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Policies - Law of Insurance

   Posted On :  08.05.2018 05:21 am

Policies - Law of Insurance

Policies:
 
 
Whole Life Policy: which matures only at the death whenever it may occur.
 
Endowment Policy: in which the sum insured is payable after the expiration of certain term of years if the policy-holder is alive, or at his death if he dies previously.
 
Joint Life Policies: are issued under which the sum assured is payable at the death of the first of the two lives.
 
Survivorship Policy: is also granted under which the sum assured is payable at the death of the last or survivor of two lives.

 

Surrender Value:

 
 
The amount which the insurers are prepared to pay in total discharge of the contract, in case the assured wishes to surrender his policy and extinguish his claim upon it.

Loans On Policies:

 
 
Where a policy has a surrender value, it also has a loan value, and assurance companies usually lend 95 per cent of the surrender value.
 

Paid-Up Policy Value:

 
 
The amount to which the sum assured would be reduced at any time, if the assured requested a rearrangement of his contract so that no further premium should be payable.
 

Principle Of Good Faith And Sec.45 Of Insurance Act:

 
 
The general rule is that in all kinds of insurance, the assured must disclose everything which is likely to affect the judgment of the insurer and what is stated must be truthful.
 

Accident Insurance:

 
 
An injury is accidental where it is the natural consequence of an unexpected cause, or the unexpected consequence of a natural cause. Accident insurance consists of three categories:-
 
  •             Personal accident insurance, of three, including insurance against sickness;
 
  •             Property insurance, including burglary, fidelity, insolvency, etc
 
  •             Liability insurance, including motor insurance, workmen’s compensation insurance, etc.
 

 

Tags : Business Environment and Law-Law Of Insurance
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