Micro Insurance Agent - Law Dictionary Search Results
Home Dictionary Name: micro insurance agentMicro-insurance agent
Micro-insurance agent, see [Insurance Regulatory and Development Authority (Micro-insurance) Regulations, 2005, R. 2(f)]...
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)]...
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)]...
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)]...
Chief agent
Chief agent, means a person who, not being a salaried employee an insurer, in consideration of any commission--(i) performs any administrative and organising functions for the insurer, and(ii) procures life insurance business for the insurer by employing or causing to be employed insurance agents on behalf of the insurer. [Insurance Act, 1938 (4 of 1938), s. 2(5A)]...
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...
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...
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. ...
agent
agent 1 : someone or something that acts or exerts power : a moving force in achieving some result 2 : a person guided or instigated by another in some action [where the heads of departments are the political…s of the executive, merely to execute the will of the president "Marbury v. Madison, 5 U.S. 137 (1803)"] see also innocent agent 3 a : a person or entity (as an employee or independent contractor) authorized to act on behalf of and under the control of another in dealing with third parties see also agency, fiduciary relationship, subagent compare fiduciary, principal, servant apparent agent : an agent acting under an agency by estoppel bar·gain·ing agent : a labor union that represents the employees in a bargaining unit in negotiating with their employer through collective bargaining business agent : an agent that handles business affairs for another person or organization ;esp : a paid official of a union who carries on union business between the employ...
subagent
subagent : an agent who is appointed by another agent (as an insurance agent) and for whom the principal agent is responsible or liable ...
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