Direct Insurance

direct insurance : an insurance contract in which the insurer agrees to pay the insured for a designated loss compare reinsurance ...

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...

reinsurance

reinsurance : insurance or indemnification by a second insurer of all or part of a risk assumed by another insurer as contracted for by the first insurer see also cede compare direct insurance, retrocession ...

principal, interest, taxes, and insurance (piti)

principal, interest, taxes, and insurance (piti) the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner's and mortgage, if applicable) goes into an escrow account to cover the fees when they are due. Source: U.S. Department of Housing and Urban Development ...

loss

loss 1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or services) exceeds the selling price compare profit c : something unintentionally destroyed or placed beyond recovery d : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations. actual loss : the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event actual total loss : a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constru...

direct action

direct action 1 : an action in which the plaintiff sues a person's insurer without first obtaining a judgment against the insured or joining the insured 2 : a suit by a shareholder for an injury to himself or herself independent from any injury to the corporation called also individual action compare derivative action ...

Occasioned by or in consequence of

Occasioned by or in consequence of, imply directly occasioned by or the direct consequence of, Walker v. London and Provincial Insurance Co., (1888) 22 LR Ir 572; Burrow's Words & Phrases....

treaty reinsurance

treaty reinsurance : reinsurance under a general agreement that automatically reinsures in accordance with its terms all risks of a given class to a predetermined extent as soon as they are insured by the direct underwriter compare facultative reinsurance ...

Description of the risk

Description of the risk, the second matter to which the ordinary form of proposal is directed is the nature of the risk to be covered and the circumstances affecting it, Provincial Insurance Co. Ltd. v. Morgan, (1933) AC 240 HL....

Ecclesiastical dilapidations

Ecclesiastical dilapidations. The liability of an incumbent to make good dilapidations in the parsonage house is governed by the (English) Ecclesiastical Dilapidations Measures, 1923 to 1929 (14 & 15 Geo. 5, No. 3, and 19 & 20 Geo. 5, No. 3), which have replaced the former (English) Acts (34 & 35 Vict. c. 43 and 35 & 36 Vict. c. 96). The 54th section of the (English) Act of 1871 directs incum-bents to insure....

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