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Insurance Law

Insurance Law

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Published by Delawar Barekzai

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Published by: Delawar Barekzai on Nov 08, 2009
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Assignment Report onInsurance Law in India
An assignment report submitted on Insurance Law inIndia in the partial fulfillment of the requirement of subject Business Law SY BBA DM’s college 08-09.September 2008.Delawar
Acknowledgement
I am Delawar S/O Mohammad Ramzan Studying Bachelor of Business administration in DM’s college affiliated to GoaUniversity, Goa, India. My successful completion of assignment of insurance law gave me an immense knowledge and corporateexposure regarding insurance and insurance law. During thisassignment I had discussion with one of insurance agent Ms.Amelia Sonya who provided me lots of information aboutinsurance and insurance law, I would like to appreciate hercooperation and I would like to express my heartfelt thanks toher. I would also like to thank Mrs. Isha Savant our lecturer of Business Law for her guidance. At the end I would like to thank allthose who assisted me in successful completion of myassignment.
 
What is insurance
 There are more definitions for insurance which some of them we would like to stateas beneath
A system under which individuals, businesses, and other organizations or entities, inexchange for payment of a sum of money (called a premium), are guaranteedcompensation for losses resulting from certain perils under specified conditions in acontract.
Insurance, in law and economics, is a form of risk management primarily used to hedgeagainst the risk of a contingent loss. Insurance is defined as the equitable transfer of therisk of a loss, from one entity to another, in exchange for a premium.
A means by which individuals can have fewer expenses and more financial coverage inthe event of death or health issues that cannot be foreseen occurring in the future.
A means of indemnity against occurrence of an uncertain event; The business of  providing insurance; Metaphoric: Any attempt to anticipate an unfavorable event;Blackjack: A bet made after the deal, which pays off if the dealer has blackjack.In simple word we can say insurance is a contract in which one party agrees to compensateanother party for any losses or damages caused by risks identified in the contract in exchange for the payment of a lump sum or periodic amounts of money to the first party.The essential elements of insurance
Promise
of reimbursement in the case of loss; paid to people or companies so concernedabout hazards that they have made prepayments
Policy
: the instrument in which the contract of insurance is generally embodied. Means"you should have read the small print on your policy" which is not the contract but it isevidence of the contract.
Indemnity and premium
: protection against future loss
Insurer & Insured:
 person who under taking the risk and the person to be compensated.
Subject-matter of insurance and insurable interest:
the thing or property is called thesubject-matter of insurance and the interest of the insured in the subject-matter is calledhis insurable interest.
 
Insurance is mainly of two types; life insurance and general insurance; life insurance a variety of risks which a person anticipates to his/her life (sickness, or dangerous disease), and generalinsurance means Fire, Marine and Miscellaneous insurance which includes insurance against burglary or theft, fidelity, guarantee, insurance for employer’s liability, and insurance of motor vehicles, livestock and corps.
Insurance Law
Insurance law is the name given to practices of law surrounding insurance, including insurance policies and claims.Also we can define this branch as law deals with property, life, and liability insurance; fire andautomobile insurance forms; and the regulation of insurance.The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows. Interestingly in those days a higher premium was charged for Indian lives than the non-Indian lives as Indian lives were considered more risky for coverage.The Bombay Mutual Life Insurance Society started its business in 1870. It was the first companyto charge same premium for both Indian and non-Indian lives. The Oriental Assurance Companywas established in 1880. The General insurance business in India, on the other hand, can trace itsroots to the Triton (Tital) Insurance Company Limited, the first general insurance companyestablished in the year 1850 in Calcutta by the British. Till the end of nineteenth centuryinsurance business was almost entirely in the hands of overseas companies.Insurance regulation formally began in India with the passing of the Life Insurance CompaniesAct of 1912 and the provident fund Act of 1912. Several frauds during 20's and 30's sulliedinsurance business in India. By 1938 there were 176 insurance companies. The firstcomprehensive legislation was introduced with the Insurance Act of 1938 that provided strictState Control over insurance business. The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growththat was witnessed, insurance remained an urban phenomenon.The Government of India in 1956, brought together over 240 private life insurers and providentsocieties under one nationalized monopoly corporation and Life Insurance Corporation (LIC)was born. Nationalization was justified on the grounds that it would create much needed fundsfor rapid industrialization. This was in conformity with the Government's chosen path of Statelead planning and development.The (non-life) insurance business continued to thrive with the private sector till 1972. Their operations were restricted to organized trade and industry in large cities. The general insuranceindustry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and grouped

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