IICJ Paper Principle of Uberrimae Fidei: Fraudulent Suppression of Facts in Life Policies Sharma Mandakini, Zonal Legal Executive, Legal and Compliance, HDFC Standard Life Insurance, India

This paper is written with the intent and purpose to examine the application and affect of Principle of Uberrimae fidei in case of life policies in India.
The importance of insurance could be well judged from the fact that today no industry can think of surviving without insurance. The ingredients of Insurance are that there should be a co-operative system on which insurance should be based, that the risk is spread over a large number of persons who are insured against exposure to risk and there should be method to provide security to the insured persons. The definition of insurance as given in Stevens Element of Mercantile Law says that “Insurance has been stated to be a contract either to indemnify against the loss which may arise upon the happening of some event, or to pay, on the happening of some event, a sum of money to the person insured.”
 

Author
Sharma Mandakini
Sharma Mandakini
Company
HDFC Standard Life Insurance Company Limited
HDFC Standard Life Insurance Company Limited is one of India's leading private insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited), India's leading housing finance institution and a Group Company of the Standard Life Plc, UK. As on February 28, 2009 HDFC Ltd. holds 72.43% and Standard Life (Mauritius Holding) 2006, Ltd. holds 26.00% of equity in the joint venture, while the rest is held by Others. HDFC Standard Life believes that establishing a strong and ethical foundation is an essential prerequisite for long-term sustainable growth. Our core values are drilled down to all levels of employees, as these are inviolable. We continue to promote high integrity in business practices and shun short cuts and unethical practices, as we wish to be perceived as an institution with high moral standing. Being the first private player to be registered with the IRDA and the first to issue a policy on December 12, 2000.
 
Country
India More
Area of Law
Insurance More
Business Sector
Insurance More
Month Published
August 2010 More
Edition
Vol. 3, No. 12, Summer 2010 More
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