Insurance term , know about the insurance term -Offer (Proposal) And Acceptance- Consideration (Premium)- Insurable Interest - Utmost Good Faith - Indemnity - Subrogation - Contribution - Proximate Cause
TOPICS COVERED: 1. Offer (Proposal) And Acceptance 2. Consideration (Premium) 3. Insurable Interest - Utmost Good Faith - Indemnity - Subrogation - Contribution - Proximate Cause 4. Proposal Form - Sales Literature - Payment Of Premium - Section 64vb Of Insurance Act – Premium Receipt – Insurance Policy-Endorsements - Warranties - Section 41 Of Insurance Act (Rebating) 5. Intimation Of Claim - Appointment Of Surveyor - Survey Report - Assessment Of Loss - Settlement Of Loss - Discharge Voucher - Payment Of Claim 1. OFFER (PROPOSAL) AND ACCEPTANCE A contract of insurance is an agreement whereby one party, called the insurer, undertakes, in return for an agreed consideration, called the premium, to pay the other party, namely the insured, a sum of money or its equivalent in kind, upon the occurrence of a specified event resulting in a loss to him. The policy is a document which is an evidence of the contract of insurance. As per Anson, a contract is an agreement enf...