Insurance Policy - Law Dictionary Search Results
Home Dictionary Name: insurance policyPolicy Proof of Interest (P.P.I.) (English)
Policy Proof of Interest (P.P.I.) (English). A policy of marine insurance which was made valid by its terms, although the insurer had no insurable interest. Such a policy in the absence of an insur-able interest is made void by the Gaming Act, 1845. The Marine Insurance Act, 1906 (s. 4), specifically declares such policies void. The Marine Insurance (Gambling Policies) Act, 1909, makes it an offence to effect a contract of marine insurance without an insurable interest....
Renewal of insurance policy
Renewal of insurance policy, a renewal of an insurance policy means repetition of the original policy. When renewed, the policy is extended and the renewed policy in identical terms from a different date of its expiration comes into force. In common parlance, by renewal, the old policy is revived and it is sort of a substitution of obligations under the old policy unless such policy provides otherwise, Biman Krishna Bose v. United India Insurance Co. Ltd., (2001) 6 SCC 477 (482)....
Micro-insurance policy
Micro-insurance policy, means an insurance policy sold under a plan which has been specifically approved by the Authority as a micro-insurance product [Insurance Regulatory and Development Authority (Micro-insurance) Regulations, 2005, R.2(g)]...
insurance policy
insurance policy : a writing whereby a contract of insurance is made in which the rights and duties of the insurer and the insured are set out ...
Policy 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...
floater
floater 1 from the notion that the policy “floats” with the goods it insures, wherever they might be located : a policy or supplemental attachment to a policy insuring specific items of personal property (as jewelry or art) ;specif : a policy of insurance to protect against loss or damage of goods in transit or goods (as jewels) naturally subject to use in various places called also floating policy 2 : a debt security that yields an indexed variable rate of interest ;esp : floating rate note at note ...
Valued policy
Valued policy, a policy of insurance in which the sum at which the subject of the policy is insured is expressed (having been fixed by agreement between the parties), and so the value in case of loss need not (as a general rule) be proved, See Arnould on Marine Insurance....
Underwrite
Underwrite, means to agree to purchase (all or part of a security issue) usually on a fixed date at a fixed price with the purpose or plan to resell by means of a public offering, UFITEC, S.A. v. Carter, 135 Cal Rptr. 607 (1977).The expression 'underwrite' signifies 'accept liability under'. Although normally the expression 'underwrite' is used in marine insurance but the expression used in Chapter III of the Financial Powers of the Standing Order in this case specifically used the expression 'underwriting and revivals' of policies in case of Life Insurance Corporation and stated that it was the Divisional Manager who was competent to underwrite policy for Rs 50,000 and above, Life Insurance Corporation of India v. Raja Vasireddy Komalavalli Kamba, AIR 1984 SC 1014 (1018): (1984) 2 SCC 719: (1984) 3 SCR 350. (Contract Act, 1872, ss. 7 & 8)...
deductible
deductible : allowable as a deduction de·duc·ti·bil·i·ty [-dək-tə-bi-lə-tē] n n : a clause in an insurance policy that relieves the insurer of responsibility for an initial specified loss of the kind insured against ;also : the amount specified in such a clause compare franchise ...
pair-or-set clause
pair-or-set clause : a provision in an insurance policy giving the insurer the option in the case of loss of fewer than all items in a set to restore the set to its value before the loss or pay the difference between the value before and after the loss ...
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