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Actus Non Facit Reum Nisi Mens Sit Rea, Explanation: Actus Non Facit Reum Nisi Mens Sit Rea- An act does not make one guilty unless there is a criminal intent. To be guilty of a crime under criminal law two elements are considered i.e., guilty act and a guilty state of mind. Without a guilty mind or a criminal intent, there cannot be any crime. Therefore, an act in itself does not make a man guilty, unless his intention is so. Quid Pro Quo- Something for something. Generally, quo pro quo is consideration i.e., something in return for something or something in exchange for something. Thus, it signifies consideration which forms the part of a contract and passes from one parry to the other and thereby making the agreement valid and binding. It forms an essential part of a valid contract. Consensus ad idem- Meeting of the minds or mutual agreement, Explanation: This is mostly used in contract law and which means that there is agreement between the parties to the contract or mutual agreement between all the parties to a contract. Assentio Mentium- It means meeting of minds or mutual consent which is either expressed or implied by both parties to a contract. It is synonymous with the legal term consensus ad idem and is most commonly used in contract law. Mutual consent is one of the essential elements in order to constitute a contract as per Section 10 of the Indian Contract Act, 1872 Ex Nudo Pacto Action Non Oritur- A contract without consideration is void and thus, no right of action arises from a contract entered into without consideration. It is one of the essential elements for the formation of a contract.
The “Malhotra Committee” was established to:
General Insurance Corporation of India (GIC) was established in:
If a policy holder stops paying the premium after three years, but does not withdraw the money from his policy, then the policy is said to be?
The Public Sector Insurance companies in India include:
The part of the policy that is specific to each insured individual is:
In respect of Life insurance and individual Health insurance policies, a free look cancellation period of ____days has been provided to provide sufficie...
A motor insurance cover note is valid for how many days?
In relation to insurance sector, what is the full form of FPR?
What is the time limit set for the claim settlement process by IRDAI?
The process of determining the cost of an insurance policy based on the actual loss experience determined as an adjustment to the initial premium paymen...
