The policies under motor insurance are as follows:
(i) Act liability only.
(ii) Third party only.
(iii) Comprehensive policy.
*** Comprehensive policy:
Motor insurance
Motor insurance got recently a great momentum. In
the older times, personal, who were injured or killed through the negligence of
the motorists, could not get financial redress either to them or to there legal heirs because no scheme of
insurance was present at that time. To mitigate the financial hardship caused to
the persons, the Motor vehicles Act. 1939, as amended from time to time, has
made it compulsory for the motorists to insure against the risk of liability to
third parties.
Element of fire insurance contract
(1). Feature of general Contract:
All the features of general contract are also
applicable to the fire insurance contract.
(a) Proposal:
The proposal for fire insurance can be made either
verbally or in writing. The proposes gives the necessary description of the
property to be insured. In practices the printed proposal from is used for the
purpose. Introduction, type of properties, value of properties, construction,
occupation, etc. are the various
Marine insurance policies
The marine insurance policy is issued only when the
contract has been finalized & it would be legal document of evidence of the
contract. The form of marine insurance policies has been taken from pretty old
times. There has been a slight change in the wordings of the policies. For
example, “Be it know that” is substituted for the words ` In the name of God,
Amen`.
Elements of Marine insurance contract
The marine insurance has the following essential
features which are also called fundamental principles of marine insurance.
(i) Features of general contract.
(ii) Insurable interest.
(iii) Utmost good faith.
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