Insured Deposit - Law Dictionary Search Results
Home Dictionary Name: insured depositInsured deposit
Insured deposit, 'insured deposit' means the deposit or any portion thereof the repayment whereof is insured by the corporation under the provisions of this Act. [Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961), s. 2(j)]...
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...
Deposit Insurance Corporation
Deposit Insurance Corporation, means the Deposit Insurance and Credit Guarantee Corporation established under s. 3 of the Deposit Insurance Corporation Act, 1961. [The Multi-State Co-operative Societies Act, 2002, s. 3 (j); Also see The Reserve Bank of India Act, 1934, s. 2 (bvi); The Banking Regulation Act, 1949, s. 5 (ff)]...
Deposit
Deposit, money paid to a person as an earnest or security for the performance of some contract, especially a contract for the sale of real estate. Also a naked bailment of goods to be kept for the bailor without recompense, and to be returned when the bailor shall require it. The appellation and the definition are both derived from the civil law. Depositum est quod custodiendum alicui datum est. It is, in the civil law, divisible into two kinds: (1) necessary, made upon some sudden emergency, and from some pressing necessity; as, for instance, in case of a fire, a shipwreck, or other overwhelming calamity, when property is confided to any person whom the depositor may meet without proper opportunity for reflection or choice, and thence it is called miserabile depositum; (2) voluntary, which arises from the mere consent and agreement of the parties. the Common Law has made no such division. There is another class of deposits, called involuntary, which may be without the assent or even k...
National insurance
National insurance. The (English) National Insur-ance Act, 1911 (1 & 2 Geo. 5, c. 55), introduced by Mr. Lloyd George, established a wide system of compulsory state insurance covering both ill-health and unemployment, which is based upon premiums contributed in part by the employer, in part by the employee, and in part by the State. The Act consisted of three parts, the first dealing with National Health Insurance, the second with Unemployment Insurance, and the third contained miscellaneous provisions. This Act remained the basis of National Health Insurance, although the subject of very extensive amendment, until the National Health Insurance Act, 1924, consolidated the law. The law has been consolidated again by the (English) National Health Insurance Act, 1936 (26 Geo. 5, and 1 Edw. 8, c. 32), amends and repeals the whole of the Acts passed in 1920, 1922, 1924 and 1928. The arrangement is as follows:-Part I. Insured Persons and Contributions.Part II. Benefits.Part III. Approved Soc...
Compulsory deposite
Compulsory deposite, 'Compulsory deposit means a subscription to, or deposit in a Provident Fund which under the rules of the Fund, is not until the happening of some specified contingency repayable on demand otherwise than for the purpose of the payment of premia in respect of a policy of life insurance (or the payment of subscriptions or premia in respect of a family pension fund), and includes any contribution and any interest or increment which has accrued under the rules of the fund on any such subscription, deposit, contribution, and also any such subscription, deposit, contribution interest or increment remaining to the credit of the subscriber or depositor after the happening of any such contingency', Union of India v. Hira Devi, AIR 1952 SC 227 (228): (1952) SCR 765. [The Provident Funds Act XIX of 1925, s. 2 (a)]...
deposit
deposit 1 : to place for safekeeping or as security [may the property with the court] ;esp : to put in a bank account 2 in the civil law of Louisiana : to place (movable property) under a deposit [the depository can not make use of the thing ed "Louisiana Civil Code"] de·pos·i·tor [di-pÄ -zə-tər] n n 1 : the state of being deposited (as in an account) [holding the property on ] compare escrow, trust 2 : something placed for safekeeping: as a : money deposited in a bank esp. to one's credit demand deposit : a bank deposit that can be withdrawn without prior notice general deposit : a deposit of money in a bank that is to the credit of the depositor thereby giving the depositor the right to money and creating a debtor-creditor relationship special deposit : a deposit that is made for a specific purpose, that is to be returned to the depositor, and that creates a bailment or trust time deposit : a bank deposit that can be withdrawn only after a...
Deposition
Deposition: (1) Depriving of a dignity, etc. (2) The act of giving public testimony, technically, the evidence put down in writing by way of answer to questions. It is an incontrovertible rule at Common Law, that when the witness himself can be produced, his deposition may not be read, for it is not the best evidence. But it may be read not only where it appears that the witness is actually dead, but in all cases where he is dead for all purposes of evidence: as where diligent search has been made for the witness and he cannot be found; where he resides in a place beyond the jurisdiction of the Court; or where he has become lunatic. See now, however, R. S.C. 1883, Ord. XXXVII., rr. 1, 5; and EVIDENCE; PERPETUATE TESTIMONY, BILLS TO.As to deposition in criminal proceedings (in connec-tion with which the term is most commonly used), see especially the (English) Indictable Offences Act, 1848 (11 & 12 Vict. c. 42), s. 17, and the (English) Criminal Law Amendment Act, 1867 (30 & 31 Vict. c....
Deposite base (authorised institution)
Deposite base (authorised institution), Deposit base of an institution in relation to any contribution is the amount which the Board determines as representing the average, over such period proceeding the levying of the contribution as appears to be appropriate of sterling deposits with the United Kingdom offices of that institution other than (1) secured deposits; (2) deposits which had an original term to maturity of more that five years; and (3) deposits in respect of which the institution has in the United Kingdom issued a sterling certificate of deposit, Banking Act 1987, s. 52(4) (UK) Halsbury's Laws of England 3(1), para 109, p. 92....
life insurance
life insurance : insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance ordinary life insurance : whole life insurance in this entry straight life insurance : whole life insurance in this entry term life insurance : life insurance that provides coverage for a set term and does not accumulate cash surrender value universal life insurance : life insurance characterized by flexible premiums, benefits, and payment schedules, by the indexing of cash value to money market interest rates, and by the periodic reporting of current value and company costs charged to the account universal variable life insurance : variable universal life insurance in this entry variable life insurance : life insurance in which all or part of the cash value of the policy is located in a tax-deferred investment portfolio with risk assumed by the insured for investment losses compare variable annuity at annuity variable univer...
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