Revealing the reality behind the Insurance Companies

Jun 21st, 2015
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Athens State University
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Insurance Act came into force on July 1, 1939 to consolidate and amend the law relating to business of insurance both of life and general insurances; this replaced earlier Life Assurance Companies Act, 1912 and Provincial Insurance Societies Act, 1922 which were only in respect of Life insurance. The basic object of the Act was to ensure that vast power concentrated in the hands of insurance companies was not abused and the policy holder’s money was safely invested.

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Revealing the reality behind the Insurance Companies: Case study under Section 45.Brief History Behind Life InsuranceInsurance Act came into force on July 1, 1939 to consolidate and amend the law relating to business of insurance both of life and general insurances; this replaced earlier Life Assurance Companies Act, 1912 and Provincial Insurance Societies Act, 1922 which were only in respect of Life insurance. The basic object of the Act was to ensure that vast power concentrated in the hands of insurance companies was not abused and the policy holders money was safely invested. However, in spite of the regulations by the law, and restrictions by the Controller of Insurance there was much abuse of the trust by the private insurers therefore this lead to step towards nationalization of life insurance in 1956, and of general insurances in 1972, therefore insurance business came to be conducted through Central Government under life insurance corporations and general insurance corporations.1Review Of Section 45 Of The Insurance ActThis section is important under the insurance Act, as it places restrictions on the right of the insurer to repudiate his liability under the policy. According to the provision life insurance policy cannot be called in question after the expiry of two years from the date on which it was effected on the ground of miss-statement in the policy unless it is shown that all the three conditions enumerated under S.45 are satisfied, viz.,Th

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