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In fact, insurance companies bear risk in return for a payment of premium, Insurance is a tool by which fatalities of a small number are compensated out of. Concepts & Principles (BCP), Personal General Insurance (PGI), and Candidates are strongly encouraged to study using the e-book of this Study Framework: cittadelmonte.info). FC/E-PDF. ISBN: February With educational materials and interactive tools, the Financial Consumer Agency of Canada.


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PDF | A comprehensive textbook of life insurance. Basis of the The goal of the book is to give a general introduction to life, accident and health insurance. PDF | On Jan 1, , J. François Outreville and others published Introduction to In book: Social Reinsurance, Publisher: World Bank, Editors: David Dror. INTRODUCTION TO INSURANCE. - Meenu. Asstt. Professor, SRCC,. University of Delhi. Every risk involves the loss of one or other kind. In older time, the.

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The second principle flows from the first principle. Classification of Risks 4. Hence the former attract higher premium than the latter. The more probable the loss and the more severe it is likely to be. But this is not feasible. There is a greater likelihood of fire in a building of wooden construction that in a concrete building. The most important question in underwriting is: Basis of Rate Making 1.

Private cars are classified according to the cubic capacity of the engine. Higher the C. Degree on Hazard 2. Goods vehicles are more exposed to accidental loss or damage than private cars. Strictly speaking. To fix the rates. The following hypothetical figures are used for illustration - Value of motor cycle is Rs. L x V where L refers to the sum total of the losses and V to the total values of the motor cycles.

The pure premium arrived at as above will constitute a fund which will be sufficient only to pay for losses. Past Loss Experience 6. At the rate of Rs.

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This may be expressed in the formula. Losses Rs. There is no surplus left. Applying the formula. The third principle says that the rate of premium is arrived at on the basis of past loss experience.

Out of cycles. It is also necessary to provide a margin for unexpected heavy losses.

But insurance operations involve costs of administration expenses of management and costs of procuration of business agency commission and brokerage. The motor insurance tariffs will no longer be applicable with effect from 1 st January Motor Third Party Insurance Rates Withdrawal of Tariff Rates No general insurance product may be sold to any person unless the requirements of the guidelines are complied with in respect of that product.

The requirements of IRDA are as follows: The Tariff Advisory Committee decided that the rates. Filing of Products Motor insurance other than fleets. These are products where the rates.

Examples are Fire insurance with certain sum insured of category of risk limitations. The contingencies insured under the product should be clear and provide transparent cover which is of value to the insured. These are products specially designed for an individual client or class of clients.

Group P. These are further classified in to the following 5 sub-categories as follow: These are standard products that can be sold by any of the offices of the insurer with the rates.

Personal Accident Insurance other than groups. Hull insurance and so on. Cargo insurance. These will typically be insurances with a high frequency but low intensity of loss occurrence.

Motor Fleets. Under these guidelines. These are typically insurances that are designed for individual large clients and where the rates. Earthquake risk. Public Liability insurance for high hazard occupancies and so on. For the purpose of these guidelines. The Act has been amended a number of times notably by the passing of the Insurance Regulatory and Development Authority Act. Unless and until the premium is received in advance or is guaranteed to be paid or a despite is made in advance In the prescribed manner.

The powers and function of the Authority are stated in the Act as follows: Surveyors and loss assessors or the intermediaries who take part in the development of insurance business and in the settlement of the claims. Section 64 UM of the Act. Section 64 VB provides that no insurer shall assume any risk.

The Act prohibits use of rebates as an inducement to any person to take out insurance. Insurance Regulatory and Development Authority Act. The importing provisions of the Insurance Act relate. Provided that the Authority may specify different amount payable by way of commission. The important amendment are: Every person holding a license. Every Insurance Agent Shall a Identify himself and the insurance company of whom he is an insurance agent: Brokerage or Fee to Intermediary or Insurance Intermediary 3.

No intermediary or insurance intermediary shall be paid or contract to be paid by way of commission. Code of Conduct 5. With the requirements for settlement of claims by the insurer: No Insurance Agent Shall a Solicit or procure insurance business without holding a valid licence: The corporate agent has to nominate its partner in the case of a firm.

In any year. The corporate agent also has to nominate one or more of its partners. As in the case of individual agents. He is also required to undergo the minimum training requirements and pass the examination conducted by the insurance institute or India.

A corporate agent can be a firm. Important Provisions 6. The issue of licence to the corporate agent is subject to the insurance executives satisfying the requisite educational and other qualification. The important provision is as follows. The specified person must have a minimum educational The IRDA has also issued regulations with regard to advertisements. The functions of a direct broker shall include any any or more of the following.

It is obligatory that every advertisement should have full disclosures of the product mentioned and of the advertise. Both corporate insurance executives and specified persons.

Before issue. The IRDA regulations for brokers make inter alia the following provisions: Functions of a Direct Broker 8. The corporate insurance executives or certification of the specified persons. The definition of advertisement has been made very wide so as to include almost any public communication.

These regulations are applicable to all advertisements. A violation of the code can result in the cancellation of the licence of the corporate agent. Advertisements to be issued by agents must be approved by the insurer in writing.

Life Insurance Risk Management Essentials

Code of Conduct 9. Every insurance broker shall follow recognized standards of professional conduct and discharge his functions in the interest of the policyholders. Remuneration No insurance broker shall be paid or contract to be paid by way of remuneration including royalty or license fees or administration charges or such other compensation. An amount as prescribed by the authority. A license is granted subject to possession of qualification, practical training and passing of examination.

The specific functions are mentioned in regulation as follows. Conducting inspections and re-inspection of the property in question, suffering a loss, spot and final surveys, as and when necessary and comment upon franchise, excess, under insurance and any other related matter. Investigating, verifying, etc upon the courses and the circumstances of the loss and extent of loss, nature of ownership and insurable interest.

Giving reasons of repudiation of claim, in case the claims is not covered by policy terms and conditions. Advising the insurer and the insured about loss minimization, loss control, etc. Finally, the Survey report is required to be submitted as expeditiously as possible but not later than 30 days of appointment.

Which period can be extended in exceptional case with the consent of the insured and insurer. A special feature of the IRDA Regulations is that they specifically provide for a code of conduct binding on all licensed surveyors and loss assessors. Regulation 8 4 II provides that the authority may refuse to grant or renew license, or suspend or cancel a license if there is a violation of the code of conduct.

The code prescribes personal qualities of courtesy and integrity which implies not merely honesty but fair dealings and truthfulness. The prescriptions which directly concern survey work are: Due diligence, care and skill and due regards to expected professional standards in survey work. The above regulations provide for licensing of third party administrators who may be engaged for a fee or remuneration by insurance companies for the provision of health services in connection with health insurance business.

Under an agreement between the two parties. The service includes: Insurance agents, insurance agents, insurance intermediaries and policyholder.

The provision of the Regulation 3 in respect of point of sale are as follow:. The provision of Regulation 4 regarding proposal for insurance are as follows. Proposal for Insurance — Except in cases of a marine insurance cover, where current market practices do not insist on a written proposal form, in all cases, a proposal for grant of a cover, either for life business or for general business, must be evidenced by a written document. It is the duty of an insurer to furnish to the insured free of charge, within 30 days of the acceptance of a proposal, a copy of the proposal form,.

Grievance Redressal Procedure — Every insurer shall have in place proper procedures and effective mechanism to address complaints and grievances of policy holder efficiently and with speed and the same along with the information in respect of insurance Ombudsman shall be communicated to the policy holder along with the policy document and as may be found necessary. Claim procedure in respect of a general insurance policy is prescribed by Regulation 9 as follow:.

An insured or the claimant shall give notice to the insurer of any loss arising under contract of insurance at the earliest or within such extended times as may be allowed by the insurer. On receipt of such a communication, a general insurer shall respond immediately and give clear indication to the insurer on the procedure that he should follow. In cases where a surveyor has to be appointed, it shall be so done within 72 hours of the receipt of intimation from the insured.

On receipt of the survey report. An insurer carrying on life or general business. Upon acceptance of an offer of settlement by the insured. The following definitions under the Regulations must be noted: The final regulation under the heading General provides as follow: In the cases of delay in the payment.

The surveyor shall communicate his findings to the insurer within 30 days of his appointment with a copy of the report being furnished to the insured.

Jointly or severally. If the insurer. Respond within 10 days of the receipt of any communication from its policyholders in all matters. Financial interest of a bank and other interests: Any contract covering the belongings. Code of Conduct and Advertisement regulations also apply to micro-insurance products.

The amounts range form Rs. Every insurer shall issue insurance contract to the individual micro-insurance policyholder in the vernacular language which is simple and easily understood by the policyholders.

A micro-agent shall not distribute any product any product other than a micro-insurance product. A micro —agent shall not work for more than one life insurer and one general insurer. A general insurer may offer general micro-insurance products as also life micro-insurance products. A micro-insurance agent shall be appointed by an insurer clearly specifying terms and conditions of appointment.

Provided that where issuance of policy contracts in the vernacular language is not possible the insurer shall as far as possible issue a detailed write-up about the policy details in the vernacular language.

A state commission has original. The salient features of the Act are: A micro-insurance agent may be paid. Whether private. It would entertain appeals from the District Forum.

An appeal shall lie within 30 days form the order of the National Commission to Supreme Court. It will have the original.

The Consumer Protection Act was passed to provide for better protection of the interest of consumers. Fifteen per cent of the Premium Consumer Protection Act. Insurance has been defined as a service for the purposes of the Act. The National Commission is the final authority established under the Act. It would hear the appeals from the order passed by the state commission and in its original jurisdiction it will entertain dispute.

Every buyer of insurance is a consumer. The Act is applicable to the buyers of goods and services. A district forum has jurisdiction to entertain a complaint if the value of the service and the compensation claimed is less than Rs.

The complainant is not satisfied with the reply given by the insurer. The complainant had made a previous written representation after receipt of the complaint by the insurer or iii. There is no fee for filing a complaint or filing an appeal. Signed by the insured or his legal heirs. Rejected the complaint or ii. The Awards are governed by the following rules: The award should not be more than Rs. Any complaint made to the Ombudsman should be in writing.

The procedure for filling a complaint is very simple in all the above three redressal agencies. Ombudsman The Central Government. These rules apply to life and general insurance in respect of personal lines insurances that is.

The ombudsman may receive and consider complaints in respect of a Any partial or total repudiation of claims by an insurer: No complaints to the Ombudsman shall lie unless a The complainant had made a previous written representation to the insurer and the insurer had.

If the insured does not intimate in writing the acceptance of such award. The insurer shall comply with the award and send a written intimation to the Ombudsman within 15 days of the receipt of such acceptance letter. The award should be made within a period of 3 months from the date of receipt of such a complaint. Excluding destruction or5 damage caused to the property insured by a i its own fermentation. This risk can be covered by Boiler Explosion Policy in Engineering insurance.

The perils specified in the policy are: Fire 3. Plants and equipment. Terrorism Cover 8. Flood and Inundation When the insured opts for Terrorism Damage cover by paying additional premium as provided. Destruction or damage caused by Aircraft. Non-industrial Risks: Every claim under terrorism cover will be subject to a deductible as under: Industrial Risks: For the purpose of this endorsement an act terrorism means an act. Strike and Malicious Damage: Deductibles 9. Loss of or visible physical damage or destruction by external violent means directly caused to the property insured by riot.

Terrorism cover will not be given n isolation without RSMD cover. Terrorism cove will be separate cover which can be granted only in conjunction with Riot. Aircraft Damage 5. Terrorism Damage Exclusion Warranty: Notwithstanding any provision to the contrary within this insurance it is agreed that this insurance excludes loss. The excess is not applicable to dwellings Excluding destruction or damage caused by Forest Fire. The natural perils cover is defined as: Flood or Inundation excluding those resulting from earthquake.

Landslide and Rockslide. Impact Damage General Exclusions These risks can be covered under Machinery Insurance policy Engineering Insurance It is to be noted that only damage to the particular electric machine. Under any of the following circumstances the insurances ceases to attach as regards the property affected unless the insured. This policy shall be voidable in the event of misrepresentation. There are 15 conditions in the policy.

The other exclusions under the policy are: Before the occurrence of any loss or damage. Add-on cover is available for a. This condition deals with the principle of utmost good faith. All insurance under this policy shall cease on expiry of seven days from the date of fall or displacement of any building or part thereof.

Provided such a fall or displacement is not caused by insured perils. These are material changes in the risk and hence have to be notified to the company.

The insurance company can also cancel the policy by giving 15 days notice to the insured and in such a case the premium will be refunded on pro-rata basis. Insurers can a Enter and take possession of the building or premises where the loss has occurred. The insured does not have any right to abandon damaged property whether the insurer takes possession or not.

It is not recoverable thereafter. If the cancellation is by the insured then the premium is retained by the company on short period basis. The additional premium referred to above shall be deducted from the net claim payable under the policy.

Arbitration is private method of dispute resolution and is faster and cheaper than the process of litigation. This is the subrogation condition. An insured is expected to insure his property for its full value. Example Value of Property Rs. In the event of claim it is found that has not covered the property for it full value. The extension provides cover for a higher limit i.

The sum insured on buildings, machinery should be increased to include such fees. Shoring or propping up of the portion of the property, insured destroyed or damaged by insured perils. A Destruction of or damage to the insured property by changes of temperature in consequence of failure of electric supply at the terminal ends of electric service feeders from which the insured obtains electric supply directly due to damages by an insured peril to property at any Electric Station or Sub-Station of Public Supply undertaking from which the insured obtains electric supply.

The extension does not cover any loss due to any act of government, municipal authority etc or due to rationing etc of power supply. Spontaneous combustion mean burning which result from internal heating and not form external causes.

This takes place In certain commodities e. The extension is subject to the following: All stocks must be covered with a separate sum insured for each subject to pro-rata average, if under — insured.

Loss of Rent is covered if the insured building or any part thereof is unit for occupation as a result of damage by insured perils.

Escalation Clause: This clause, applicable to policies on Buildings, Machinery and Accessories only, can be incorporated In policies on payment of additional premium. The automatic increase operates form the date of inception upto the date occurrence of any of the insured perils.

Prorate condition of average will apply as usual. Special Policies Floater Policy These policies cover stocks at various specific location under one sum insured. The insured may have stocks in tow or more godowns. He is able to declare for insurance the total value of goods.

In all godowns but not separate vales for each godown. Unspecified locations are not allowed. Declaration policies If declaration are not received within the specified period.

Illustration Sum insured: Insurers stipulate a minimum sum insured. Industrial All Risks Policy The clause provides that in the event of loss. This is package cover designed for industrial risk both manufacturing and storage facilities with an overall sum assured or Rs. These insurance are granted to insureds whose bonafides are satisfactory and.

The policy provides cover for the following: Reinstatement Value Policies This basis of settlement differs from the basis under the fire policy where the losses are settled on the basis of market value i.

If the insured fails to intimate to the insurer within 6 months or any extended time his intention to replace the damaged property. This is the fire policy with the reinstatement value clause attached to it. The reinstatement value clause incorporates the following special provisions: In such cases the loss will be settled on the normal basis of indemnity.

If the insured is unable or unwilling to replace the damaged property. Presence of hazardous goods. Discounts in rates are provided. Fire Proposal Form Process of manufacture. This would include: The salient features of the clause are: Construction of external wails and root.

Consequential Loss Fire Insurance Description of the property. The fire proposal form elicits. Occupation of each portion of the building iii. Agreed Bank Clause Insurance history. All policies in which a Bank has partial interest are to be made out in the name of the Bank and Owner or Mortgagor and the Agree Bank Clause incorporated in the policy.

The period of insurance. Apart from the reduced costs of premium. The sums proposed for insurance. History of previous losses. Fire insurance is designed to provide protection in respect of loss of or damage to buildings.

The purpose of consequential loss or loss of profits insurance also known as Business Interruption Insurance is , therefore, to make good these losses, namely net profit, standing charges and increased cost of working.

Turnover of a business consists of the following three elements: Variable Chares: Standing Charges: Net Profit: Gross Profit: Standing charges and net profit together constitute the gross profit of the business. Indemnity period The profits policy indemnity in respect of loss or gross profit during the indemnity period which is selected by the insured.

The indemnity period chosen by the insured may very from 3 months to 3years. The indemnity period is to be distinguished from the period of insurance which is usually a year: The Sum insured The sum insured is to be fixed by the insured. As the indemnity provided by the consequential loss policy is in respect of loss of gross profit for the indemnity period naturally the sum insured should represent the gross profit of the indemnity period selected.

Where the indemnity period is 12 months or less, the sum insured should be the annual amount of the gross profit i. Where the indemnity period is 24 months, the sum insured should represent twice the annual gross profit and so on. The standing charges have to be specified by the insured. Some examples of the standing charges are: Fire or other insured peril must occur at the insured premises, b.

Property used for the business of the insured at the insured premises must be destroyed or damaged. The business must be interrupted or interfered with as a consequence. The resulting loss Is paid in accordance with the provisions of the policy. A formula is incorporated in the policy to calculate the loss. Payment of loss under the L. Marine insurance, comprises a cargo insurance and b hull insurance Cargo insurance provides insurance cover in respect of loss of or damage to goods during transit by rail, road, sea or air, thus cargo insurance concerns the following: Who effects the Insurance 2.

A contract of sale involves mainly a seller and a buyer, apart from other associated parties like caries, banks, clearing agents, etc, the question as to who is responsible for effecting insurance on the goods, which are the subject for sale, depends on the terms of the sale contract.

The principal types of sale contracts, in so far as marine insurance is directly concerned, are as follows: Types of contract. The seller is responsible till the goods are paced on board the steamer.

The buyer is responsible thereafter. He can get the insurance done wherever he likes. The provision are the same as In a above. This is mainly relevant to internal transitions.

Here also, the buyers responsibility normally attaches once the goods are placed Board. The goods which are the subject of the sale are considered by the bank as physical security against the monies advanced by it to the exporter. A further security by way of an insurance policy is also required by the bank to protect its interests in the event of the goods suffering loss or damage in transit.

The form contains the following particulars: Place of issue of policy and date. Stamp duty. Place where claims are payable m. Interest to be insured. Signature of the authorized person signing on behalf of the insurers.

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Every marine policy must be stamped in accordance with the provisions of the Indian stamp Act. Marine Policies 4. Voyage or journey. Name and address of setting agents to whom notice of claim. These clauses are drafted by the Institute of London underwriters and are used by insurance companies in a majority of countries including India.

Steamer or other conveyance. Name of insured. Policy number. Sum insured. Number and date of bill of lading. For inland transit local clauses are used. C are used. The Marine Policy Form 5. Clauses to which the insurance is subject k. C C and also the following additional risk are covered. B on payment of extra premium are: Institute Cargo Clauses C 6. C B provide cover as under I.

These clauses attached to the policy form. Apart from the risks covered under these clause. Volcanic eruption or lightning b Washing overboard c Entry or sea. The insured has to be cautious in selecting the vessel for shipment. The more important exclusions are a Loss caused by willful misconduct of the insured. And can be covered. Under I. This risk under H and I can be covered on payment of extra premium. Exclusions 9. All three sets of clauses contain general exclusions.

This is not an accidental loss. Duration of Cover These clauses provide cover for all risks of loss or damage. Continues during the ordinary course of transit and terminates either a On delivery to the consignees or other final warehouse at the destination named b On delivery to any intermediate warehouse used by the insured for purpose of storage of distribution or c On the expiry of 60 days after discharge from the vessel at the final port of discharge whichever shall first occur Note: The time limit of 60 days is prescribed to ensure early clearance of goods by the consignee.

War risk on land is not covered under insurance policies. Insurers extend the time limit. The cover commences from the time the goods leave the warehouse at the place named in the policy. The risks covered are all risks of loss or damages and the exclusion are more or less the same as under ICC A Clauses. The duration of cover is the same as under ICC A except that the period of cover after unloading of cargo from the aircraft at the place of discharge is limited to 30 days as against 60 days under ICC A War and SRCC risks can be covered at extra premium.

The duration of cover for war risks is restricted to the time when the goods are water borne and not on land. Extraneous risks like theft. In respect of transits by Rail only or Rail and Road. Until delivery to the final warehouse at the destination named in the policy. SRCC risks can also be added. ICC or inland Transit Clauses may be used. In cargo insurance. Registered Postal Sending The name of the place from place from where transit will commence and the name of the place where it is to terminate.

The cover attaches from the time of issue of the registered post receipt and terminates on delivery of parcel to the addressee consignee. Mode of conveyance to be used in transporting goods. Rating and Underwriting The form does not contain any statement required to be made by the proposer warranting that all the statements made in the form are true.

The declaration form is not incorporated by reference into the policy as is done in other information a Name of the shipper or consignor the insured b Full description of goods to be insured. The name of the vessel is to be given when an overseas voyage is involved. For interests which are valuable. In respect of transits by Road only. Different types of commodities are susceptible for different types of damage during transit.

There is no standard set of clauses. In land transit by rail. The postal receipt number and date thereof is required in case of goods sent by registered post. The nature of the commodity to be insured is important for rating and underwriting. To summarise. An open policy is a stamped document. Cover Note Marine policy This is document which is an evidence of the contract of marine insurance. A cover note is a document granted provisionally pending the issue of a regular policy.

It contains the individual details such as name of the insured. These vessels are approved by ship classification societies such as Lloyds Register. A policy covering a single shipment or consignment is known as specific policy. American Bureau of Shipping. On receipt of each declaration.

Open policies are generally issued to cover inland consignments. Declarations are made under the open policy and these go to reduce the sum insured. Open policy The various document used in cargo insurance are now explained. Indian Register of Shipping.

Since no stamps are affixed to the open cover. An open cover is particularly useful for large export and import firms making numerous regular shipments who would otherwise find it very inconvenient to obtain insurance cover separately for each and every shipment. The basis normally adopted is the prime cost of the goods. Special Declaration policy In case In case of war and S. The certificate. An open cover describes the cargo.

C risk. This is a form of open policy issued to clients whose annual estimated dispatches i. The following are the important feature of an open policy open cover a Limit per Bottom or per-Conveyance: The limit per bottom means that the value of a single shipment declared under the open cove should not exceed the stipulated amount.

It is usually issued for a period of 12 months and is renewable annually. Declaration of dispatches shall be made at periodical intervals and premium is adjusted on expiry of the policy based on the total declared amount. The location clause limits the liability of the insurers at any one time or place before shipment d Declaration Clause: Rs 2 crores. Open Cover Is a simple document containing particular of the shipment of sending. An insured takes out insurance cover to enable him to recover losses when they arise.

Claims In view of this. Goods may be totally lost by the operation of the marine peril. They are payable according to the terms and condition of the policy. The insured should at all times act as if he was uninsured and take such steps as a prudent perso would normally take. An is referred is referred to as general average act when an extraordinary sacrifice or expenditure is made.

General average is a loss caused by a general average act. The adjustment of general average is done by specialists known as G. General Average Example of expenses incurred by the insured. A adjusters Sue and Labour Charges Total Loss The following are examples of a general average loss: The marine perils discussed earlier give rise to different types of losses. These are payable under the policy. The same are reimbursed by insurers.

Known as sue and labour charges. This loss occurs where there is damage to goods. Particular Average An actual total loss takes place where the subject matter is entirely destroyed or damaged to such an extent that it is no longer a thing of the kind insured. As against actual total loss. Some of the other document required in support of particular average claims are ship survey report. Under this expression come survey fees.

The document required for particular average claims are as under: Extra charges Claim documents B certificate or lost over-board certificate if cargo is lost during loading and unloading operation. Whenever a survey is arranged. It also contains complete description of the goods. They are payable it the claim is admitted. In regard to claims relating to inland transit. The insurance of motor vehicles against damage is not made compulsory. Passenger carrying vehicles e.

No motor vehicle can ply in a public place without such insurance. For purpose of insurance. It is necessary to have some knowledge of motor vehicles act passed in and amended in and Goods carrying vehicles.

The liabilities which required compulsory insurance are as follows. Motor vehicles act. Under section 1 of the motor vehicles Act.

Section of the new Act lays down that where a person in whose favour a certificate of insurance has been issued. The amount of compensation. Liability is automatic. Paid driver of the vehicle. The motor vehicles act provides that the policy of insurance shall be of no effect unless and until a certificate of insurance in the form prescribed under the Rules of act.

The only evidence of the existence of a valid insurance as required by the motor vehicles act acceptable to the police authorities and R.

Section of the motor vehicles act O is a certificate of insurance issued by the insurers. The transferee should apply within 14 days form the date of transfer on the prescribed form to the insurer for making the necessary changes in the certificate of insurance and in the policy. Transfer of Certificate of Insurance 5. The policy of insurance should cover the liability incurred in respect of any one accident as follows: Only a nominal fee has to be paid for instituting a case and court fee is not based on the value of the suit thus it is very much less expensive and poor third party claimants are not prevented from making proper claims.

Motor accident Claim Tribunals 6. Subject to the limit of liability as laid down in the schedule hereto. Death of or bodily injury to any person so far as it is necessary to meet the requirement of the motor vehicles act. For the speedy disposal of third party claims and at a minimum cost. Liability Only policy Cover is provided by the policy as follows: This section provides for payment of compensation solatium as follows: Damage to property other than property belonging to the insured or held in trust or in the custody or control of the insured up to the limit specified in the schedule.

The company will also pay all costs and expenses incurred with its written consent. During the said period. In the event of death of the sole insured. This cover is subject to: All such application should be accompanied by: These relate to notice of loss. A new condition. By accidental external means vii. By terrorist activity ix. Whilst in transit by road. Subject to deduction for depreciation at the rates mentioned below in respect of parts replaced: By malicious act viii.

By riot and strike iv. By fire explosion self ignition or lightning. By earthquake fire and shock damage v. By landslide.

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By flood. By burglary housebreaking or theft: In the motor cycle and commercial vehicle policy there is an additional exclusion. The company shall not be liable to make any payment in respect of: Loss of or damage to accessories by burglary housebreaking or theft unless the vehicle is stolen at the same time.

In commercial vehicle policy. Damage caused by overloading or strain of the vehicle Subject to the limits of liability as laid down in the Schedule hereto the company will indemnify the insured in the event of an accident caused by or arising out of the use of the vehicle against all sums which the insured shall become legally liable to pay in respect of In the event of the vehicle being disabled by reason of loss or damage covered under this policy the company will bear the reasonable cost of protection and removal to the nearest repairer and redelivery to the insured but not exceeding in all Rs.

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