Question

Under what circumstances may Indian companies executing construction and turnkey contracts in foreign countries obtain personal accident cover from Indian Insurers?

a.

If the premiums are paid in foreign currency

b.

If the workmen and technical staff are engaged in overseas contracts

c.

If the premiums are paid by remittances in foreign currency from the foreign currency earnings generated by the contracts

d.

If the policies provide for settlement of claims in foreign currency

Posted under IC 14 Regulations of Insurance Business

Answer: (c).If the premiums are paid by remittances in foreign currency from the foreign currency earnings generated by the contracts Explanation:Indian companies executing construction and turnkey contracts in foreign countries may obtain personal accident cover from Indian Insurers if the premiums are paid by remittances in foreign currency from the foreign currency earnings generated by the contracts. This arrangement allows for insurance coverage for workmen and technical staff engaged in overseas contracts, with premiums paid in compliance with foreign currency regulations.

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Q. Under what circumstances may Indian companies executing construction and turnkey contracts in foreign countries obtain personal accident cover from Indian Insurers?
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