Open Policy - Law Dictionary Search Results
Home Dictionary Name: open policyOpen policy
Open policy, one in which the value of the ship or goods insured is to be ascertained in case of loss....
open mortgage clause
open mortgage clause : a mortgage clause which provides that payments go first to the mortgagee to the extent of its interest and which makes the mortgagee's right to receive payment dependent on the mortgagor's right to recover under the policy called also simple mortgage clause ...
Public policy
Public policy, connotes some matter which concerns public good and the public interest. Expression does not admit of precise definition. Concept of 'public policy' is considered to be vague, susceptible to narrow or wider meaning depending upon the content in which it is used, Oil and Natural Gas Corporation Ltd. v. Saw Pipes Ltd., AIR 2003 SC 2629.Public policy, connotes some matter which concerns the public good and the public interest, Central Inland Water Transport Corporation Ltd. v. Broja Nath Ganguly, AIR 1986 SC 1571; Shri Parsar v. Municipal Board, (1997) 1 WLC 443.Public policy, demands that where fraud might have been contemplated but was not perpetrated, the defendants should not be allowed to perpetrate a new fraud. If the illegality of the transaction is trivial or venial and the plaintiff is not required to rest his case upon that illegality, then public policy demands that the defendant should not be allowed to take advantage of the position, Kedar Nath Motani v. Prahla...
Public policy, opposed to public policy
Public policy, opposed to public policy, from the very nature of things, the expressions 'public policy', 'opposed to public policy', or 'contrary to public policy' are incapable of precise definition. Public policy, however, is not the policy of a particular government. It cannotes some matter which concern the public good and the public interest. The concept of what is for the public good or in the public interest or what would be injurious or harmful to the public good or the public interest has varied from time to time. As new concepts take the place of old, transactions which were once considered against public policy are now being upheld by the courts and similarly where there has been a well recognized head of public policy, the courts have not shirked from extending it to new transactions and changed circumstances and have at times not even flinched from inventing a new head of public policy. Practices which were considered perfectly normal at one time have today become obnoxio...
Renewal of insurance policy
Renewal of insurance policy, a renewal of an insurance policy means repetition of the original policy. When renewed, the policy is extended and the renewed policy in identical terms from a different date of its expiration comes into force. In common parlance, by renewal, the old policy is revived and it is sort of a substitution of obligations under the old policy unless such policy provides otherwise, Biman Krishna Bose v. United India Insurance Co. Ltd., (2001) 6 SCC 477 (482)....
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)]...
claims made policy
claims made policy : an insurance policy providing coverage only for claims that are filed during the policy period called also discovery policy compare occurrence policy ...
Policy Proof of Interest (P.P.I.) (English)
Policy Proof of Interest (P.P.I.) (English). A policy of marine insurance which was made valid by its terms, although the insurer had no insurable interest. Such a policy in the absence of an insur-able interest is made void by the Gaming Act, 1845. The Marine Insurance Act, 1906 (s. 4), specifically declares such policies void. The Marine Insurance (Gambling Policies) Act, 1909, makes it an offence to effect a contract of marine insurance without an insurable interest....
Public policy vis-'-vis policy of law
Public policy vis-'-vis policy of law, the term 'public policy' has an entirely different and more intensive meaning from the policy of law. Winfield defined it as a principle of judicial legislation or interpretation founded on the current needs of the community. It does not remain static in any given community and varies from generation to generation, M.K. Usman Koya v. C.S. Santha, AIR 2003 Ker 191....
occurrence policy
occurrence policy : an insurance policy that provides coverage for an event occurring within the policy period even if the discovery or claim is made later compare claims made policy ...
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