What is the section of Insurance Act 1938?
Section 2B. Appointment of Controller of Insurance. Section 2C. Prohibition of transaction of insurance business by certain persons….Language.
| Act ID: | 193804 |
|---|---|
| Act Year: | 1938 |
| Short Title: | The Insurance Act, 1938 |
| Long Title: | An Act to consolidate and amend the law relating to the business of insurance. |
When did Insurance Act 1938 come into force?
The Insurance Act, 1938 is a law originally passed in 1938 in British India to regulate the insurance sector. It provides the broad legal framework within which the industry operates.
When was the insurance law Nationalised?
19th January 1956
The Government of India, therefore, decided to nationalise the insurance business. An Ordinance issued on 19th January 1956 nationalised the Life Insurance sector and Life Insurance Corporation of India (LIC) came into existence in the same year.
What is Section 41 of insurance Act?
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to 1[take out or renew or continue] an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown …
Which alteration will be permitted by an insurance company?
Solution(By Examveda Team) Splitting up of the policy into two or more policies will be permitted by an insurance company.
Who are the beneficiaries of insurance?
Beneficiary Definition In life insurance, beneficiary is the person or entity entitled to receive the claim amount in the event of the insured’s demise. The policyholder selects the beneficiary at the time of purchasing the policy.
Why was the general insurance business nationalised?
An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business in the best interests of the community and to ensure that the operation of …
Which is the oldest insurance company in India?
Life Insurance Corporation of India
Life Insurance Corporation of India is the oldest insurance sector of our country. Established in 1956, one of the largest insurance companies of India is a state owned insurance group and investment firm that offers a range of insurance products to its customers.
Why term insurance claim is rejected?
Your term insurance coverage and premium are decided based on the company’s risk after considering your medical history. Accordingly, ignoring any medical tests or withholding history related to surgeries, illnesses in the family or any other conditions can become a valid cause for rejecting your term insurance claim.
How or why would insurance help you?
Paying off debt or replacing income Life insurance benefits can help replace your income if you pass away. It can also be used to pay off debt, such as credit card bills or an outstanding car loan.