Life InsuranceAssurance is a contract by which the insurerassuror undertakes to pay the person for whose benefit the cover is effected or to his personal representative a certain sum of money on the happening of a given event or on the death of the person whose life is assured. Life Insurance provides for your family or some other named beneficiaries on your death.
In this article Ive tried to gather some basic information about some common insurance policies.
Life insurance law notes. The insurance should pay the amount of premium regularly and compulsorily. Insurance exist to combat risk but not all risk which are covered by insurance. Insurance of human hazards is covered by life insurance policy.
Life Insurance protects against financial losses resulting from premature death of the insured or guarantees payment of a certain sum of money on his attaining a certain age. Insurance can only provide monetary compensation. Insurance limited to financial value.
Life Insurance Pension Products Life Insurance Products Proposals Policy and documentation. Anticipation of handsome profits in the trade. Characteristics of life insurance It is a contract between the insurer and insured.
Life Insurance guarantees a specific promised sum of money to a designated beneficiary upon the death of the insured or the insurance if he survives the term of the policy. Earliest form of life assurance was a lump sum payment at the time of death of person whose life was insured. LIFE INSURANCE GENERAL INSURANCE This is not a.
Law in Pakistan requires every life insurance company to have an appointed actuary. Life Insurance guarantees a specific promised sum of money to a designated beneficiary upon the death of the insured or the insurance if he survives the term of the policy. SHORT NOTES ON INSURANCE Insurance law in India There are several insurances such as life insurance fire insurance etc.
Life insurance is meant to provide financial assistance to the dependents of the life assured in the evet of his death. Life Insurance notes – Free download as Word Doc doc PDF File pdf Text File txt or read online for free. It is a promise to pay the money insured in consideration to a premium.
Law of insurance 1. Banking Insurance Elective in final year BCom. Notes Principles of General Insurance Principles of Insurance 54 50 INTRODUCTION After studying the life insurance and its importance the over aspect of insurance other than Life Insurance would is General Insurance.
There must be large numbers of similar risks. Essential Features of Life Insurance. It develops the habit of saving.
The amount of payment used to be fixed. There are two type of insurance namely life and non-life insurance. Insurance law is included in the syllabus of some law colleges.
Insurance Information Institute 110 William Street New York NY 10038 Tel. In life insurance the protection is given for the life of a human being while in the case of General non-life insurance the protection is extended for assets and properties. Banking Insurance Group Elective subject – Life InsuranceThis subject is mostly taught as part of the BCom.
Scribd is the worlds largest social reading and publishing site. In India and each insurance have their own provisions. Nature and scope of Life Insurance Kinds of Life Insurance The policy and formation of a life insurance contract.
The person seeking the insurance must be legally to insure the article or event. When the insured person dies the proceeds of the policy are paid to his representatives of beneficiary designated in the policy. By LawJournal Class Notes Insurance Law LLB Guide June 1 2014 May 12 2018.
Application of Principles in Life Insurance Contract – Representation – Assignment and Nomination – Title and Claims – Tax Law Implications – Concept of Trusts in Life Policy – Stamp Duties – Role and Function of Life Insurance Companies. Life Insurance can be termed as an agreement between the policy owner and the insurer where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individuals or individuals death or other event such as terminal illness critical illness or maturity of the policy12282011 Tolani Institute of Management Studies 2. I It is a contract relating to human life.
The deposited insurance premium cannot be withdrawn like a bank deposit. There must be insurable interest 2. These PDF lecture notes will help you in preparing well for your semester exams on Life Insurance and save your precious time as you can study from.
The insurance premium is sometimes paid at a lump sum together or periodically. LAW OF INSURANCE CONTRACT OF INSURANCE Insurer Insured Premium Policy Subject matter of insurance insurable interest Perils insured against Various kinds of insuranceLife Fire marine personal accident Nature of contract of insurance 2. A default in remitting the premium may cause discharge of the insurance contract and the.
Insurance Law Unit III LLB Class Notes. Life insurance is the best method of saving an investment. Life being the most important asset of an individual Life Insurance enjoys the maximum scopeThere are two general types of life insurance-1 Term Insurance and 2 Whole-life Insurance.
Students I am sharing brief and concise lecture notes on the BCom. In this chapter we cover various aspect of General Insurance such as Principles of utmost Good faiths.