What are the salient features of double insurance?

What is double insurance India?

(1) Where two or more policies are effected by or on behalf of the assured on the same adventure and interest or any part thereof, and the sums insured exceed the indemnity allowed by this Act, the assured is said to be over-insured by double insurance.

What are the salient features of insurance Act 1938?

The salient features of this Act were as follows: Constituting a Department of Insurance to supervise and control insurance business. Compulsory registration of insurance companies & submission of annual financial returns. Provision for initial deposits to allow only serious players in the field.

What are the salient features of insurance?

What are the features of life insurance?

What are the features of an insurance contract?

What are the important features of insurance contract How is insurance beneficial to individuals?

Following are some of the important benefits of insurance: Provides peace of mind: Insurance provides protection against various uncertainties that can put you or your family in financial crisis. By covering the uncertainties of human life and businesses, insurance provides a sense of security.

What are the 7 principles of insurance?

What are the 4 parts of a policy contract?

Most policies consist of four parts: declarations, insuring agreements, conditions, and exclusions.

What are the 3 main types of insurance?

What are the 3 parts of insurance?

There are three components of any type of insurance (premium, policy limit, and deductible) that are crucial.

What are the principles of insurance?

In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution. The right to insure arising out of a financial relationship, between the insured to the insured and legally recognized.

What is the most important principle of insurance?

Utmost good faith, or “uberrima fides” in Latin, is the primary principle of insurance. In fact, many would argue that utmost good faith is the most important insurance principle. Essentially, this principle states that both parties involved in an insurance contract should act in good faith towards one another.

What is the important of insurance?

Insurance turn accumulated capital into productive investments. Insurance also enables mitigation of losses, financial stability and promotes trade and commerce activities those results into sustainable economic growth and development. Thus, insurance plays a crucial role in the sustainable growth of an economy.

What are the important features of LIC Act 1956?

The LIC was established with the following objectives: Spread life insurance widely and in particular to the rural areas, to the socially and economically backward claries with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.

What are the four benefits of insurance?

What are the features of LIC?

What is the difference between reinsurance and double insurance?

Double insurance refers to a situation in which the same risk and subject matter, is insured more than once. Reinsurance implies an arrangement, wherein the insurer transfer a part of risk, by insuring it with another insurance company.