Question

Under what circumstances can insurance cover on baggage or valuables in transit between India and other countries be issued in rupees?

a.

If the owner of the baggage or valuables is an Indian national or is normally resident in India

b.

If the premiums are paid in foreign currency

c.

If the policy holder is a person normally resident outside India

d.

If the premiums are collected in rupees derived by surrender of foreign currency

Posted under IC 14 Regulations of Insurance Business

Answer: (a).If the owner of the baggage or valuables is an Indian national or is normally resident in India Explanation:Insurance cover on baggage or valuables in transit between India and other countries can be issued in rupees if the owner of the baggage or valuables is an Indian national or is normally resident in India. This provision ensures that individuals with connections to India can obtain insurance coverage for their belongings during transit under specific conditions.

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Q. Under what circumstances can insurance cover on baggage or valuables in transit between India and other countries be issued in rupees?
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