Insurant - Law Dictionary Search Results
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)]...
private mortgage insurance (pmi)
private mortgage insurance (pmi) insurance purchased by a buyer to protect the lender in the event of default. The cost of mortgage insurance is usually added to the monthly payment. Mortgage insurance is generally maintained until over 20 Percent of the outstanding amount of the loan is paid or for a set period of time, seven years is normal. Mortgage insurance may be available through a government agency, such as the Federal Housing Administration (FHA) or the Veterans Administration (VA), or through private mortgage insurance companies (PMI). Source: U.S. Department of Housing and Urban Development ...
insurance
insurance 1 : the action, process, or means of insuring or the state of being insured usually against loss or damage by a contingent event (as death, fire, accident, or sickness) 2 a : the business of insuring persons or property b : coverage by contract whereby for an agreed payment one party agrees to indemnify or guarantee another against loss by a specified contingency or peril c : the principles and practice of the business of insuring 3 : the sum for which something is insured ...
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)]...
Unemployment insurance
Unemployment insurance. A scheme of national insurance administered by the Ministry of Labour with power to refer questions to and obtain advice from the Unemployment Insurance Statutory Committee. This committee is appointed after consultation with representative organizations of employers and workers: see the Unemployment Insurance Acts, 1935 and 1936 (25 & 26 Geo. 5, c. 8, and 26 Geo. 5 & 1 Edw. 8, c. 13), and NATIONAL INSURANCE....
Policy of insurance
Policy of insurance, a contract between A. and B., that upon A.'s paying a premium equivalent to the hazard run, B. will indemnify or insure him against a particular event. See INSURANCE.The (English) Policies of Assurance Act, 1867, enabled assignees of life policies to sue thereon in their own names. The (English) Policies of Marine Assurance Act, 1868, made a like provision in regard to marine policies. See also CHOSE.It includes:(a) any instrument by which one person, in consideration of a premium, engages to indemnify another against loss, damage or liability arising from an unknown or contingent event.(b) a life-policy, and any policy insuring any person against accident or sickness, and any other per-sonal insurance. [Indian Stamp Act, 1899 (2 of 1899), s. 2 (19); Rajasthan Stamp Act, 1999, s. 2(27)]...
Micro-insurance product
Micro-insurance product, includes a general micro-insurance product or life insurable product, pro-posal form and all marketing materials in respect thereof. [Insurance Regulatory and Development Authority (Micro-insurance) Regulations, 2005, R. 2(h)]...
Fidelity, fidelity insurance gurantee
Fidelity, fidelity insurance gurantee, 'Fidelity' according to dictionary means faithfulness, loyalty. In insurance terminology it is understood as assurance to indemnify against loss consequent upon the dishonesty or default. Usually the assured and the person whose fidelity is assured stand to each other in relation of employer and employee. As the use of the word 'fidelity' indicates, 'it is a policy intended to protect the assured against the contingency of breach of fidelity on part of a person in whom confidence has been placed'. It is a contract whereby, for a consideration, one agrees to indemnify another against loss arising from the want of honesty, integrity or fidelity of an employee or other person holding a position of trust. Fidelity Guarantee is thus different from contingency guarantee. The insurance under it is for honesty, against negligence or for being faithful and loyal. The protection afforded is different than normal insurance policies. Its consequences and enfo...
Life Insurance Corporation
Life Insurance Corporation, means the Lie Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act. [Small Industries Development Bank of India Act, 1989, s. 2 (ha)]Means the Life Insurance Corporation of India established under the life Insurance Corporation Act, 1956 (31 of 1956). [Income Tax Act, 1961 (43 of 1961), s. 80C]...
Intermediary or insurance intermediary
Intermediary or insurance intermediary, 'intermediary or insurance intermediary', includes insurance brokers, insurance consultants, surveyors and loss assessors. [Insurance Regulatory and Development Authority Act, 1999 (47 of 1999), s. 2(1) (f)]...
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