Start learning 50% faster. Sign in now
Situation 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
A policy that covers the cost of repairing or replacing plate glass is:
A contract, such as an insurance contract, requiring that certain acts be performed if recovery is to be made is known as?
What is called when insurance contract comes into existence when one party makes an offer or proposal of a contract and the other party accepts the prop...
The period during which the owner of a deferred annuity makes payments to build up assets is called?
A type of insurance often used for high frequency low severity risks where risk is not transferred to an insurance company but retained and accounted f...
The 'Own Damage' cover in a motor insurance policy protects the insured against:
A seller’s market in which insurance is expensive and in short supply is termed as?
Which of the following committees recommended the introduction of the Rural Postal Life Insurance?
As per current norms in India, what is the maximum limit of No Claim Bonus (NCB) in percentage?
Consider the following statement:
I. NCB is given to the insured and not to the insured vehicle.
II. On transfer of the vehicle, the ...