance Business and Market, Principles of Insurance
97 Views
Workers' Compensation insurance - Concept of Insurance, Principles of Insurance
96 Views
Annuities - Insurance Products - Principles of Insurance, B com
91 Views
Insurance Specialists - Insurance Business And Market, Principles of Insurance, B com
90 Views
Understanding Insurance Customers - Principles of Insurance, B com
83 Views
BANKING AND INSURANCE
57 Views
Disaster Risk Insurance
24 Views
Insurance - 2
5 Views
Life Insurance & types of Life Insurance
5 Views
Insurance - 1
4 Views
What is Insurance?
2 Views
Questions View All
What is difference between insurance and assurance?
2 answers
It is not a type of general insurance 1. Marine insurance 2. Fidelity insurance 3. Fire insurance 4. Life insurance?
2 answers
Difference between general insurance and life insurance ?
2 answers
In case of insurance of a property the insurable interset of the insured in the subject matter of the insurance must exist?
1 answers
reinsurance premium Related: Final accounts of life Insurance Companies - Advanced Corporate Accounting?
1 answers
expain life assurance fund Related: Valuation Balance Sheet - Insurance Company accounts, Advanced Corporate Accounting?
1 answers
Which insurance company launched E@Secure, a Cyber Insurance Policy for individuals.a)HDFC ERGO General Insurance Companyb)Bajaj Allianz General Insurancesc)Star Health and Allied Insuranced)Apollo Munich Health InsuranceCorrect answer is option 'A'. Can you explain this answer?
1 answers
The ___________________ is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.a)Life Insurance Corporation of Indiab)General Insurance Corporation of Indiac)Insurance Regulatory and Development Authority of Indiad)New India Assurance Co. LtdCorrect answer is option 'C'. Can you explain this answer?
1 answers
Bank assurance isa)an insurance scheme to insure bank depositsb)an insurance scheme exclusively for bank employeesc)a composite financial service offering both bank and insurance productsd)a bank deposit scheme exclusively for employees of insurance companiesCorrect answer is option 'C'. Can you explain this answer?
1 answers
Which Company has acquired Bharti AXA General Insurance Company Ltd?a)Bajaj Allianz General Insuranceb)ICICI Lombard General Insurancec)New India Assuranced)Life Insurance Corporation (LIC)e)General Insurance CompanyCorrect answer is option 'B'. Can you explain this answer?
1 answers
‘Chhavni Covid: Yodha Sanrakshan Yojana’, a life insurance scheme to provide a cover of Rs 5 lakhs each to more than 10,000 employees working in cantonment areas across India will be provided through which insurance c ompany?a)The New India Assuranceb)Life Insurance Corporationc)United India Insuranced)The Oriental Insurance CompanyCorrect answer is option 'B'. Can you explain this answer?
1 answers
S N Rajeswari has been appointed as the chairman and managing director of which insurance company?a)United India Insurance Company Limitedb)Oriental Insurance Company Limitedc)New India Assurance Company Limitedd)Universal Sompo General Insurance Companye)TATA AIG General Insurance Company LimitedCorrect answer is option 'B'. Can you explain this answer?
1 answers
Direction: Read the following text and answer the questions that follow:Mr. Shailesh owns an oil factory in Rajasthan. Due to illness of his parents living in the UK, he had to go to UK. There he joined a job. He asked his friend Mr. Vijay Arora to take charge of his company till he returns to India. Mr. Vijay took a fire insurance policy for this factory from Sokhim Free Insurance Pvt. Ltd. A month before he got the fire insurance policy, he received a notice from electricity department to get the wiring of the company repaired. He didn’t inform the insurance company about it. He didn’t get the wiring of the factory repaired. After five months of taking the policy, the factory caught fire due to faulty wiring.“Mr. Vijay took a fire insurance policy for this factory from Zokhim Free Insurance Pvt. Ltd....”.Q. Which principle of insurance is relevant here?a)Insurable interestb)Indemnityc)Good faithd)ContributionCorrect answer is option 'A'. Can you explain this answer?
1 answers
Needed a Video for insurance? Related: Insurance Contract Term - Principles of Insurance, B com?
1 answers
balance sheet of life insurance Related: Life Insurance and types of Life Insurance?
1 answers
Name the General Insurance Company,that launched first-of-its-kind ‘Trip Protector’ policy in India?a)National Insurance Co. Ltdb)New India Assurance Co. Ltdc)Bajaj Allianz General Insuranced)HDFC ERGO General Insurance Co. Ltde)None of theseCorrect answer is option 'D'. Can you explain this answer?
1 answers
Needed a Document for principles of insurance? Related: Insurance Contract Term - Principles of Insurance, B com
1 answers
In trial balance of year ending 31.3.2017, life insurance premium is given 55000. adjustment: Insurance premium includes 40000 paid towards proprietor's life insurance policy and the balance of the insurance charges cover the period from 1.4.2016 to 30.6.17. How do you show it in final accounts.?
1 answers
Scope of _______ has widened to include disability insurance, health/medical insurance, annuity insurance and life insurance proper.a)marine insuranceb)life insurancec)fire insuranced)motor insuranceCorrect answer is option 'B'. Can you explain this answer?
1 answers
A prepayment of insurance premium will appear in balance sheet and in the Insurance account respectively ?
1 answers
The General Insurance Corporation of India started operation with holding companies: 1. New India Insurance Company Limited2. National Assurance Company Limited3. Agriculture insurance company of India LimitedWhich of these statements is/are correct?a) 1 and 2 Onlyb) 1 and 3 Onlyc) All of themd) None of themCorrect answer is option 'D'. Can you explain this answer?
1 answers
Direction: Read the following text and answer the questions that follow:Mr. Shailesh owns an oil factory in Rajasthan. Due to illness of his parents living in the UK, he had to go to UK. There he joined a job. He asked his friend Mr. Vijay Arora to take charge of his company till he returns to India. Mr. Vijay took a fire insurance policy for this factory from Sokhim Free Insurance Pvt. Ltd. A month before he got the fire insurance policy, he received a notice from electricity department to get the wiring of the company repaired. He didn’t inform the insurance company about it. He didn’t get the wiring of the factory repaired. After five months of taking the policy, the factory caught fire due to faulty wiring.Q. “He didn’t inform the insurance company about it.” Identify the principle violated here.a)Utmost good faithb)Insurable interestc)Proximate caused)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
1 answers
Purchase goods for 20000.A insurance policy was taken for goods amounting 14000. Goods amounting to 3000 was lost by fire and a insurance claim for ₹2500 was received by insurance company. what will be journal for above transaction?
1 answers
The Regulatory framework with respect to Insurance in India is primarily governed by the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 (“IRDA Act”). While the Insurance Act, 1938 governs all forms of insurance and also regulates the insurance business in India, The IRDA Act, 1999, seeks to provide the establishment of an authority that protects the interest of all insurance policy holders and further regulates and promotes the orderly growth of the insurance industry.As is common knowledge, owing to the lack of adequate risk planning, adventure sports do not fall within the purview of insurance policies in India. However, it is pertinent to highlight at this juncture that although the aforesaid is not covered in insurance policies, there seems to be an ambiguity with respect to sightseeing that is also undertaken as an activity by several tourists on vacation.In this regard, it is apposite to take note of the most recent judgment passed by the Supreme Court in Bharti AXA General Insurance Co. Ltd v. Priya Paul & Another . Vide this judgment, the Supreme Court, inter alia interpreted whether a ‘glider’ comes within the definition of aircraft in so far as insurance policies are concerned and as a natural consequence covered by insurance.This judgment is a significant one as it clarifies that a glider which is used for sightseeing shall come within the meaning of an aircraft. Therefore, repudiation of claims by insurance companies on the basis that gliders used for sightseeing do not come within the purview of insurance policies are not tenable in law and hence, ought to be rejected.Undisputedly, this decision is a welcome change in insurance jurisprudence as it not only does away with the misassumptions in respect to a glider (used for sightseeing) not falling within the purview of the definition of an aircraft, but also gives much-needed respite to all policy holders claiming their insurance on this ground.Pertinently, it is also apposite to highlight that, although the afore-mentioned judgment had been laid down by the Supreme Court in the context of the specific clause mentioned in the insurance policy under challenge, however, what is essential to bear in mind, is that the insurance policy and also the specific exclusions under challenge appear in all standard types of insurance policy/ contract found across the board and consequently availed by customers. Therefore, the ratio laid by the Supreme Court in this judgment shall have a wider ramification in the field of insurance jurisprudence.Prohibition of transaction of insurance business by certain persons can be a provision laid down under which of the Insurance Acts?a)Insurance Act, 1938b)The IRDA Act, 1999c)Both (A) and (B)d)Cannot be determined.Correct answer is option 'A'. Can you explain this answer?
1 answers
The Regulatory framework with respect to Insurance in India is primarily governed by the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 (“IRDA Act”). While the Insurance Act, 1938 governs all forms of insurance and also regulates the insurance business in India, The IRDA Act, 1999, seeks to provide the establishment of an authority that protects the interest of all insurance policy holders and further regulates and promotes the orderly growth of the insurance industry.As is common knowledge, owing to the lack of adequate risk planning, adventure sports do not fall within the purview of insurance policies in India. However, it is pertinent to highlight at this juncture that although the aforesaid is not covered in insurance policies, there seems to be an ambiguity with respect to sightseeing that is also undertaken as an activity by several tourists on vacation.In this regard, it is apposite to take note of the most recent judgment passed by the Supreme Court in Bharti AXA General Insurance Co. Ltd v. Priya Paul & Another . Vide this judgment, the Supreme Court, inter alia interpreted whether a ‘glider’ comes within the definition of aircraft in so far as insurance policies are concerned and as a natural consequence covered by insurance.This judgment is a significant one as it clarifies that a glider which is used for sightseeing shall come within the meaning of an aircraft. Therefore, repudiation of claims by insurance companies on the basis that gliders used for sightseeing do not come within the purview of insurance policies are not tenable in law and hence, ought to be rejected.Undisputedly, this decision is a welcome change in insurance jurisprudence as it not only does away with the misassumptions in respect to a glider (used for sightseeing) not falling within the purview of the definition of an aircraft, but also gives much-needed respite to all policy holders claiming their insurance on this ground.Pertinently, it is also apposite to highlight that, although the afore-mentioned judgment had been laid down by the Supreme Court in the context of the specific clause mentioned in the insurance policy under challenge, however, what is essential to bear in mind, is that the insurance policy and also the specific exclusions under challenge appear in all standard types of insurance policy/ contract found across the board and consequently availed by customers. Therefore, the ratio laid by the Supreme Court in this judgment shall have a wider ramification in the field of insurance jurisprudence.The Supreme Court in this judgment shall have a wider ramification in the field of insurance jurisprudence. What is the author suggesting through this statement?a)The author meant that this judgement opened horizons for wider interpretations of Insurance Law.b)The author meant that such judgements might create confusions later as some insurance policies and contracts are vague.c)The author meant that such judgments in insurance law are a necessity for justice.d)Cannot be determined.Correct answer is option 'B'. Can you explain this answer?
1 answers
Characteristics - Reinsurance - Concept of Insurance, Principles of Insurance, B com
6075 views
Insurance Services
3583 views
Role of Insurance in Economic Development - Insurance Business and Market, Principles of Insurance
2637 views
Nature & Evolution of Insurance - Risk management And Insurance, Principles of Insurance, B com
1969 views
Insurance Contract Term - Principles of Insurance, B com
1524 views
Characteristics & Objectives of Reinsurance, Principles of Insurance
903 views
Introduction to Insurance, Principles of Insurance
617 views
Benefit of Insurance - Concept of Insurance, Principles of Insurance, B com
516 views
Life Insurance - Insurance Terminology And Insurance Customers, Principles of Insurance, B com
467 views
Principle of Insurable Interest - Insurance Contract, Principles of Insurance
390 views
Different Type of Insurance & Insurance Pooling - Principles of Insurance, B com
379 views
Basics of Insurance - Risk Management and Insurance, Principles of Insurance
356 views
Concept of Pooling in Insurance - Risk Management and Insurance, Principles of Insurance
338 views
Nature of Insurance - Risk Management and Insurance, Principles of Insurance
326 views
Principle of Insurable Interest - Insurance Contract - Principles of Insurance, B com
302 views
BVP MBA General Insurance and Reinsurance (GIR) 4th Semester Question Papers (BVIMR)
293 views
Type of Reinsurance - Concept of Insurance, Principles of Insurance, B com
272 views
Benefits of Insurance, Principles of Insurance
272 views
BVP MBA General Insurance and Reinsurance (GIR) 3rd Semester 2013 Question Papers (BVIMR)
252 views
Principals of Insurance
239 views
Importance of Insurance - Risk Management and Insurance, Principles of Insurance
225 views
Life Insurance, Principles of Insurance
214 views
Principle of Subrogation - Insurance Contract, Principles of Insurance
214 views
Different types of Insurance - Risk Management and Insurance, Principles of Insurance
208 views
Evolution of Insurance - Risk Management and Insurance, Principles of Insurance
204 views
Reinsurance, Principles of Insurance
203 views
Importance of Insurance - Risk management And Insurance, Principles of Insurance, B com
202 views
Non Life Insurance - Insurance Terminology And Insurance Customers, Principles of Insurance, B com
190 views
Double Insurance, Principles of Insurance
183 views
Marine Insurance - General insurance product, Principles of Insurance
181 views
Basics of Insurance - Risk management And Insurance, Principles of Insurance, B com
178 views
LIC products - Insurance Products, Principles of Insurance
177 views
Principal of Contribution - Insurance Contract, Principles of Insurance
165 views
Important Concept - Reinsurance - Concept of Insurance, Principles of Insurance, B com
163 views
Put as insurance
148 views
Insurance contracts, Principles of Insurance
145 views
Non Life Insurance, Principles of Insurance
145 views
External & Internal customer of insurance, Principles of Insurance
145 views
Double cover- Reinsurance - Concept of Insurance, Principles of Insurance, B com
140 views
Peril - Concept of Insurance, Principles of Insurance, B com
133 views
Understanding Insurance Customers, Principles of Insurance
131 views
Disclosure - Insurance Contract, Principles of Insurance
129 views
Personal Accident Insurance Policy - General insurance product, Principles of Insurance
129 views
Claim process - Concept of Insurance, Principles of Insurance
126 views
Car insurance Cover Note - Concept of Insurance, Principles of Insurance, B com
115 views
Insurance Regulator - Insurance Business and Market, Principles of Insurance
113 views
Insurance Regulator - Insurance Business And Market, Principles of Insurance, B com
109 views
Annuities - Life insurance product, Principles of Insurance
101 views
Operations of Insurance Companies - Insurance Business And Market, Principles of Insurance, B com
98 views
Operations of Insurance Companies - Insurance Business and Market, Principles of Insurance
97 views
Workers' Compensation insurance - Concept of Insurance, Principles of Insurance
96 views
Annuities - Insurance Products - Principles of Insurance, B com
91 views
Insurance Specialists - Insurance Business And Market, Principles of Insurance, B com
90 views
Understanding Insurance Customers - Principles of Insurance, B com
83 views
BANKING AND INSURANCE
57 views
Disaster Risk Insurance
24 views
Insurance - 2
5 views
Life Insurance & types of Life Insurance
5 views
Insurance - 1
4 views
What is Insurance?
2 views
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What is difference between insurance and assurance?
2 answers
It is not a type of general insurance 1. Marine insurance 2. Fidelity insurance 3. Fire insurance 4. Life insurance?
2 answers
Difference between general insurance and life insurance ?
2 answers
In case of insurance of a property the insurable interset of the insured in the subject matter of the insurance must exist?
1 answers
reinsurance premium Related: Final accounts of life Insurance Companies - Advanced Corporate Accounting?
1 answers
expain life assurance fund Related: Valuation Balance Sheet - Insurance Company accounts, Advanced Corporate Accounting?
1 answers
Which insurance company launched E@Secure, a Cyber Insurance Policy for individuals.a)HDFC ERGO General Insurance Companyb)Bajaj Allianz General Insurancesc)Star Health and Allied Insuranced)Apollo Munich Health InsuranceCorrect answer is option 'A'. Can you explain this answer?
1 answers
The ___________________ is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.a)Life Insurance Corporation of Indiab)General Insurance Corporation of Indiac)Insurance Regulatory and Development Authority of Indiad)New India Assurance Co. LtdCorrect answer is option 'C'. Can you explain this answer?
1 answers
Bank assurance isa)an insurance scheme to insure bank depositsb)an insurance scheme exclusively for bank employeesc)a composite financial service offering both bank and insurance productsd)a bank deposit scheme exclusively for employees of insurance companiesCorrect answer is option 'C'. Can you explain this answer?
1 answers
Which Company has acquired Bharti AXA General Insurance Company Ltd?a)Bajaj Allianz General Insuranceb)ICICI Lombard General Insurancec)New India Assuranced)Life Insurance Corporation (LIC)e)General Insurance CompanyCorrect answer is option 'B'. Can you explain this answer?
1 answers
‘Chhavni Covid: Yodha Sanrakshan Yojana’, a life insurance scheme to provide a cover of Rs 5 lakhs each to more than 10,000 employees working in cantonment areas across India will be provided through which insurance c ompany?a)The New India Assuranceb)Life Insurance Corporationc)United India Insuranced)The Oriental Insurance CompanyCorrect answer is option 'B'. Can you explain this answer?
1 answers
S N Rajeswari has been appointed as the chairman and managing director of which insurance company?a)United India Insurance Company Limitedb)Oriental Insurance Company Limitedc)New India Assurance Company Limitedd)Universal Sompo General Insurance Companye)TATA AIG General Insurance Company LimitedCorrect answer is option 'B'. Can you explain this answer?
1 answers
Direction: Read the following text and answer the questions that follow:Mr. Shailesh owns an oil factory in Rajasthan. Due to illness of his parents living in the UK, he had to go to UK. There he joined a job. He asked his friend Mr. Vijay Arora to take charge of his company till he returns to India. Mr. Vijay took a fire insurance policy for this factory from Sokhim Free Insurance Pvt. Ltd. A month before he got the fire insurance policy, he received a notice from electricity department to get the wiring of the company repaired. He didn’t inform the insurance company about it. He didn’t get the wiring of the factory repaired. After five months of taking the policy, the factory caught fire due to faulty wiring.“Mr. Vijay took a fire insurance policy for this factory from Zokhim Free Insurance Pvt. Ltd....”.Q. Which principle of insurance is relevant here?a)Insurable interestb)Indemnityc)Good faithd)ContributionCorrect answer is option 'A'. Can you explain this answer?
1 answers
Needed a Video for insurance? Related: Insurance Contract Term - Principles of Insurance, B com?
1 answers
balance sheet of life insurance Related: Life Insurance and types of Life Insurance?
1 answers
Name the General Insurance Company,that launched first-of-its-kind ‘Trip Protector’ policy in India?a)National Insurance Co. Ltdb)New India Assurance Co. Ltdc)Bajaj Allianz General Insuranced)HDFC ERGO General Insurance Co. Ltde)None of theseCorrect answer is option 'D'. Can you explain this answer?
1 answers
Needed a Document for principles of insurance? Related: Insurance Contract Term - Principles of Insurance, B com
1 answers
In trial balance of year ending 31.3.2017, life insurance premium is given 55000. adjustment: Insurance premium includes 40000 paid towards proprietor's life insurance policy and the balance of the insurance charges cover the period from 1.4.2016 to 30.6.17. How do you show it in final accounts.?
1 answers
Scope of _______ has widened to include disability insurance, health/medical insurance, annuity insurance and life insurance proper.a)marine insuranceb)life insurancec)fire insuranced)motor insuranceCorrect answer is option 'B'. Can you explain this answer?
1 answers
A prepayment of insurance premium will appear in balance sheet and in the Insurance account respectively ?
1 answers
The General Insurance Corporation of India started operation with holding companies: 1. New India Insurance Company Limited2. National Assurance Company Limited3. Agriculture insurance company of India LimitedWhich of these statements is/are correct?a) 1 and 2 Onlyb) 1 and 3 Onlyc) All of themd) None of themCorrect answer is option 'D'. Can you explain this answer?
1 answers
Direction: Read the following text and answer the questions that follow:Mr. Shailesh owns an oil factory in Rajasthan. Due to illness of his parents living in the UK, he had to go to UK. There he joined a job. He asked his friend Mr. Vijay Arora to take charge of his company till he returns to India. Mr. Vijay took a fire insurance policy for this factory from Sokhim Free Insurance Pvt. Ltd. A month before he got the fire insurance policy, he received a notice from electricity department to get the wiring of the company repaired. He didn’t inform the insurance company about it. He didn’t get the wiring of the factory repaired. After five months of taking the policy, the factory caught fire due to faulty wiring.Q. “He didn’t inform the insurance company about it.” Identify the principle violated here.a)Utmost good faithb)Insurable interestc)Proximate caused)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
1 answers
Purchase goods for 20000.A insurance policy was taken for goods amounting 14000. Goods amounting to 3000 was lost by fire and a insurance claim for ₹2500 was received by insurance company. what will be journal for above transaction?
1 answers
The Regulatory framework with respect to Insurance in India is primarily governed by the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 (“IRDA Act”). While the Insurance Act, 1938 governs all forms of insurance and also regulates the insurance business in India, The IRDA Act, 1999, seeks to provide the establishment of an authority that protects the interest of all insurance policy holders and further regulates and promotes the orderly growth of the insurance industry.As is common knowledge, owing to the lack of adequate risk planning, adventure sports do not fall within the purview of insurance policies in India. However, it is pertinent to highlight at this juncture that although the aforesaid is not covered in insurance policies, there seems to be an ambiguity with respect to sightseeing that is also undertaken as an activity by several tourists on vacation.In this regard, it is apposite to take note of the most recent judgment passed by the Supreme Court in Bharti AXA General Insurance Co. Ltd v. Priya Paul & Another . Vide this judgment, the Supreme Court, inter alia interpreted whether a ‘glider’ comes within the definition of aircraft in so far as insurance policies are concerned and as a natural consequence covered by insurance.This judgment is a significant one as it clarifies that a glider which is used for sightseeing shall come within the meaning of an aircraft. Therefore, repudiation of claims by insurance companies on the basis that gliders used for sightseeing do not come within the purview of insurance policies are not tenable in law and hence, ought to be rejected.Undisputedly, this decision is a welcome change in insurance jurisprudence as it not only does away with the misassumptions in respect to a glider (used for sightseeing) not falling within the purview of the definition of an aircraft, but also gives much-needed respite to all policy holders claiming their insurance on this ground.Pertinently, it is also apposite to highlight that, although the afore-mentioned judgment had been laid down by the Supreme Court in the context of the specific clause mentioned in the insurance policy under challenge, however, what is essential to bear in mind, is that the insurance policy and also the specific exclusions under challenge appear in all standard types of insurance policy/ contract found across the board and consequently availed by customers. Therefore, the ratio laid by the Supreme Court in this judgment shall have a wider ramification in the field of insurance jurisprudence.Prohibition of transaction of insurance business by certain persons can be a provision laid down under which of the Insurance Acts?a)Insurance Act, 1938b)The IRDA Act, 1999c)Both (A) and (B)d)Cannot be determined.Correct answer is option 'A'. Can you explain this answer?
1 answers
The Regulatory framework with respect to Insurance in India is primarily governed by the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 (“IRDA Act”). While the Insurance Act, 1938 governs all forms of insurance and also regulates the insurance business in India, The IRDA Act, 1999, seeks to provide the establishment of an authority that protects the interest of all insurance policy holders and further regulates and promotes the orderly growth of the insurance industry.As is common knowledge, owing to the lack of adequate risk planning, adventure sports do not fall within the purview of insurance policies in India. However, it is pertinent to highlight at this juncture that although the aforesaid is not covered in insurance policies, there seems to be an ambiguity with respect to sightseeing that is also undertaken as an activity by several tourists on vacation.In this regard, it is apposite to take note of the most recent judgment passed by the Supreme Court in Bharti AXA General Insurance Co. Ltd v. Priya Paul & Another . Vide this judgment, the Supreme Court, inter alia interpreted whether a ‘glider’ comes within the definition of aircraft in so far as insurance policies are concerned and as a natural consequence covered by insurance.This judgment is a significant one as it clarifies that a glider which is used for sightseeing shall come within the meaning of an aircraft. Therefore, repudiation of claims by insurance companies on the basis that gliders used for sightseeing do not come within the purview of insurance policies are not tenable in law and hence, ought to be rejected.Undisputedly, this decision is a welcome change in insurance jurisprudence as it not only does away with the misassumptions in respect to a glider (used for sightseeing) not falling within the purview of the definition of an aircraft, but also gives much-needed respite to all policy holders claiming their insurance on this ground.Pertinently, it is also apposite to highlight that, although the afore-mentioned judgment had been laid down by the Supreme Court in the context of the specific clause mentioned in the insurance policy under challenge, however, what is essential to bear in mind, is that the insurance policy and also the specific exclusions under challenge appear in all standard types of insurance policy/ contract found across the board and consequently availed by customers. Therefore, the ratio laid by the Supreme Court in this judgment shall have a wider ramification in the field of insurance jurisprudence.The Supreme Court in this judgment shall have a wider ramification in the field of insurance jurisprudence. What is the author suggesting through this statement?a)The author meant that this judgement opened horizons for wider interpretations of Insurance Law.b)The author meant that such judgements might create confusions later as some insurance policies and contracts are vague.c)The author meant that such judgments in insurance law are a necessity for justice.d)Cannot be determined.Correct answer is option 'B'. Can you explain this answer?
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