Reciprocal Insurance - Law Dictionary Search Results

Home Dictionary Name: reciprocal insurance

reciprocal insurance

reciprocal insurance : insurance through a reciprocal exchange called also interinsurance ...

reciprocal insurance exchange

reciprocal insurance exchange : reciprocal exchange ...

reciprocal exchange : an unincorporated association in which members (as individuals, partnerships, trustees, or corporations) exchange contracts and pay premiums through an attorney-in-fact for the insurance of each other [liability of each member of the reciprocal exchange was limited to ten times the annual premium] called also interinsurance exchange reciprocal insurance exchange reciprocal interinsurance exchange ...

interinsurance

interinsurance : reciprocal insurance ...

interinsurer

interinsurer : an underwriter of reciprocal 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...

reciprocal

reciprocal 1 a : mutual b : bilateral [a contract] 2 : characterized by correspondence or equivalence esp. in return or response with another of the same category [was prevented from obtaining discovery of the names of the State's alibi rebuttal witnesses "Mauricio v. State, 652 N.E.2d 869 (1995)"] ;also : marked by such correspondence or equivalence between its own components [a arrangement] 3 : marked by reciprocity between states re·cip·ro·cal·ly adv ...

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Reciprocal Insurance - Law Dictionary Search Results