sum insured was Rs. Three crores, subsequently
increased to Rs. Six crores. On 27.5.2004 the respondent requested
the insurer to increase the sum insured ... said sum was arrived at on the
basis that the sum insured was Rs.12 crores, the actual value of stocks
in the godowns
that was insured with insurer broke
down and could not be started. The spot survey was got
conducted by the insurer and on the advice ... sum insured is less than the amount required
to be insured, the insurer will pay only in such proportion as the
sum insured bears
shall be kept in force to the extent of paid-up sum insured, calculated by means of a formula as approved by the Authority ... section (3) shall not apply-- (i) where the paid-up sum insured by a policy, inclusive of attached bonuses, is less than the amount specified
first time in 1990 for a sum of Rs.90,000=00. The sum insured under the policy was thereafter revised to Rs.3 lakhs ... Insurers. It was also submitted that it is only when the sum insured was to be enhanced at the time of renewal that the question
sum
insured “is less than the amount required to be insured ……. the company
will pay only in such proportion as the sum insured bears ... said sum and contend that the real value was
something different from what was declared by the parties to be the sum
insured
Insurance Act, 1938
52. Prohibition of business on dividing principle
No insurer shall commence any business upon the dividing principle, that ... periodical actuarial valuation either as reversionary additions to the sums insured or as immediate cash bonuses or otherwise
Union Ministry
of Agriculture.
8. Limit of coverage
i.e. sum insured.
The
sum ... insured per insured farmer shall be 150% of the loan sanctioned to
him for growing the crop in the defined area during the insured season
merely mentions payment of 50% of the sum insured
in case of loss of sight of one eye. He further submitted that if the
condition ... under the scope
of cover as under:-
1)
Death
100% of sum insured
1.1)
Permanent total
disablement
100% of sum insured
2)
Total and
irrecoverable
first time in 1990 for a sum of Rs. 90,000. The sum insured under the policy was thereafter revised to Rs. 3 lakhs from ... insurers. It was also submitted that it is only when the sum insured was to be enhanced at the time of renewal that the question
outward, violent and visible means, then the insurer shall pay to the insured the sums specified in the policy. If the injury, was within ... direct cause of death of an insured person, the insurer is to pay the capital sum insured stated against the name of the insured person
