Question
Under the Limitation Act, when does the period of
limitation begin?Solution
• Under Section 3 of the Limitation Act, 1963, the period of limitation for any suit, appeal, or application begins to run from the date when the cause of action arises. • The cause of action means a set of facts that entitles a person to institute a suit or proceedings. • This ensures that limitation is calculated from the point when the aggrieved party first has the right to seek legal remedy, not from when the case is filed or any subsequent procedural step.[Limitation Act, Section 3]
Which component of an insurance policy includes the name, logo, and contact details of the insurer?
What is the purpose of a risk survey in underwriting?
Which of the following form is designed to be used by many different insurers and has exactly the same provisions ?
Which of the following is an example of a variable charge in a business?
The first ULIP was launched by which of the following ?
Which of the following insurance is coverage for damage to a vessel or aircraft and affixed items?
What does IRDA mandate for surveyors handling losses above INR 20,000?
Which of the following is NOT a factor that can influence the insurance market cycle?
The 'Policy Document' in motor insurance is a legal document that:
The Life Insurance Corporation of India (LIC) came into existence in which year?