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Start learning 50% faster. Sign in nowSituation in which the same risk is insured by two overlapping but independent insurance policies. It is lawful to obtain double insurance, and the insured can make claim to both insurers in the event of a loss because both are liable under their respective polices. The insured, however, cannot profit (recover more than the loss suffered) from this arrangement because the insurers are law bound only to share the actual loss in the same proportion they share the total premium. Also called dual insurance
The principle ensuring an insured is not compensated more than the actual loss is:
What is the difference between a "condition" and a "warranty" in an insurance policy?
A policy that covers the employer's loss due to dishonest acts of employees is:
Insurance Repository is a company formed and registered under which act?
Insurance is primarily a method of:
Which among the following principle states about the Individual who should be benefitted from the insured item?
The principle of "subrogation" in insurance refers to:
Identify the correct full form of GAAT?
Consider the following statement:
I. Section 25 of IRDAI Act, 1999 lays down for establishment of Insurance Advisory Committee.
II. I...
There is unlimited coverage to Third parties injury and Third party property damage is covered up to a sum of Rs ______.