Re Assurance - Law Dictionary Search Results
Home Dictionary Name: re assuranceRe-insurance or Re-assurance
Re-insurance or Re-assurance, a contract by which a first insurer relieves himself from the risks which he has undertaken, and devolves them upon other insurers, called re-insurers or re-assurers....
Re-assurance
Re-assurance, a contract that a first insurer enters into to release himself wholly or in part from a risk which he has undertaken by throwing it upon some other insurer. Re-assurance is not to be confounded with double insurance....
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...
Double insurance
Double insurance takes place when the assured makes two or more insurances on the same subject, the same risk, and the same interest. The assured may recover the amount of his actual loss against any of the insurers, but nothing beyond this, and if he obtains full satisfaction from one of the assurers, the latter is entitled to contribution from the others. Excess of indemnity received by the assured is held by him in trust for the assurers. Double insurance is therefore entirely different from re-insurance, which is effected by the underwriter to secure himself from a loss. Double insurances are not prohibited by the law maritime unless fradulently made; see Arnould on Marine Insurance, 8th Edn. P. 430; the Marine Insurance Act, 1906, ss. 32, 80; Newby v. Reid, (1763) 1 W Bl 416.Double insurance is prohibited under the (English) National Health Insurance, Old Age, and Widows, etc., (English) Contributory Pensions Act, 1936....
Res Mancipi
Res Mancipi. The Res Mancipi of old Roman law were, land-in historical times, land on Italian soil-slaves, and beasts of burden, such as horses and oxen; and the mode of conveyance by which they were transferred was called a Mancipium or Mancipation. Distinguished from them was another class called Res nec Mancipi, 'things which did not require a Mancipation,' i.e., could be transferred by a simpler mode of assurance, and were held to pass by mere delivery: see Maine's Ancient Law, Ch. VIII....
Accident occasioned by negligence
Accident occasioned by negligence. As to the recovery of damages for injuries in such cases, see NEGLIGENCE. As to the rights of wife, husband, parent or child of person killed in such an accident, see CAMPBELL'S (LORD) ACT. Any adopted or illegitimate person is included in the expression 'parent or child' for the purposes of the Law Reform (Miscellaneous Provisions) Act, 1934 (24 & 25 Geo. 5, c. 41).In Criminal Law a result is said to be accidental when caused unintentionally and in such circumstances that a person of ordinary prudence would not have taken precautions to prevent its occurrence.In policies of insurance against accident the meaning of 'accident' depends on the context, but includes results brought about by the negligence of the assured and other persons. See Macgillivray on Insurance Law; Re Scarr, 1905 (1) KB 387....
Further assurance, Covenant for
Further assurance, Covenant for, one of the usual covenants entered into by a vendor for the protection of the vendee's interest in the subject of purchase, to the effect that the vendor will, at the request and cost of the vendee, execute further conveyances, etc., for more perfectly assuring the subject-matter of the conveyance; implied in conveyances made on or after Jan. 1st, 1882, expressed to be made by a 'beneficial owner,' or if other terms of art are employed, according to the case by the Law of Property Act, 1925, s. 76, and the Second Schedule re-enacting and extending s. 7 of the Conveyancing Act, 1881...
Quoties in stipulationibus ambigua oratio est, commodissimum est id accipi quo res de qua agitur in tuto sit
Quoties in stipulationibus ambigua oratio est, commodissimum est id accipi quo res de qua agitur in tuto sit (D. 41, I, 80), whenever in contracts the expression is doubtful, it is most advantageous that meaning be accepted by which the safety of the subject-matter may be assured....
Deed
Deed [fr. d'd, Sax.; ded gaded, Goth.;daed, Dut.], a formal document on paper or parchment duly signed, sealed, and delivered. It is either an indenture (factum inter partes) needing an actual indentation [(English) Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 5], reproduced by the Law of Property Act, 1925, s. 56 (2), made between two or more persons in different interests, or a deed-poll (charta de una parte) made by a single person or by two or more persons having similar interests. By the (English) Law of Property Act, 1925, s. 57, a deed may be described according to the nature of the transaction, e.g., 'this lease,' 'this mortgage,' etc., or as a 'deed' and not habitually by the word 'indenture.'The requisites of a deed are these:-(1) Sufficient parties and a proper subject of assurance.(2) It must be written, engrossed, printed, or lithographed, or partly written or engrossed, and partly printed or lithographed in any character or in any language, on paper, vellum, or parchm...
Friendly societies
Friendly societies, associations supported by subscription for the relief and maintenance of the members or their wives, children, relations, and nominees, in sickness, infancy, advanced age, widowhood, etc. by the Friendly Societies Act, 1875 (38 & 39 Vict. c. 60), various prior statutes regulating these societies were in whole or in part repealed, and the law consolidated and amended. Such societies may be formed for providing payments on birth of a member's child, or on death of a member, or for relief and maintenance of members and their husbands, wives, children, etc., in old age or sickness, the endowment of members at any age, the insurance of tools against fire, or of cattle, for working men's clubs, or for any other purpose authorized by the Treasury. Before any such society can be properly established, its rules must have been transmitted to and approved of by the central office for the registration of Friendly Societies. The Act was amended in 1876 by 39 & 40 Vict. c. 32 as ...
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