Group Insurance - Law Dictionary Search Results
Home Dictionary Name: group insurancePolicy of group insurance
Policy of group insurance, means any instrument covering not less than fifty or such smaller number as the Central Government may approve, either generally or with reference to any particular case, by which an insurer, in consideration of a premium paid by an employer or by an employer and his employees jointly, engages to cover, with or without medical examination and for the sole benefit of persons other than the employer, the lives of all the employees or of any class of them, determined by conditions pertaining to the employment, for amounts of insurance based upon a plan which precludes individual selection. [Indian Stamp Act, 1899 (2 of 1899), s. 2 (19A); Rajasthan Stamp Act, 1999, s. 2(28)]Policy of sea-insurance or sea-policy,--(a) means any insurance made upon any ship or vessel (whether for marine or inland navigation), or upon the machinery, tackle or furniture of any ship or vessel, or person, any goods, merchandise or property of any description whatever on board of any sh...
group insurance
group insurance : insurance issued upon a group of persons under a single or blanket insurance policy ...
blanket insurance
blanket insurance 1 : insurance under which all of the members of a class or group are covered but are not named see also group insurance 2 : insurance under which property of more than one type or at more than one location is covered ...
franchise
franchise [Anglo-French, literally, freedom, liberty, from Middle French, from franchir to free, from Old French franc free] 1 : a special right or privilege granted by the government to an individual, group, or business entity: as a : a right to conduct a business and esp. to be and to exercise the powers of a corporation b : a right granted to a public utility company to provide services and to use public land for that purpose 2 : a constitutional or statutory right ;esp : the right to vote used with the [restricting them in employment, education, the , legal personality, and public accommodation "W. H. Burns"] 3 : a right or license that is granted to an individual or group to market a company's goods or services in a particular territory under the company's trademark, trade name, or service mark and that often involves the use of rules and procedures designed by the company and services (as advertising) and facilities provided by the company in return for fees, royalties, ...
Blanket insurance
Blanket insurance, is the insurance under which all of the members of a class or group are covered but are not named; insurance under which property of more than one type or at more than one location is covered, Webster's Dictionary of Law, Indian Edn. (2005), p. 53.Means insurance under which all of the members of a class or group are covered but are not named, Webster's Dictionary of Law, Indian Edn. (2005), p. 53....
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)]...
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...
National insurance
National insurance. The (English) National Insur-ance Act, 1911 (1 & 2 Geo. 5, c. 55), introduced by Mr. Lloyd George, established a wide system of compulsory state insurance covering both ill-health and unemployment, which is based upon premiums contributed in part by the employer, in part by the employee, and in part by the State. The Act consisted of three parts, the first dealing with National Health Insurance, the second with Unemployment Insurance, and the third contained miscellaneous provisions. This Act remained the basis of National Health Insurance, although the subject of very extensive amendment, until the National Health Insurance Act, 1924, consolidated the law. The law has been consolidated again by the (English) National Health Insurance Act, 1936 (26 Geo. 5, and 1 Edw. 8, c. 32), amends and repeals the whole of the Acts passed in 1920, 1922, 1924 and 1928. The arrangement is as follows:-Part I. Insured Persons and Contributions.Part II. Benefits.Part III. Approved Soc...
life insurance
life insurance : insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance ordinary life insurance : whole life insurance in this entry straight life insurance : whole life insurance in this entry term life insurance : life insurance that provides coverage for a set term and does not accumulate cash surrender value universal life insurance : life insurance characterized by flexible premiums, benefits, and payment schedules, by the indexing of cash value to money market interest rates, and by the periodic reporting of current value and company costs charged to the account universal variable life insurance : variable universal life insurance in this entry variable life insurance : life insurance in which all or part of the cash value of the policy is located in a tax-deferred investment portfolio with risk assumed by the insured for investment losses compare variable annuity at annuity variable univer...
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)]...
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