📝 One-liners · 65 cards
Insurance Companies
What is the fundamental nature of an insurance contract?
An insurance contract is one under which one party agrees to indemnify another against loss arising from a specified risk.
What is the statutory requirement for any insurer to commence insurance business in India under the Insurance Act, 1938?
Obtain a Certificate of Registration from the regulator (IRDAI), renewable annually
What principle ensures that an insured cannot profit from an insurance claim?
The principle of indemnity ensures that the insured is restored to the same financial position as before the loss, preventing any profit from a claim.
What is the penalty for offering a rebate of commission or premium as an inducement to buy an insurance policy under Section 41 of the Insurance Act, 1938?
A penalty extending up to ₹10 lakh
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