Fire Insurance - Law Dictionary Search Results
Home Dictionary Name: fire insuranceFire 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...
Fire
Fire. No action for damages lies against any person in whose house, etc., a fire shall accidentally begin: Fires Prevention (Metropolis) Act, 1774 (14 Geo. 3, c. 78), s. 86, which s. and s. 83 are the only unrepealed sections of the Act.To discharge or dismiss a person from employment; to terminate as employee. Black's Law Dictionary, 7th Edn.Fire Engines.--The maintenance of fire engines in urban sanitary districts is provided for by the Public Health Act, 1875, s. 171, which incorporates ss. 30-33 of the (English) Town Police Clauses Act, 1847, in the (English) Metropolis by the Fire Brigade Act, 1865, and in parishes by the (English) Parish Fire Engines Act, 1898 (61 & 62 Vict. c. 38), and the Acts therein recited.By s. 90 of the (English) Public Health Amendment Act, 1907, local authorities can agree for the common use of fire engines and appliances; ss. 87-89 of the same Act give the police certain powers of breaking into premises and regulating traffic upon the out break of a fir...
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...
Insurer
Insurer. The person assuring against loss.The word 'insurer' in s. 2D of the Insurance Act, 1938 means a person who was carrying on the business of insurance but has closed it, Vanguard Fire and General Insurance Co. Ltd. v. Fraser and Ross AIR 1960 SC 971; see also (1973) 1 SCC 310: (1960) 3 SCR 857. [Insurance Act, 1938, s. 2D; 339 (9)]Insurer means an insurer as defined in the Insur-ance Act who carries on life insurance business in India and includes the government and a provi-dent society as defined in s. 65 of the Insurance Act. [Life Insurance Corporation Act, 1956 (31 of 1956), s. 2(6)]...
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
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...
General Insurance business
General Insurance business, means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them. [Insurance Act, 1938 (4 of 1938), s. 2 (6B)]...
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 ...
leasehold insurance
leasehold insurance : insurance against loss to a lessee (as of profits derived from a sublease) because of cancellation of a lease as a result of fire or other specified peril ...
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