Difference Between Insurance and Assurance

   Insurance and assurance are quite similar, but there are thin lines of difference between them, as the insurance provides protection to t...

What is Insurance and What are Essential Features of Contract of Insurance

 What is Insurance?         Insurance is a contract between an individual or business and a third party that provides financial protection ...

Executive Committee of Life Insurance Council and the Functions of Executive Committee of Life Insurance Council?

  Introduction -   The Insurance Act 1938 is enacted and enforced in the year 1938, same is applicable to all over India, Section 64F speaks...

Appropriate Authority under the Surrogacy Act, 2021 (Section )

Introduction -      Surrogacy (Regulation) Act, 2021 was enacted in the year 2021 and came into force on 25 January 2022. There are VIII cha...

Offenses and penalties under the Surrogacy (Regulation) Act, 2021

Introduction -  Surrogacy (Regulation) Act, 2021 was enacted in the year 2021 and came into force on 25 January 2022. Chapter VII Section 38...

What are Functions of Executive Committee of Life Insurance Council?

Introduction -     The Insurance Act was enacted and passed in the year 1938 and came into force in the year 1939. Section 64J of the Insura...

Reinsurance (Insurance Act, 1938 Section 101A to Section 101C )

1) What is Reinsurance -        Reinsurance is a risk transfer mechanism whereunder an insurance company passes on the risk on an insura...

Persons Entitled to payment under Life Insurance

What is insurance -        Insurance is a plan which ensures certainty of payment for the uncertain loss. The aim of all kinds of insuran...

Insurable Interest in Life insurance Classification of Insurable Interest in Life insurance (Insurance Law)

              The test of a valid insurance contract is the existence of the insurable interest. Insurable interest is nothing but an inter...

Objective Type Questions on Insurance Contract (Insurance Law )

Multiple Type Questions and Answer...(Insurance Law) 1. Choose the correct option... A. In an insurance contract, an insurer makes ...

Meaning and definition of Premium (Insurance Law)

Introduction - Insurance is a Contract, there are two parties in the contract of Insurance, Insurer and Insured. The insured gives pre...

Explain the concept and scope of life insurance what are the essentials of life insurance contract?

Introduction -                Insurance is a contract in which one party (the insurer) agrees for payment of consideration (the premium) ...

Mode of Payment of Premium (Insurance Law)

What is Premium -   It is the sum Payable (usually annually)  by the insured to the insurer under a contract of insurance.  Meaning an...

Amount recoverable under Life Insurance policy (LIC)

What is Insurance?            According to Justice Tindall, "Insurance is a contract in which a sum of money is paid to the assured...

Powers of Insurance Regulatory and Development Authority of India (IRDA)

Powers of Insurance Regulatory and Development Authority of India (IRDA) -     According to Section 26 of the Insurance Regulatory and ...

Duties and functions of insurance regulatory and Development Authority of India (IRDA)

Establishment of insurance regulatory and Development Authority of India -      For reforms in the Insurance sector in order to make it ...

Types and Evolution of insurance in India

What is insurance -            Insurance is a contract between two parties. Here one party is insured and another party is the insurer. ...

Discuss how Insurance is important for Individuals, Organizations, Industry and the Economy.

 Introduction -                In our day-to-day life, we all anticipate various kinds of risks. No one can see an upcoming loss or accu...