Insurance - Law Dictionary Search Results
Home Dictionary Name: insurance Page: 11Controlled business
Controlled business, the definition of 'controlled business' contemplates two kinds of insurers--(i) insurers who carry on life business only, and (ii) insurers who carry on composite business, that is to say certain other business which does not ex facie come within controlled business, Under sub-clause (a) of s. 2(3)(i) controlled business covers the entire life business of an insurer if he carries on no other class of insurance business and under sub-clause (b) all the business appertaining to his life insurance business is included if he is a composite insurer. The controlled business in either case is intended to embrace all the business concerning life insurance. In the first case it means the whole of the business of the insurer and in the second case the part which comes within the life businessbut not other, National Insurance Co. Ltd. v. Life Insurance Corporation of India, AIR 1963 SC 1911 (1913): (1964) 2 SCR 182. [Life Insurance Corpora-tion Act, (31 of 1950), s. 2(3)(i) E...
Service
Service [fr. servitium, Lat.], that duty which a tenant, by reason of his estate, owes to his lord. There are many divisions of this duty in our ancient law books, as into personal and real, which is either urbane or rustic, free and base, continua land annual, casual and accidental, intrinsic and extrinsic, certain and uncertain, etc. see TENURE.The formal delivery of a writ, summons of other legal process 2. The formal delivery of some other legal notice such as pleading, Black's Law Dictionary, 7th Edn., p. 1372.The formal mode of bringing a writ or other process, or a notice in a suit, to the knowledge of the person affected by it.The service of writs of summons is regulated by (English) R.S.C. 1883, Ord. IX., which by r. 1 dispenses wit service, when (as is usual) the defendant, by his solicitor, agrees to accept service, and enters an appearance. By r. 2, service, when required, must be personal, unless an order for 'substituted service, or the substitution of notice for service,...
Sue and labour clause
Sue and labour clause. The name given to a clause in a policy of marine insurance which was introduced to make it clear that the assured and his agents or servants, e.g., master and crew, can take every step to recover insured property in peril without loss of the rights under the insurance and to be repaid any expenditure which may be incurred by the assured or his agents to avert the loss. The clause does not cover general average losses and contributions and salvage charges, (English) Marine Insurance Act, 1906, s. 78 (2), and see Aitchison v. Lohre, (1879) 4 AC 755. The clause is usually in the following form:-'And in case of any loss or misfortune, it shall be lawful to the Assured, their Factors, Servants and Assigns, to sue, labour, and travel for, in, or about the Defence, Safeguard and Recovery of the said Goods and Merchandises and Ship, etc., or any part thereof, without prejudice to this insurance; To the charges whereof, we, the assurers, will contribute, each one accordin...
Wages
Wages, if the remuneration is to be paid daily or weekly, it can be called wages. But when it is monthly remuneration payable on the last day of the month or after that date, and when the remuneration considering the general standards of payments is fairly high, then it has to be understood as salary, K.V.V. Sharma (in re), (1952) 2 Mad LJ 917.Includes any bonus or other additional remunera-tion etc., and any sum 'payable to such person by reason of the termination of his employment, A.R. Sarin v. B.C. Patil, AIR 1951 Bom 423.Means remuneration payable to an employee under an award or settlement, Purshottam v. Potdar, AIR 1966 SC 856.Means remuneration which an employer is liable to pay, if the term of the contract of employment are fulfilled. In other words, they are payments made by an employer for services rendered, G.M. Joshi v. First Civil Judge, AIR 1958 Bom 262.Wages, ought to include gratuity as well, Tirjugi Sitaram v. Badlu Prasad Bheru Prasad, AIR 1962 MP 361.The compensatio...
first-party coverage
first-party coverage Compensation you receive under your own insurance policy as opposed to receiving payment from someone else's insurance policy, such as the person who caused an accident. Examples of first-party coverage include collision insurance and comprehensive insurance, in which your own insurance company pays you for losses to your own car. ...
reserve
reserve re·served re·serv·ing : to keep back or set apart: as a : to keep (a right, power, or interest) esp. by express declaration [all rights reserved] compare waive b : to defer a determination of (a question of law) [the justices reserved the question because it was not an issue in the case] n 1 : something stored or kept available for future use [an energy company with various unproven oil s] 2 : an act of reserving 3 : money kept in a separate account to meet future liabilities legal reserve : the minimum amount as determined by government standards of the deposits held by a bank or of the assets of a life insurance company required by law to be kept as reserves loss reserve 1 : a reserve allocated by a bank for the purpose of absorbing losses [a loan loss reserve] 2 : an insurance company's reserve representing the discounted value of future payments to be made on losses which may have already occurred policy reserve : an insurance company's reserve r...
Continuation clause
Continuation clause. In English time policies it has been usual to provide by a clause attached to the policy, called the continuation clause, that if at the end of the period of insurance the ship is at sea, the insurance may be extended until her arrival at some port, Arnould's Marine Insurance, 8th Edn. P. 570. The Finance Act, 1901, (1 Edw. 7, c. 7), s. 11,provides that a policy of sea insurance shall not be invalid on the ground only that by reason of such a clause it may become available for a period exceeding twelve months, and a continuation clause is for this purpose defined as an agreement to the effect that in the event of the ship being at sea or the voyage otherwise not completed on the expiration of the policy, to subject-matter of the insurance shall be held covered until the arrival of the ship, or for a reasonable time thereafter not exceeding thirty days....
subrogation
subrogation 1 : an equitable doctrine holding that when a third party pays a creditor or obligee the third party succeeds to the creditor's rights against the debtor or obligor ;also : a doctrine holding that when an insurance company pays an insured's claim of loss due to another's tort the insurer succeeds to the insured's rights (as the right to sue for damages) against the tortfeasor called also equitable subrogation 2 : an act or instance of subrogating [where an insurer has acquired by an assignment or by the right to recover for money "J. M. Landers et al."] NOTE: Subrogation can take place either by operation of law or by contractual agreement. ...
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...
broker
broker : an agent who negotiates contracts of sale (as of real estate or securities) or other agreements (as insurance contracts or mortgages) between the parties for a fee or commission compare dealer, finder NOTE: An insurance broker differs from an insurance agent in that a broker is usually considered an agent of the insured, even though he or she may receive a commission from an insurance company. A broker may sell the products of a number of insurers, and an insurer has no liability for a broker's wrongful actions (as misrepresentation or fraud). A securities broker often acts also as a dealer and so is often referred to as a broker-dealer. ...
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