Sunday, December 9, 2007

Legal Aspects of Insurance - 1.1

  • Valid contract is a contract:-
    Enforceable by law
  • In the present globalization scenario all countries in the world came closer in all aspects of insurance business.
  • The Indian Post Act,1898 covers:-
    Loss of property , Wrong delivery , Delay in delivery
  • Hut Insurance scheme provides compensation of Rs ________ for belongings to poor families when their huts are destroyed by fire.
  • The Employees State Insurance Act applies to all factories where:-
    10 or more employees are there & manufacturing is carried on with power , 20 or more employees are there & manufacturing is carried on without power
  • The consent of the parties cannot be termed as a free consent when it is obtained by :-
    Fraud , Misrepresentation , Under undue influence
  • Project Insurance covers installed machinery.
  • A promise is an agreement, but every promise is not an agreement________.
    Enforceable by law
  • "In Insurance, the loss should arise out of some particular peril and risk", this principle is known as :-
    Principle of proximate cause
  • Free consent of the parties must be obtained by:-
    Showing willingness
  • Intention to cause or knowing act to cause a wrongful loss or damage to public or any person is known as:-
  • Giving a reason of repudiation is not duty of Surveyor.
  • Insurance for Vehicle of Central & State Government is not compulsory because:-
    They have created a separate Fund
  • The employer is not liable to pay compensation to employee if:-
    Accident happens while he was engaged in his personal work , Disease suffering is not inherent to the occupation
  • Malicious civil action is a type of tort to property.
  • It is not necessary that rules & regulations formed by IRDA has to be followed by all insurance companies.
  • Due to compulsory insurance of vehicle people know about ________ insurance.

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