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Principle of Uberrimae Fidei: Fraudulent Suppression of Facts in Life Policies

Abstract

This paper is written with the intent and purpose to examine the application and affect of Principle of <strong><em>Uberrimae fidei</em></strong> in case of life policies in India. </div> <div>The importance of insurance could be well judged<font color=red><strong> </strong></font>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.”</div> <div>&nbsp;</div>

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Author

Portrait image of Sharma Mandakini
Sharma Mandakini
Associate Director -Legal, UAE Exchange Centre LLC, UAE

Practiced as an Advocate in different Legal forums in New Delhi, India for 5 years. Post that with a aim to work and have experience in corporate affairs /in house legal counsel and in pursuit of which joined HDFC Standard LIfe in March 2008 to look after the Legal and Compliance issues of the Company. At present working as an Associate Director-Legal for UAE Exchange Centre LLC which deals in foreign exchange and money remittance business.

Company

UAE Exchange Centre LLC

UAE Exchange is a global money transferor, headquartered in Abu Dhabi, UAE and having operations in 30 countries across 5 continents (spreading over 650 direct offices). With a strong base of more than 4 million customers worldwide, UAE Exchange is one of the biggest remittances firms in the Middle East. Xpress Money Services is a leading global instant money transfer service with a presence in 125 countries across 135,000 locations. One of the few NBFCs with a SWIFT membership Xpress Money's network and services are unparalleled in the remittance industry.

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