What is IRDA? The Insurance Regulatory and Development Authority (IRDA) is the regulatory authority that controls the entire insurance business throughout the nation. The authority lays down rules and regulations for effective supervision and smooth functioning in the insurance sector. Its main aim is to protect the interest of the policyholders, conduct insurance business in…
Introduction An Insurance Contract can be defined as a contract between two parties where one party i.e., the insurance company also known as ‘Insurer’ undertakes to cover the losses or indemnify the other party i.e., the policy holder also called as ‘Insured’ from the premium paid by the insured on the happening of a certain…
Indemnity means “to make good the loss” or “to compensate for the loss”. In section 124 of the Indian Contract Act 1872, contract of indemnity is defined as the contractual duty of one person to indemnify or compensate for the loss or damage caused by himself or the other party in future. It is also…
The current order of the world has changed much since 1990s. Every country in the world is trying their best to woo the big corporations and industries to set-up their plants and open offices in their cities. The foreign investment which brings not only the money but also jobs to the people has made the…
Facts of the case National Insurance Company Ltd. v. Hindustan Safety Glassworks Ltd. & Anr.(1) is a case that is mostly about consumer rights and power. Every person is a consumer in some capacity, and hence the relevance of an act dealing with the subject is immense. The Consumer Protection Act, 1986 addresses particular concerns…
Third party insurance means a third party liability cover. As the name suggests, the beneficiary of the policy is someone other than the two parties involved in the contract i.e. the owner(insured) and the insurance company. Therefore, the third party is the one who suffers damages due to an accident. Section 146 of the Motor…
The Public Liability Insurance Act of 1991 intends to provide public liability insurance for the purpose of providing rapid assistance to persons impacted by an accident that occurs while handling any hazardous substance for problems related to or incidental to the hazardous substance. Before beginning to handle any hazardous substance, every owner, i.e., a person…
Insurance is a social device to reduce or eliminate risk related to a person and property. One can be insured against fire, peril of sea, death, incident and burglary. It is a contract between two parties, Insurer and Insured. Insurance law is the name given to practices of law surrounding insurance, including insurance policies and…
LIFE INSURANCE A life insurance policy is a legally enforceable contract issued by the insurer in consideration of the application and the payment of premiums.Needless to assert , that it provides risk coverage in event of the death of an individual.t is essential to have a life insurance to provide financial protection and security for surviving family members…
Banking sector is revolutionized by the rise of fintech forcing incumbents to innovate and rethink their business model. Similarly insurtech is the next big thing in the insurance sector. In a world where smartphone penetration is on the rise it can uberize insurance ensuring efficiency and profit. Insurtech firms seem to tackle issues which the…
