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Principles of Insurance
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[eChapter_1: Intro
Chapter 1: Introdu
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Principles of insurance
insurance governed acts 1) The insurance Act, 1938 2) The life insurance
corporation Act, 1956 3) The Marine Insurance Act, 1963 4) The General Insurance
Business Act, 1972
‘ontract of Insurance Is a contract whereby the insurer undertakes to make good the
loss of another called the insured by payment of some money to him on the happening
of a specific event.
insurable Risk () The law of large number.) The loss produced by the risk must be
definite. 1 The loss must be fortuitous or accidental. :) The loss must not be
catastrophic.
riteria of determination of whether a risk can be insured or not (The risk must
arise out of the ordinary course of business and it should not be artificially
created by parties." The risk must be common enough
11. LL. Contd... 9) Commencement of risk. 10) Premium. i1) Causa proxima, 12)
Mitigation of loss. 13) Contribution. 14) Subrogation. 15) Reinsurance. 16) Double
insurance.
12. 12, Distinction b/w double insurance and reinsurance Double insurance
Reinsurance Risk The same risk and same The transfer of part of the subject in
insured by the risk by the insurer. policy holder. Extent of The
loss will be shared by all The re-insurer will be liable liability of the the
insurers. for a proportion of part of insurer the loss. To whom liable Each insurer
is directly liable The re-insurer is liable only to the policy
holder. to the first insurer. Object It is a method of assuring the It is a method
of reducing of benefit of insurance. the risk of the insurer.
13. 13, Wager The meaning of ‘wagering’ is staking something of value upon the
result of some future uncertain event, such as a horse race, or upon the
ascertainment of the truth concerning some past or present event.
‘An agreement under which each bettor pledges a certain amount to the other
depending on the outcome of an unsettled matter. (1 A matter bet on; a gamble.
( Something staked on an uncertain outcome. |) A
pledge of personal combat to resolve an issue or case.
14. 14, Ingredients of a wager contract 1) It can relate to part, present or future
act or event. 2) One party is to win and the other party is to lose upon the
determination of the event. 3) There shall be two persons either to
whom stands to win or lose 4) Stake is the only interest between the two parties.
They have no real interest in the subject matter.
15. 15, Similarities b/w a contract of insurance and wager 1) Uncertainty: In both
uncertainty is involved. 2) Amount : In both money plays an important role. 3)
Speculation : both depends upon happening or non-
happening of speculative events.
16. 16, Return of premium There are circumstances which make the contract of
insurance void or even voidable. The contract of insurance is voidable when the
affected party has opted to avoid the contract. This usually
happens when the consideration has failed.
17. 17. Circumstances when the insurer is bound to return the premium 1) No risk ~
no premium. 2) Doctrine of pari delicto. 3) Frustration and impossibility. 4) Non-
disclosure of fact or mistake. 5) Fraud by the insurer.
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