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.”
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