Q. What happens if the premium is not realized by the insurer for a general insurance policy?

View solution

Q. How is the treatment of non-realization of premium different for life insurance policies compared to general insurance policies?

View solution

Q. What does Section 64 VB of the Insurance Act specify regarding assumption of risk by insurers?

View solution

Q. What provision does Section 64 VB (2) of the Insurance Act make regarding the assumption of risk by insurers when dealing with non-realizable premiums?

View solution

Q. How do IRDA regulations address the issue of non-realized premiums for general insurance policies?

View solution

Q. How does the Motor Vehicles Act affect insurers' obligations regarding non-realized premiums?

View solution

Q. In what circumstances is the full premium required to be paid before the commencement of risk for a specific policy?

View solution

Q. In which cases are there relaxations to the provisions of Section 64VB of the Insurance Act?

View solution

Q. What is the purpose of the Memorandum of Exchange Control Regulations relating to General Insurance in India?

View solution

Q. What document should insurers insist on when issuing policies expressed in foreign currency against premium payable in foreign currency?

View solution

Q. What is the requirement for persons, firms, and companies resident in India regarding taking insurance cover with insurance companies in foreign countries?

View solution

Q. How are payments of claims to individuals in Nepal and Bhutan against marine or non-marine policies typically handled?

View solution

Q. In what currency are marine insurance policies on coastal shipments typically issued?

View solution

Q. Under what conditions can the premium on a marine insurance policy for exports from India be accepted in rupees?

View solution

Q. Under what conditions may insurers provide extensions of marine insurance cover for additional risks or extended transit risks?

View solution

Q. How are premiums on marine insurance policies covering shipments between countries outside India typically received?

View solution

Q. How are claims against marine insurance policies handled when payable to individuals, firms, or companies in India?

View solution

Q. What documents are typically required to support applications for remittances of marine claims against exports?

View solution

Q. Under what circumstances may insurers settle claims in rupees in favor of Indian exporters for marine claims against exports?

View solution

Q. What provision does not apply to remittances for replenishment of foreign currency balances?

View solution