Accident Insurance - Law Dictionary Search Results

Home Dictionary Name: accident insurance

Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...

Indemnity

Indemnity, a contract, express or implied, to keep a person harmless from loss which that person may incur by reason of some act, omission or event. It differs from a guarantee which requires a writing under s. 4 of the Statute of Frauds in that the latter guarantee contemplates the primary liability of a third person. as pointed out by Anson on Contracts, a form of indemnity may be illustrated by 'If you will supply goods to A. I will see you paid.' A guarantee, if 'A. does not pay you, I will.' There is, as a rule, a right of subrogation to all the remedies available to the person indemnified under an indemnity available to a person indemnifying-a guarantor has the right of subrogation as well as a right of recourse against the person guaranteed unless otherwise agreed. A great number of indem-nities are implied at Common Law or statute, and the contract extends to all the loss suffered and is not limited in amount as a contract to pay a sum of money is limited. As to implied indemni...

Accident occasioned by negligence

Accident occasioned by negligence. As to the recovery of damages for injuries in such cases, see NEGLIGENCE. As to the rights of wife, husband, parent or child of person killed in such an accident, see CAMPBELL'S (LORD) ACT. Any adopted or illegitimate person is included in the expression 'parent or child' for the purposes of the Law Reform (Miscellaneous Provisions) Act, 1934 (24 & 25 Geo. 5, c. 41).In Criminal Law a result is said to be accidental when caused unintentionally and in such circumstances that a person of ordinary prudence would not have taken precautions to prevent its occurrence.In policies of insurance against accident the meaning of 'accident' depends on the context, but includes results brought about by the negligence of the assured and other persons. See Macgillivray on Insurance Law; Re Scarr, 1905 (1) KB 387....

Bailee

Bailee, a person to whom goods are entrusted for a specific purpose. See BAILMENT; as to Larceny by Bailee, see (English) Larceny Act, 1916, ss. 1 and 2.The party of whom personal property is delivered under a contract of bailment; one to whom goods are bailed. (Contract Act, 1872, s. 148)Where in an accident the Insured dealt with vehicle strictly as provided under the contract of insurance and that necessitated taking the car to the nearest repairer for and on behalf of the Insurer. The Insurer became the bailee and the repairer may have been initially pointed out by the bailor but with whom the Insurer entered negotiation, arrived at a contract and agreed to get the car repaired in discharge of an obligation under the contract of insurance. Therefore, for this additional reason the custody of the repairer is that of a sub-bailee, N.R. Srinivasa Iyer v. New India Assurance Company Limited, AIR 1983 SC 899: (1983) 3 SCC 458 (467).Means an individual or entity (as a business organizati...

causal

causal 1 : of, relating to, or constituting a cause [ negligence] 2 : involving causation or a cause [no relationship between driving without insurance and the accident "National Law Journal"] [a link exists between the deceptive act and the injury "National Law Journal"] 3 : arising from a cause ...

double indemnity

double indemnity : a provision in a life insurance or accident policy whereby the company agrees to pay twice the face of the contract in case of accidental death ...

use

use 1 a : an arrangement in which property is granted to another with the trust and confidence that the grantor or another is entitled to the beneficial enjoyment of it see also trust Statute of Uses in the Important Laws section NOTE: Uses originated in early English law and were the origin of the modern trust. Uses became popular in medieval England, where they were often secretly employed as a method of evading laws (as those prohibiting mortmain) and penalties (as attainder) and to defeat creditors. In response, the Statute of Uses was enacted in 1535. The purpose of the Statute was to execute the use, investing the legal ownership of the property in the cestui que use, or one entitled to the beneficial enjoyment, and abolishing the ownership of the grantee. The Statute did not have blanket application, however. Certain uses, particularly those in which the grantee was not merely a passive holder of the property, were not executed under the Statute. These uses were called trust...

Employment injury

Employment injury, means a personal injury to an employee caused by accident or an occupational disease arising out of and is the course of his employment, being an insurable employment, whether the accident occurs or the occupational disease in contracted within or outside the territorial limits of India. [Employee's State Insurance Act, 1948, (34 of 1948, s. 2(8)]...

Life micro-insurance product

Life micro-insurance product, means any term insurance contract with or without return of premium any endowment insurance contract or health insurance contract, with or without an accident benefit rider, either on individual or group basis, as per terms stated in Schedule-II appended to these regulations. [Insurance Regulatory and Development Authority (Micro-insurance) Regulations, 2005, R. 2(e)]...

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