Apex Law Journal
Apex Law Journal
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Editor

Neha Goel, Advocate

Advisory Board

S.C. Khunger, Advocate

Rohit Bansal, Advocate

Varinder Singh Kanwar, Advocate

Hittan Nehra, Advocate

Judgments on Insurance Act, 1938

Sunday, March 28, 2010
Insurance Act, 1938

Insurance Act, 1938 — Section 64-UM(2) — Report by the surveyor — Held, if the reports are prepared in good faith, due application of mind and in the absence of any error or ill motive, the insurance company is not expected to reject the report of the Surveyors.

 
Insurance Act, 1938

Insurance Act, 1938 — Section 64-UM(2) — Report by the surveyor — Held, the option to accept or not to accept the report is with the insurer — However, if the rejection of the report is arbitrary and based on no acceptable reasons, the courts or other forums can definitely step in and correct the error committed by the insurer while repudiating the claim of the insured — Further held, if the reports are prepared in good faith, due application of mind and in the absence of any error or ill motive, the insurance company is not expected to reject the report of the Surveyors. 

 
Insurance Act, 1938

Insurance Act, 1938 — Section 64-UM(2) — Report by the surveyor — Held, the Insurance Act only mandates that while settling a claim, assistance of surveyor should be taken but it does not go further and say that the insurer would be bound whatever the surveyor has assessed or quantified, if for any reason, the insurer is of the view that certain material facts ought to have been taken into consideration while framing a report by the surveyor and if it is not done, it can certainly depute another surveyor for the purpose of conducting a fresh survey to estimate the loss suffered by the insured.      

 
Insurance Act, 1938

Insurance Act, 1938 — Section 64-UM(2) — There is no prohibition in the Insurance Act for appointment of second Surveyor by the Insurance Company, but while doing so, the insurance company has to give satisfactory reasons for not accepting the report of the first Surveyor and the need to appoint second Surveyor.

 
Insurance Act, 1938

Insurance Act, 1938 — Section 64-UM — Whether the insurance company can repeatedly appoint Surveyors after Surveyors for getting the loss/damage assessed before settling the claim of the insured? — Held, the Scheme of Section 64-UM particularly, of sub-sections (2), (3) and (4) would show that the insurer cannot appoint a second surveyor just as a matter of course — If for any valid reason the report of the Surveyor is not acceptable to the insurer may be for the reason if there are inherent defects, if it is found to be arbitrary, excessive, exaggerated etc., it must specify cogent reasons, without which it is not free to appoint second Surveyor or Surveyors till it gets a report which would satisfy its interest — Alternatively, it can be stated that there must be sufficient ground to disagree with the findings of Surveyor/Surveyors.  

 
Monday, September 14, 2009
Insurance Act, 1938

Insurance Act, 1938 — Section 39 — Nominee under Section 39 of the Act is nothing more than an agent to receive the money due under a life insurance policy — He cannot be treated as being equivalent to an heir or legatee — The money remains the property of the assured during his lifetime and on his death forms part of his estate subject to the law of succession applicable to him — [(1984)1 SCC 424] & [(2000) 6 SCC 724] relied.

 
Thursday, August 13, 2009
Insurance Act, 1938

Insurance Act, 1938 — Section 45 — Provisions of Section 45 of the Insurance Act, 1938, held, applies only in a case of life insurance policy.  

 
Insurance Act, 1938

Insurance Act, 1938 — Insurance Regulatory and Development Authority (Protection of Policyholders’ Interests) Regulations, 2002, Regulation 2(1)(d) — Term “material fact” — Meaning of — Held, the term “material fact” is not defined in the Act and, therefore, it has been understood and explained by the Courts in general terms to mean as any fact which would influence the judgment of a prudent insurer in fixing the premium or determining whether he would like to accept the risk — Any fact which goes to the root of the Contract of Insurance and has a bearing on the risk involved would be “material”.

 
Saturday, July 11, 2009
Insurance Act, 1938

Insurance Act, 1938 — Section 64-UM(2) — Report of approved surveyor — Whether binding in nature? — Held, although the assessment of loss by the approved surveyor is a pre-requisite for payment or settlement of claim of twenty thousand rupees or more by insurer, but surveyor’s report is not the last and final word — It is not that sacrosanct that it cannot be departed from; it is not conclusive — The approved surveyor’s report may be basis or foundation for settlement of a claim by the insurer in respect of the loss suffered by the insured but surely such report is neither binding upon the insurer nor insured.

 
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