Posts

Showing posts with the label Insurance law

What Do You Mean By Judgement

Image
Meaning of Judgement : Judgement means the observation and decision of court of law in respect of a particular case after conclusion of a trial. Content of Judgement : Every Judgement - Shall be written in the language of the court. Shall contain the point or points for determination, the decision there on and the reason for the decision. Shall specify the offence of which and section of The Indian Penal Code, 1860 or other law under which the accused is convicted and the punishment to which he is sentenced. If the Judgement is of acquittal, it shall state the offence, of which the accused is acquitted and direct that he be set at liberty section 354(1). Object : The object should be to protect the society and to deter the criminal in achieving the avowed object of law by imposing appropriate sentence. The social impact of the crime like where its relates to offences against woman, kidnapping and other offences involving moral delinquency which have great impact on s...
Post a Comment
Read more

Benefits of Insurance in Economic Growth

There are so many benefits of insurance in economic growth this are as follows- 1) Promote financial stability : By indemnifying those who suffer or harm, insurance helps stabilize the financial situation of individuals, families and organisations. It encourages individuals and firms to invest and create wealth. Peace of mind and financial carelessness. 2) Substitutes for and complements Government security programmes :  Private insurance can relieve pressure on social insurance system, preserving Government resources for essential social security. Pension fund and life insurance. Natural disaster indemnity plan. 3) Facilities trade and commerce :  Many products and services and produced and sold only if adequate liability insurance is available to cover any claims for negligence. Malpractices. Innovation. Credit enhancement. 4) Help mobilize savings :  Insurance and financial intermediation. Insurance enhance financial system efficiency in...
Post a Comment
Read more

What is Cattle Insurance

Image
Cattle Insurance - Cattle insurance provides cover against death of animals like bulls, buffaloes, cows and heifers etc. within the geographical area specified in the policy arising from any disease, parturition or pregnant condition or accident(including fire and/or lighting) contracted or occurring after the commencement of the insurer's liability under the policy. The indemnity payable under the policy is the loss which the insured suffers by the death of the animal but not exceeding the sum insured by the policy. The following are some of the important exclusion - Surgical operation other than those required due to accident or disease occurring during the period of the cover castration. Malicious or willful injury or neglect, overloading, unskilful treatment or use of animal for purpose other than those stated the policy without the consent of the company in writing. Disease contracted prior to commencement of risk or within 15 days from the date of commencement of...
Post a Comment
Read more

Definition and Advantages of Life Insurance

Image
Definition of Life Insurance - Life insurance is insurance on the life of an individual. Life insurance is protection given to one person against the damage he may suffer through the death of another. 'Life insurance' is a contract of insurance whereby the insured agrees to pay certain sums, called premiums, at specified times, and in considerations thereof the insurer agrees to certain sum of money on certain conditions and specified way, upon happening of a particular event contingent upon the duration of human life. Under section 2(11) of the Insurance Act, 1938 provides that life insurance contract comprise any contract in which one party agrees to pay a given sum upon happening of a particular event contingent upon the duration of human life. Advantages of Life Insurance - 1) Life insurance encourages thrift in the individual and serves also to form capital. 2) Life insurance protects estate of the policy holder as distinguished from acquired estate. 3) I...
Post a Comment
Read more