Fire Insurance - Law Dictionary Search Results
Home Dictionary Name: fire insurance Page 1 of about 34 results (0.004 seconds)Fire insurance
Fire insurance. See INSURANCE....
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...
Coinsurance
Insurance jointly with another or others specif that system of fire insurance in which the insurer is treated as insuring himself to the extent of that part of the risk not covered by his policy so that any loss is apportioned between him and the insurance company on the principle of average as in marine insurance or between other insurers...
Letter of cover
Letter of cover, a letter of cover no doubt contains a contract of insurance but it is not a policy of insurance in the common understanding of that word in the trade. It is well known that in order to obtain an insurance against the risk of fire the assured has first to send a proposal to the insurer and then the insurer takes a little time in making enquiries as to whether it would accept the proposal and undertake the obligation of covering the risk. He issues a policy only after he is satisfied that it would be a prudent business proposition to do so. Experience of trades people has however shown that some kind of protection for the interim period when the insurer is making the enquiries is necessary. This protection is given by what is called a 'letter of cover', R. Ratilal v. National Security Insurance Co. Ltd., AIR 1964 SC 1396 (1398). (Stamp Act, 1899, s. 35)...
insurance
insurance 1 : the action, process, or means of insuring or the state of being insured usually against loss or damage by a contingent event (as death, fire, accident, or sickness) 2 a : the business of insuring persons or property b : coverage by contract whereby for an agreed payment one party agrees to indemnify or guarantee another against loss by a specified contingency or peril c : the principles and practice of the business of insuring 3 : the sum for which something is insured ...
coinsurance
coinsurance 1 : joint assumption of risk (as by two underwriters) with another 2 : insurance (as fire insurance) in which the insured is obligated to maintain coverage on a risk at a stipulated percentage of its total value or in the event of loss to suffer a penalty in proportion to the deficiency ...
mortgage clause
mortgage clause : a clause in an insurance contract (as for fire insurance) that entitles a named mortgagee to be paid for damage or loss to the property see also open mortgage clause, standard mortgage clause ...
Possibility on a possibility
Possibility on a possibility. Lord Coke lays it down as a rule that the event on which a remainder is to depend must be a common possibility, and not a double possibility, or a possibility on a possibility, which the law will not allow. Thus he tells us that the chance that a man and a woman, both married to different persons, shall themselves marry one another is but a common possibility. But the chance that a married man shall have a son named Geoffrey is stated to be a double or remote possibility; see Williams on Real Property; 2 Rep. 51 a; 10 Rep. 50 b; Co. Litt. 184 a. The idea that there cannot be a possibility and a possibility seems to have been a conceit invented by Popham, C.J., but it was never really intelligible, Whitby v. Mitchell, (1890) 44 Ch D p. 92, per Lindley, LJ, and never applied to trusts of personal estate [Re Bowles, (1902) 2 Ch 650]. It gave rise, however, to the rule, now well settled in regard to limitations and trusts of realty created by instruments comin...
Double or conditions bond
Double or conditions bond, the ordinary form of bond came to be one accompanied by a condition in the nature of a defeasance, the performance of the condition generally being secured by a penalty. This form of bond is called a double or conditional bond, and consists of two parts: First, the obligation, and secondly, the condition, Guyana and Trinidad Mutual Fire Insurance Co. Ltd. v. R.K. Plummer & Associates Ltd., (1992) 8 Const LJ 171 PC...
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