Insurance Transactions - Law Dictionary Search Results
Home Dictionary Name: insurance transactionsInsurance transactions
Insurance transactions, is broad enough in principle to include the provision of insurance cover by a taxable person who is not himself an insurer but, in the context of a block policy, procures such cover for his customers by making use of the supplies of an insurer who assumes the risk insured, Card Protection Pland v. Customs Comrs. (E.C.J.), (1999) 3 WLR 203....
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...
compulsory
compulsory 1 : required or compelled by law : mandatory obligatory [ arbitration] [ insurance] ;specif : required to be brought or asserted in a pleading because of having arisen from the transaction or occurrence that is the subject of litigation [a counterclaim] [ reconvention] compare elective, permissive 2 : using compulsion : compelling [ measures] com·pul·so·ri·ly [-sə-rə-lē] adv ...
proceeds
proceeds 1 : money or other property received as the result of a sale or other transaction esp. involving collateral [retain a security interest in the of collateral] 2 : money received from an insurance policy ...
Lloyds
An association of underwriters and others in London for the collection and diffusion of marine intelligence the insurance classification registration and certifying of vessels and the transaction of business of various kinds connected with shipping...
Third party
Third party, means a person other than the citizen making a request for information and includes a public authority. [Right to Information Act, 2005 (22 of 2005), s. 2(n)]Means a person other than the person making a request for information and includes a public authority. [Freedom of Information Act, 2002, s. 2(i)]Means one who is not a party to a lawsuit, agreement, or other transaction but who is somehow involved in the transaction, someone other than the principal parties, Black's Law Dictionary, 7th Edn., p. 1489.The phrase used to introduce any one into a scene already occupied by two in a definite relation to one another, as principal and agent, guardian and ward, solicitor and client. See AS AGAINST, AS BETWEEN.As to third-party insurance of motor vehicles; by the (English) Road Traffic Act, 1930 (20 & 21 Geo. 5, c. 43), s. 35, users of motor vehicles are to be insured against third-party risks. See Part II. of the Road Traffic Act; the (English) Motor Vehicles (Third Party Ris...
contract
contract [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com- with, together + trahere to draw] 1 : an agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other's duty or a remedy for the breach of the other's duty ;also : a document embodying such an agreement see also accept, bargain, breach, cause, consent, consideration, duty, meeting of the minds, obligation, offer, performance, promise, rescind, social contract, subcontract Uniform Commercial Code in the Important Laws section NOTE: Contracts must be made by parties with the necessary capacity (as age or mental soundness) and must have a lawful, not criminal, object. Except in Louisiana, a valid contract also requires consideration, mutuality of obligations, and a meeting of the minds. In Louisiana, a valid contract requires the consent of the parties and a cause for the contract in addition to c...
Stamp duties
Stamp duties, a branch of the revenue. They are a tax imposed on all parchment and paper whereon certain legal proceedings and certain private ins-truments re written; and on licences for various purposes.The consolidating Stamp Act, 1870, superseded the very numerous older enactments [in great part repealed by the (English) Inland Revenue Repeal Act, 1870 (33 & 34 Vict. c. 90)] in regard to the duty on the various classes of instruments, but by s. 17 of the Stamp Act, 1870 (re-enacted by s. 14 of the Stamp Act, 1891), reversing the former law, see Buckworth v. Simpson, (1835) 1 CM&R 384, the stamp to be affixed to an unstamped document to render it admissible in evidence was not the stamp in accordance with the law at the time of affixing it, but the stamp in accordance with the law in force at the time when the document was first executed.Very important alterations in the law of stamps were effected by the Customs and Inland Revenue Act, 1888. Prior to that Act it was no offence not ...
Warranty
Warranty, a guarantee or security; formerly a promise or covenant by deed by the bargainer, for himself and his heirs, to warrant and secure the bargainee and his heirs against all persons for the enjoying of the thing granted accompanied by a promise, express or implied, that if eviction should take place, the warrantor would substitute an equivalent estate in its place-see Co. Litt. 365 a. In that form it has been superseded in practice by 3 & 4 Wm. 4, cc. 27 (s. 39) and 74 (s. 14). See RECOVERY.More generally, a warranty is any agreement either accompanying a transfer of property, or collateral to the contract for such transfer, see Lawrence v. Cassell, (1930) 2 KB 83, and Miller v. Cannon Hill Estates Ltd., (1931) 2 KB 113, or to any other agreement or transaction, and in so far as it is a contract a warranty does not differ from any other contractual promise. A warranty may be express or implied by law or statute.For instances of implied warranties, see that title, CAVEAT EMPTOR, ...
Entrustment
Entrustment, means 'the transfer of possession of goods to a merchant who deals in goods of that type and who may in turn transfer the goods and all rights to them to a purchaser in the ordinary course of business' (Black's Law Dictionary), see also National Insurance Co. Ltd. v. Ishar Das Madan Lal, (2007) 4 SCC 105.The expression 'entrustment' carries with it the implication that the person handing over any property or on whose behalf that property is handed over to another, continues to be its owner. Entrustment is not necessarily a term of law. It may have different implications in different contexts. In its most general significance, all its imports is handing over the possession for some purpose which may not imply the conferment of any propriety right therein. The ownership or beneficial interest in the property in respect of which criminal breach of trust is alleged to have been committed, must be in some person other than the accused and the latter must hold it on account of s...
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