Insurance - Law Dictionary Search Results
Home Dictionary Name: insurance Page: 10hazard insurance
hazard insurance protection against a specific loss, such as fire, wind etc., over a period of time that is secured by the payment of a regularly scheduled premium. Source: U.S. Department of Housing and Urban Development ...
automobile liability insurance
automobile liability insurance Protection against payment for injury to other persons or their property from an accident involving your car. Source: FindLaw ...
accident insurance
accident insurance ...
Insured
Insured. The person assured against loss...
insurable interest
insurable interest see interest ...
Insurer
One who or that which insures the person or company that contracts to indemnify losses for a premium an underwriter...
Average
Average, a medium, a mean proportion used in various senses:-(1) A service which a tenant owes to his lord by doing work with his avers.(2) A shipping or insurance term. (a) Average, or more fully general average, is where any damage or loss has been properly and voluntarily incurred in respect of a ship or cargo for its safety, e.g., goods thrown overboard in a storm to lighten the ship. Such loss by maritime law is shared proportionately between the shipowners and the owners of the cargo, according to value. This risk is almost always covered by insurance. An Average Bond is a bond entered into by the consignees of a cargo with the shipowners, when a general average loss has been sustained by the ship, binding the former to pay their proportion as soon as ascertained. (b) Particular average is damage, or loss to a ship, or cargo, other than a general average loss. Such a loss rests where it falls, that is to say, is borne by the owner of the thing lost or damaged, or by his insurer, ...
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)]...
Voluntary winding up and winding up by the court
Voluntary winding up and winding up by the court, the expressions 'voluntary winding up' and 'winding up by the Court' have acquired a technical meaning in our Company and Insurance jurisprudence. Like the Co-operative Society Laws, the Companies Act and the Insurance Act also make a distinction between the cessation of business by a company and its voluntary winding up or winding up by an order of the Court. There is nothing unequivocal in s. 15(a) of the Act to show that Parliament intended to depart from the technical meaning of 'voluntary winding up' and 'winding up by the Court' and to bid a good-bye to the distinction in our Company and Insurance jurisprudence between mere cessation of business by a company and its voluntary winding up or winding up by an order of the Court. The phrase 'voluntarily wound up' in the first limb would mean the voluntary winding up of an insurance public company in accordance with s. 54 of the Insurance Act, The Neptune Assurance Co. Ltd.v. Union of ...
Actuary
Actuary, a registrar of a public body. Also a clerk who registers the acts and constitutions of the Lower House of Convocation; or a registrar in a Court Christian. Especially a person skilled in calculating the value of life interests, annuities, and insurances. The (English) Local Government and other Officers' Superannuation Act, 1922 (12 & 13 Geo. 5, c. 59), defines actuary as meaning a fellow of the Institute of Actuaries or the Faculty of Actuaries in Scotland. The Institute of Actuaries was formed in 1848 and incorporated by royal charter on July 29, 1884.An actuary possessing such qualifications as may be by regulations made by authority. [Insurance Act (4 of 1938), s. 2(a)]Means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits, recommending rates r...
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